Sui Network is an incredibly potential ecosystem with many relatively high-quality initial projects and comes with one of the great development strategies of the development team. So what are the potential projects on Sui Eocsystem? Everyone, please join me in finding out, researching and analyzing the strengths and weaknesses in the article below.
To better understand Sui Network, people can refer to some of the articles below:
- What is Sui (SUI)? Sui Cryptocurrency Overview
- What is SuiFrens? SuiFrens NFT Collection Overview
- Sui Ecosystem & The First Pieces of the Ecosystem Puzzle
Sui & Steps to Build the First Sui Ecosystem
Bullshark Quest – The perfect user attraction
Bullshark Quest is the first program to have Sui Network developers able to attract users to its ecosystem through direct experiences on the protocols. Total rewards for participants are up to 5,000,000 SUI and users will participate in using games on Sui Ecosystem such as DeSuiLabs Coin Flip, Mini Miners, Sui 8192,…
This program of Sui has achieved a number of certain achievements including:
- Nearly 130K participants
- More than 700M transactions processed
It cannot be denied that Bullshark Quest has created a fever for Sui Ecosystem when the number of transactions per day on the network has increased from a few thousand and reached an ATH level of 3M and even when Bullshark Quest 1 ended and Bullshark When Quest 2 opens, the number of transactions is still maintained at more than 300K transactions per day.
Currently, after the Bullshark Quest 2 program takes place and users will experience DeFi projects on Sui Network such as Navi, Turbos Finance, Scallop, Typus Finance,… which are also taking place relatively successfully although not As attractive as Bullshark Quest 1, this is correct because experiencing Game projects is much easier than DeFi projects.
During Bullshark Quest 1, I saw one point: DeSuiLabs Coin Flip and Mini Miners stopped working midway due to some problems related to network overload. This is good for Sui Network because the development team needs to know what they will have to improve, upgrade or change to be able to handle millions of transactions every day.
Through Bullshark Quest, I see that Sui Network has achieved a number of achievements including:
- Attract a large number of people to join Sui Ecosystem and from there there will be users who stay with the ecosystem for a long time.
- Having comparative numbers between Quest 1 and 2 helps Sui’s development team know whether users on Sui Ecosystem are more interested in Games or DeFi, and thus have long-term development directions.
- The problems that occurred with Quest 1 are also necessary for the development team to upgrade the network in the future.
The first events attract developers
Sui Network has cooperated with many different large organizations such as Houbi, Ethereum Foundation, Jump Crypto,… to deploy Hackathon events to attract developers and many projects have participated. into Sui Ecosystem. A number of events have taken place including Sui Builder Hacker House, Sui Liquid Staking Hackathon, Sui x Houbi Summer Hackathon,…
Notably, the Sui Foundation immediately wanted to capture the LSD trend with Sui Liquid Staking and the PIP 6 proposal.
Although these are not big steps, they are definitely the first steps in developing Sui Ecosystem to expand further. I firmly believe that with a non-EVM, Sui Network’s near future development plan can be one of two routes including:
- Organize Global Hackathons with prizes up to millions of dollars to attract hundreds of thousands of developers to build Protocols, DApps,…
- Develop an EVM so that developers of Ethereum, Layer 2s or other Blockchain EVMs can deploy their projects on Sui Network. However, it seems to me that Sui Network’s development team will not follow this direction and there will be another team of developers independent of Sui Foundatuon to develop.
In my opinion, the above are great momentum steps for Sui Network and Sui Ecosystem with both achievements and problems that have happened to the network.
Summary of Potential Projects on Sui Ecosystem
Scallop – Leading Lending & Borrowing project on Sui Ecosystem
Scallop is a project about Lending & Borrowing on the Sui Network ecosystem. Currently, the project plays a relatively important role in Sui’s ecosystem with 5 different awards in Hackathons organized by the Sui Foundation and Scallop is also the first DeFi project to receive a Grant from Sui. This suggests that Scallop is one of the potential DeFi projects on Sui.
Some special things about Scallop are its product models:
- Scallop learns from Compound with cToken model. Scallop issues sCoin to users of the platform’s products, and sCoin will be widely adopted in DeFi on Sui in the long-term future.
- Scallop learns from Solend with the Isolated Pool model. With Isolated Pool, Scallop can separate risks between collateral assets. A problem with one asset will not affect other assets in the same protocol.
- Scallop learns from Euler Finance in how to maximize support for many different asset types, including high-risk and low-liquidity assets.
Scallop is developed by a team of 7 members and has extensive experience in the Crypto industry. Besides, there have been a few VCs investing in Scallop such as Mysten Labs, Comma3 Ventures, Credit Scend, Suprra Oracles, OttecSec,… Currently, Scallop & Navi are sharing the 2nd and 3rd positions. on Sui Ecosystem’s TVL ranking with a relatively short distance.
