The Sui blockchain has emerged as one of the most dynamic and high-performance Layer 1 networks in the cryptocurrency space. By 2025, it has evolved from a promising newcomer into a mature ecosystem, rapidly expanding across decentralized finance (DeFi), gaming, and real-world asset (RWA) applications. Built by Mysten Labs and launched in 2022, Sui leverages a unique object-centric architecture and the Move programming language to deliver unparalleled scalability, security, and user experience. Its parallel execution engine enables near-instant transaction finality and massive throughput—making it a strong competitor to platforms like Solana.
This article explores the most impactful projects shaping the Sui ecosystem in 2025: DeepBook, Cetus Protocol, Walrus, and MemeFi—each playing a pivotal role in driving innovation, adoption, and utility on the network.
Sui’s Rapid Growth in 2025
As of April 2025, Sui ranks among the top 15 cryptocurrencies by market cap, with a valuation of approximately **$8.92 billion** and a circulating supply of 3.24 billion SUI tokens priced around $2.75 each. The ecosystem has demonstrated strong momentum, particularly in DeFi.
Total Value Locked (TVL) in Sui-based protocols peaked at $2.065 billion** in January 2025 before settling at **$1.226 billion by April. Despite short-term fluctuations, this represents significant growth from under $500 million in early 2024—highlighting sustained developer activity and user engagement.
Stablecoin adoption has also surged, with the total market cap of stablecoins on Sui reaching $877.88 million by April 2025—an increase of over 200% since December 2024. The integration of major stablecoins like USDC, AUSD, FDUSD, and USDY has enhanced liquidity, enabling broader use cases such as lending, trading, remittances, and yield generation.
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The rise of protocols in DeFi, infrastructure, GameFi, and DePIN underscores Sui’s growing appeal as a scalable and developer-friendly platform.
DeepBook: The Native Liquidity Engine
DeepBook is a decentralized central limit order book (CLOB) protocol built natively on Sui. Launched in July 2023, it serves as the foundational liquidity layer for the entire ecosystem, powering trading functionality across dApps, wallets, and exchanges.
Unlike traditional DEXs, DeepBook does not offer a front-end interface. Instead, it functions as an embedded trading engine—allowing other applications to integrate seamless, high-speed trading directly into their platforms.
Key Features
- Fully On-Chain Order Book: All orders, cancellations, and executions are recorded transparently on-chain, ensuring trustlessness and auditability.
- Ultra-Low Latency: Leveraging Sui’s parallel execution model, DeepBook achieves settlement speeds of about 390 milliseconds, ideal for high-frequency traders.
- Advanced Market Making: Automated algorithms maintain deep liquidity across trading pairs and minimize slippage.
- Dynamic Fee Model: Market makers receive rebates during low-liquidity periods, while active traders enjoy fee discounts—encouraging continuous participation.
- Composability: Designed as modular infrastructure, DeepBook can be integrated into various DeFi applications, enhancing its utility across the ecosystem.
- Security Focus: Audited by third parties, with an active bug bounty program and collaboration with leading security experts.
DEEP Tokenomics
The DEEP token powers the DeepBook ecosystem with multiple utility functions:
- Pay transaction fees and liquidity pool creation costs
- Earn rebates for providing liquidity during volatile or thin markets
- Stake for governance rights—voting on protocol upgrades and fee structures
Total Supply: 10 billion DEEP
Initial Circulating Supply (TGE): 25% unlocked (2.5 billion)
Distribution Breakdown:
- 10%: Community airdrop (fully unlocked at TGE)
- 28.43%: Core contributors and early supporters
- 61.57%: Ecosystem development (developers, campaigns, long-term growth)
Vesting Schedule:
- Community allocations: 14% unlocked at TGE; remainder released over 7 years
- Team/investor tokens: 1-year cliff followed by 24-month linear release
- Mysten Labs allocation: 1% unlocked at TGE; rest linear over 48 months
This structured release aligns incentives with long-term sustainability.
Cetus Protocol: A Next-Gen DEX on Sui
Launched on May 10, 2023, Cetus Protocol is a leading decentralized exchange on Sui that combines concentrated liquidity models with advanced trading tools to maximize capital efficiency.
Core Innovations
- Concentrated Liquidity Market Maker (CLMM): Liquidity providers allocate funds within custom price ranges, increasing fee earnings and reducing idle capital compared to traditional AMMs.
- Infinity Pools: Permissionless pools with multiple fee tiers give LPs greater flexibility in managing risk and returns.
