The Sui Network, a next-generation Layer 1 blockchain, has rapidly emerged as a leading force in the decentralized technology landscape. Since its mainnet launch in May 2023, Sui has distinguished itself with a high-performance architecture built on the Move programming language, enabling unparalleled scalability, low-latency transactions, and developer-friendly infrastructure. Designed to support a wide array of decentralized applications (dApps), Sui is carving out a strong position in the evolving Web3 ecosystem.
With a focus on speed, efficiency, and interoperability, Sui has attracted a growing community of developers, investors, and users. As of late 2024, the network boasts a market capitalization exceeding $5.7 billion**, ranking it among the top 20 cryptocurrencies globally. Its Total Value Locked (TVL) in DeFi has surged past **$1 billion, reflecting strong adoption and confidence in its ecosystem. The integration of native USDC via Circle’s Cross-Chain Transfer Protocol (CCTP) has further strengthened liquidity and cross-chain functionality, making Sui a compelling platform for DeFi, gaming, and social applications.
Sui’s 2024 Growth: Market Performance and Ecosystem Expansion
Sui’s rise in 2024 has been marked by key technological milestones and robust ecosystem development. The network achieved an all-time high price above $2 per SUI token, driven by increasing dApp activity and institutional interest. Today, the ecosystem hosts over 200 active dApps, spanning DeFi, infrastructure, gaming, and social platforms.
A major catalyst for growth was the launch of native USDC in October 2024. Unlike bridged stablecoins, native USDC on Sui operates directly on-chain through CCTP, reducing latency and counterparty risk while improving capital efficiency. This integration has empowered DeFi protocols like DeepBook and Cetus to offer deeper liquidity and more secure trading environments.
👉 Discover how Sui’s infrastructure supports high-speed DeFi innovation.
Sui’s cross-chain capabilities have also expanded significantly. With CCTP support, users can seamlessly transfer USDC between Sui, Ethereum, Solana, and other major blockchains—enhancing interoperability across the Web3 landscape. This functionality not only attracts liquidity but also positions Sui as a hub for multi-chain DeFi strategies.
Additionally, the ecosystem is seeing rapid innovation in DePIN, AI-integrated applications, and social identity layers—all contributing to a more robust and user-centric blockchain experience.
Leading Projects in the Sui Ecosystem
DeFi: DeepBook
DeepBook is the cornerstone of Sui’s decentralized finance infrastructure. As a fully on-chain Central Limit Order Book (CLOB), it enables efficient, low-latency trading with all order matching and settlement occurring directly on the blockchain. Integrated natively into Sui’s protocol, DeepBook serves as a public good, providing institutional-grade liquidity to traders and dApps alike.
The launch of DeepBook v3 in October 2024 introduced the DEEP token, enabling governance participation, staking rewards, and reduced trading fees for holders. Prior to launch, the testnet saw over 1.1 million trades from 115,000 wallets—demonstrating strong community engagement and system reliability.
DeepBook’s performance is instrumental in sustaining Sui’s TVL growth, positioning it as the primary liquidity backbone for the entire ecosystem.
Memecoin: sudeng (HIPPO)
sudeng (HIPPO) stands out as a community-driven memecoin with a purpose. Inspired by a real-life hippo named Su Deng from Thailand’s Khao Kheow Open Zoo, HIPPO combines internet culture with philanthropy. A portion of its revenue supports wildlife conservation, creating a unique value proposition beyond speculation.
Launched during the 2024 memecoin surge, HIPPO quickly gained traction on Sui’s decentralized exchanges (DEXs), reaching an all-time high of $0.0143 in October. Its success reflects growing interest in playful yet meaningful projects within the Sui ecosystem.
Infrastructure: Sui Name Service (SuiNS)
SuiNS simplifies blockchain interactions by replacing complex wallet addresses with human-readable names like @john. Launched in 2023 and upgraded to SuiNS V2 in June 2024, the service now uses familiar @ handles and supports Subnames for organizational hierarchies.
In September 2024, SuiNS transitioned to decentralized governance with the rollout of the $NS token, distributed via an airdrop to early adopters. These NFT-based names also support avatars and decentralized website links, making SuiNS a critical identity layer for Web3.
Wallet: Sui Wallet
The official Sui Wallet is a non-custodial solution that enables users to manage tokens, stake SUI, interact with dApps, and store NFTs. A major upgrade in 2024 was the integration with Transak, allowing users to buy SUI directly with fiat via credit card or bank transfer.
This feature led to a 300% month-over-month increase in onboarding volume by September 2024, significantly lowering entry barriers for new users and accelerating ecosystem growth.