Cetus Protocol – AMM with a combination of many different models
Cetus is an AMM platform targeting a centralized liquidity model with the combination of Uniswap V3 and Trader Joe’s Liquidity Book. Cetus offers liquidity strategies for investors with different risk appetites such as:
- Conservative: Conservative mode is suitable for TOP Coins such as Sui, Aptos, Solana,… in which this mode will be based on the past 7-day fluctuation history of prominent Tokens to come up with a suitable broad and narrow strategy. fit.
- Active: Similar to Conservative Mode, Active mode is often applied to BTC and ETH.
- Full Range: This mode is similar to how you provide liquidity in AMM models like Uniswap V2.
- Custom: Similar to Uniswap V3, you will automatically adjust your strategy and adjust it to your own needs.
It can be said that Cetus is a slight upgrade compared to Uniswap V3 on Ethereum. Currently, Cetus Protocol has successfully called for investment from OKX Ventures, Kucoin Ventures and has the participation of a number of funds such as Animoca Brands, NGC Ventures, Jump Crypto, Adaverse, Coin98 Ventures, Comma3 Ventures, IDG Capital, AC Capital , Leland Ventures.
SuiFrens – NFT project developed by Mysten Labs itself
SuiFrens is an NFT project consisting of 2 different themes released by Mysten Labs – the company behind Sui Network. SuiFrens has been with Sui Network since the time when the network was Devnet, Testnet and currently Mainnet. SuiFrens includes:
- SuiFrens Capys: A collection of 380K different capybaras with many different colors, states, emotions and outstanding features. In addition to visual characteristics, SuiFrens Capys also has many different Gens.
- SuiFrens Bullsharks: A collection of more than 500K sharks that is also a reward from Sui Network to its users.
Why SuiFrens? Currently, not much is known about SuiFrens’ future role in Sui Ecosystem. However, it is not natural for Mysten Labs to release an NFT collection and bring it along with the network through different stages. I believe that in the future Mysten Labs may have plans for SuiFrens.
KriyaDEX – Towards the Derivatives puzzle
Perp DEX is one of the important pieces in today’s DeFi ecosystem. Looking back, we see that Arbitrum with GMX or Vertex Protocol, Ethereum with Perpetual, Optimism with Kwenta, clearly for a DeFi ecosystem to meet user needs, Perp DEX is an indispensable piece of the puzzle. KriyaDEX is not just a PerpDEX solution but also an AMM, Option and Oderbook platform.
Currently, KriyaDEX is still in the research and development process and has just launched its first AMM product. However, ambition with too many products can also be a factor that makes it difficult for KriyaDEX to succeed in the future. I believe that there will be a time when KriyaDEX will be forced to choose the correct direction for itself.
Some potential projects on Sui Ecosytsem
Besides the above projects, people can follow a number of other projects including:
- Turbos Finance: Tubos is an AMM platform targeting a centralized liquidity model in addition to a combination of Launchpad and Bridge. Turbos Finance is backed by many large VCs such as Jump Crypto, Mysten Labs and many partners such as Wormhole, Typus Finance, Suiet,…
- Navi Protocol: Navi Protocol is a decentralized Lending & Borrowing protocol built on the Sui Network ecosystem. Navi has many similarities with Scallop, besides there have been a number of VCs investing in the platform such as Gate.io or Mysten Labs.
- Typus Finance: Is a Real Yield project that shares its real revenue with users through Option strategies.
Sui Ecosystem Review
First, I see that Sui Foundation’s choice of touch points with the market, users, LPs,… is extremely smart with Bulshark Quest, which has been shown through the success numbers of Quest 1 and what is happening in Quest 2. These are market access achievements I’ve seen for the first time with a Layer 1 platform, extremely smart and interesting.
Next, the Sui Foundation did not rest at all after the official Mainnet launch. They have begun taking the first steps with programs, events, awards,… to attract developers to their ecosystem. Of course, this is not a prerequisite for the success of the Sui ecosystem in the future, but this is a step that cannot be ignored. Sui’s embrace of the Liquid Staking Derivatives trend is also a good sign.
Finally, the projects on Sui Ecosystem I see are linked and connected to each other, although it is not strictly clear that this takes time. But the fact that leading DeFi projects have developed modules to help other protocols integrate this makes future liquidity on Sui seamless and the ecosystem somewhat interconnected and closely linked.
Summary
Sui is an extremely potential ecosystem in the long-term future. There are already signs that Sui could become one of the next generation Solanas. What do you think about Sui Ecosystem?