- Cetus Vault: Automates liquidity management using optimized strategies—ideal for users seeking passive yield without constant monitoring.
- Intent Trading: Users set predefined trading intents (e.g., DCA, limit orders), enabling automated execution based on market conditions.
- Super Aggregator: Pulls liquidity from across Sui’s ecosystem to deliver best-price execution and deeper order books.
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CETUS Token Utility
The native CETUS token (max supply: 1 billion) supports:
- Governance voting on protocol changes
- Staking to receive xCETUS (non-transferable yield-bearing token)
- Rewards through liquidity mining programs
Allocation:
- 50%: Community & liquidity providers
- 20%: Core team & advisors
- 15%: Early investors
- 15%: Liquidity reserve
This distribution emphasizes decentralization and long-term community ownership.
Walrus: Decentralized Storage for Web3
Developed by Mysten Labs, Walrus is a decentralized blob storage and data availability solution tailored for Sui. It enables efficient handling of large binary files—critical for NFTs, media platforms, and data-heavy dApps.
Key Advantages
- Erasure Coding: Data is split into "slivers" and distributed across nodes—ensuring redundancy and fault tolerance even if up to two-thirds of nodes go offline.
- Seamless Sui Integration: Smart contracts can directly interact with stored data, unlocking new possibilities for programmable content.
- Full Decentralization: No single point of failure; users retain full control over their data.
- User-Friendly Access: Offers CLI tools, SDKs, and web interfaces for developers and end-users alike.
WAL Token Economy
The WAL token (total supply: 5 billion) powers the Walrus network:
- Pays for storage services (price-stabilized mechanism avoids volatility issues)
- Secures the network via staking—nodes compete for delegated stakes
- Enables governance participation based on staked weight
- Future slashing penalties will enforce node reliability
Distribution:
- 43%: Community reserve
- 10%: User airdrop (fully unlocked)
- 20%: Early development support (1-year cliff + 4-year vesting)
- 10%: Mysten Labs (linear unlock until March 2030)
- 10%: Early app subsidies (50-month release)
- 7%: Investors (unlock starts 12 months post-mainnet)
MemeFi: The Viral Tap-to-Earn Sensation
Originally launched as a Telegram mini-app in April 2024, MemeFi became one of Sui’s breakout consumer applications after migrating fully to the blockchain in November 2024. As a tap-to-earn game fueled by meme culture, it combines addictive gameplay with real economic incentives.
Gameplay Highlights
- Click-to-Battle Mechanics: Players tap to fight meme-inspired bosses.
- Clan System: Join clans tied to popular meme coins (e.g., Dogecoin, Shiba Inu) and engage in large-scale raids.
- Leaderboards: Competitive rankings reward top performers with exclusive prizes.
MEMEFI Token Model
The MEMEFI token (max supply: 10 billion) serves as both utility and governance currency:
- Used for in-game purchases and transaction fees
- Grants DAO voting rights
- Eligible for staking and yield farming
Distribution:
- 90%: Community rewards (immediately available)
- 5.5%: Liquidity pools
- 3%: Strategic partners
- 1.5%: Seed investors
All tokens were released at TGE—with no vesting for community allocations—fueling rapid adoption.
Frequently Asked Questions
Q: What makes Sui different from other blockchains?
A: Sui uses an object-centric data model and Move language to enable parallel transaction processing—resulting in ultra-fast finality and high throughput ideal for DeFi and gaming.
Q: Is DeepBook a standalone exchange?
A: No. DeepBook is a backend trading engine that other apps integrate to offer native trading features without building their own order books.
Q: Can anyone create a liquidity pool on Cetus?
A: Yes. Cetus supports permissionless “Infinity Pools” with customizable fee tiers for flexible LP strategies.
Q: How does Walrus ensure data recovery?
A: Using erasure coding, Walrus can reconstruct data even if up to two-thirds of storage nodes fail—offering superior resilience over centralized systems.
Q: Is MemeFi only for casual gamers?
A: While easy to play, MemeFi includes competitive elements like clan battles and leaderboards that appeal to both casual users and dedicated players.
Q: Are these projects safe to use?
A: Major protocols like DeepBook and Cetus have undergone third-party audits. However, users should always conduct due diligence before interacting with any DeFi or gaming platform.
Sui is positioning itself as a foundational layer for next-gen Web3 applications. With robust infrastructure like DeepBook and Walrus, innovative DeFi tools like Cetus, and mass-market appeal through MemeFi—the ecosystem is well-equipped for sustained growth in 2025 and beyond.
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