DEX: Cetus Protocol (CETUS)
Cetus Protocol is the leading decentralized exchange on Sui, offering concentrated liquidity pools, limit orders, and low-slippage swaps. It played a pivotal role in driving Sui’s TVL growth, accounting for much of the $1 billion+ locked value.
The CETUS token grants governance rights and liquidity incentives, fostering long-term user engagement. By integrating with DeepBook’s order book, Cetus enhances price discovery and liquidity depth across the network.
Launchpad: SuiPad (SUIP)
SuiPad is a community-focused launchpad for high-potential projects launching via Initial DEX Offerings (IDOs). Backed by partnerships with Mysten Labs, it ensures rigorous project vetting to maintain quality and trust.
Innovative features like SuiTank—a Shark Tank-style pitch show—and SuiPad Shield, an insurance pool protecting investors from post-IDO price drops—have made it a standout platform for early-stage investment.
Stablecoin: Ondo US Dollar Yield (USDY)
USDY, launched in October 2024, is Sui’s first yield-bearing stablecoin backed by U.S. Treasuries. Unlike traditional stablecoins, USDY generates daily yield while remaining usable as collateral in DeFi protocols like NAVI.
This dual utility enhances capital efficiency and aligns with the broader trend of real-world asset (RWA) tokenization—making USDY a key driver of institutional-grade DeFi adoption on Sui.
DePIN: Chirp
Chirp is a decentralized physical infrastructure network (DePIN) revolutionizing IoT and telecommunications on Sui. Using multi-protocol wireless gateways like BlackBird, it connects over 1,500 IoT devices globally.
With Radio Access Network (RAN) nodes deployed in 30 countries, Chirp aims to build decentralized mobile broadband infrastructure. Its CPaaS platform enables enterprises to leverage blockchain for secure data transmission—setting new standards for decentralized connectivity.
Oracle: Supra
Supra Oracle delivers real-time, sub-second data feeds to Sui-based smart contracts. Supporting over 80 blockchains—including EVM and non-EVM chains—it ensures high interoperability.
The 2024 upgrade to DORA 2.0 improved accuracy for RWA price feeds, enabling DeFi protocols to access equity, commodity, and FX market data—bridging traditional finance with decentralized applications.
Gaming: Blockus
Blockus is a Web3 gaming ecosystem empowering studios to build games with tokenized assets and NFTs on Sui. After securing $4 million in pre-seed funding from a16z Crypto, it partnered with over 30 game developers to expand its GameFi footprint.
By enabling true ownership of in-game items and seamless asset trading, Blockus is helping redefine player economics in the gaming world.
Future Trends: What’s Next for Sui?
Looking ahead to 2025, Sui is poised for continued expansion. Upcoming developments include:
- An Ethereum bridge to enhance cross-chain liquidity.
- Deeper integration of AI agents and autonomous smart contracts.
- Expansion of DePIN networks into mobile broadband and edge computing.
- Growth of social identity layers using SuiNS and decentralized profiles.
With low gas fees, high throughput, and a developer-first approach, Sui is well-positioned to compete with Ethereum and Solana as a premier Layer 1 blockchain.
👉 Explore how next-gen blockchains are shaping the future of finance.
Frequently Asked Questions (FAQ)
Q: What makes Sui different from other Layer 1 blockchains?
A: Sui stands out with its Move-based architecture optimized for speed and scalability. It supports parallel transaction processing, enabling high throughput without sacrificing security—ideal for DeFi, gaming, and real-time applications.
Q: Is native USDC available on Sui?
A: Yes, native USDC launched on Sui in October 2024 via Circle’s CCTP protocol. This eliminates reliance on bridged assets and improves transaction efficiency across chains.
Q: How can I participate in Sui’s DeFi ecosystem?
A: Start by downloading the Sui Wallet, acquiring SUI or USDC, and connecting to platforms like DeepBook or Cetus to provide liquidity or trade assets.
Q: What are some top DeFi projects on Sui?
A: Key projects include DeepBook (on-chain order book), Cetus (DEX), and USDY (yield-bearing stablecoin)—all driving innovation and TVL growth.
Q: Can I earn yield on stablecoins in the Sui ecosystem?
A: Yes—USDY offers daily yield backed by U.S. Treasuries while remaining usable as collateral in lending protocols.
Q: How does Sui support gaming and NFTs?
A: With low fees and fast finality, Sui enables seamless in-game transactions. Projects like Blockus are building full GameFi ecosystems where players own and trade digital assets.
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Core Keywords
Sui Network, Layer 1 blockchain, DeFi on Sui, Web3 gaming, Move programming language, decentralized identity, yield-bearing stablecoin, cross-chain interoperability