TVL Increases 10 Times In 4 Months, What’s Outstanding Recently In The Sui Ecosystem

As a rookie debuting in the community in the bear market, the Sui ecosystem has so far had reasonable development roadmaps to help the whole system’s TVl increase up to 10 times in just 4 months. So what’s special about the Sui ecosystem recently? Let’s find out with Weakhand in this article.

Before jumping into the article, everyone can refer to some of the following articles to better understand.

• What is Sui? Overview of the Sui cryptocurrency
• Hunt for airdrops throughout the Sui Network ecosystem
• Sui ecosystem October 2023: Positive growth signals

Overview of Onchain Indicators on Sui Network

With the strong growth of Bitcoin recently, the Sui ecosystem also witnessed an extremely impressive ability to climb to the top in terms of TVL. As of December 25, 2023, the total amount of TVL on the Sui ecosystem has nearly reached 200M USD. The reason for this impressive growth comes from the fact that Sui Foundations has used the SUI token as an Incentive source for many projects on its ecosystem, thereby motivating many users to participate in the Sui ecosystem. than.

When considering the number of daily Transactions on the Sui Network ecosystem, we see an erratic increase and decrease in a short period of time. The reason may come from the launch of three limited edition collections of Red Bull on Sui and the appearance of SuiMint – an Inscriptions on Sui Network. In recent times, Inscriptions has also made waves across major Blockchains and caused Arbitrum, ZkSync, …. the network went down for a short period of time.

Next, in terms of the number of daily users on Sui Network in recent times, in early December 2023 we witnessed a spike of up to 180,000 users in a short period of time and then tended to stabilize, hovering around 30,000 daily users.

Regarding the number of new NFTs minted daily, we have seen a strong growth recently. Just from 21,000 on December 19, 2023, we have seen a more than 10-fold increase to over 300k at the present time. The reason still comes from SuiMint when it was included in the newly clicked Bull Shark on Sui, thereby promoting users’ daily mint Inscriptions activities.

In general, the onchain parameters on the Sui ecosystem in recent times are still very positive, but in terms of investment, the SUI token has not yet met the growth expectations of investors. Perhaps a driving force will be needed to promote the growth of the SUI token in the near future.

Updates Around Mysten Labs & Sui Foundation

Announcing new projects receiving more than $500,000 in funding from Sui Foundation Grants

On November 22, 2023, Sui Foundation continued to announce 8 projects receiving more than 500,000 USD in funding to build and develop on Sui Network. Projects span many different areas from Education, tooling, GameFi, DeFi and several other areas. Here is some detailed information about the 8 projects:

• KriyaDEX: Is a Dex Perpetuals and Options platform on the Sui ecosystem that allows users to experience onchain trading at an institutional level and use leverage to earn profits in a short time.
• SuiAutoChess: Is a Fully onchain game with PvP gameplay similar to Auto Chess game in the Web2 market. However, SuiAutoChess offers a play to earn mechanism that allows users to participate in play and earn as well as combine with NFT projects on Sui to increase the circulating value of NFTs.
• Verification API by Welldone Studio: Building an API that allows code validation in Packages deployed on Sui.
• Fluidity Money: Is a blockchain incentive layer that incentivizes applications and underlying protocols deployed on Fluidity by rewarding onchain Transactions with profits in random rewards.
• Legato: Is a Trading Future Yield protocol that allows users to lock yield-bearing tokens into a Vault and receive derivative tokens representing the future value of the locked asset.
• MPay: Is a Streaming Protocol that supports token vesting, payroll and rewards from DAO.
• SuiVision DeFi (Coin + NFT): Developing tools for Defi & Coin & NFT Portfolio and wallet activity tracking tool.
• Beginners Fullstack Guide by Matthew Jurenka: Working on a series of videos and articles for new developers on Sui.

Sui Foundation introduces Sui Weather Oracle

On November 27, 2023, the Sui Foundation announced the launch of Sui Weather Oracle, which provides real-time temperature, humidity, and wind information from more than 1,000 cities around the world. This oracle will be used in dapps that need decentralized and reliable weather information for various purposes such as travel, insurance, agriculture, gambling or gaming.

Sui Foundation commits 25M tokens to Liquid Staking protocols

On December 14, 2023, the Sui Foundation announced it will contribute 25M SUI tokens to Liquid Staking protocols to increase liquidity for LST on the network. The selected LSTs must come from the Sui Liquid Stake Hackathon taking place from August 16 – October 2, 2023 where the winners include: Aftermath Finance with afSUI, Haedal Protocol with haSUI and Volo with vSUI.

7 Projects received more than 260,000 USD from Sui Grants

On December 14, 2023, Sui Foundation announced the next 7 projects receiving funding of more than 260,000 USD from Sui Grants. Projects are spread across different segments from SocialFi, DeFi, tooling,… including:

• DOCit: Is a Private Discord Bot that allows users to interact with Docit bot to search for useful information in the Web3 market.
• Dunbar: Is a Web3 Social platform that allows influencers and creators to sell shares to users in their community. Each influencer can only sell a maximum of 150 shares and shares can be used for staking and trading and will be penalized for inactivity.
• Elixir Integration: Is an innovative Dex platform on Sui Network that combines liquidity between Order Books and Pool to bring the best prices to users.
• TRAMConnect Wallet: Is a next generation Wallet that supports AWS’s HSM and KMS security solution. TramConnect Wallet offers a seamless and user-friendly interface and is easy to integrate using the Wallet SDK and API.
• Move Lint: Is a static detection tool for the Move language that allows taking Smart Contracts as input to detect potential security vulnerabilities and determine the cause of the vulnerability.
• OasisX: A platform where creators and brands can launch rich and engaging digital experiences leveraging NFTs in a safe and secure environment.
• OpenDive|Sui Swift SDK: Is a native Swift SDK that allows developers to build iOS applications that take advantage of Sui’s Blockchain technology.

Mysten Labs announces the implementation of Winter Quest

The Winter Quest program will continue the Bull Shark Quest Series starting December 18, 2023. Users will participate in experiencing 4 projects including: Deepbook, Hyperspace, SuiFrens and MintSui to earn exciting rewards of a total prize pool of up to 500K SUI.

Outstanding Updates on the Sui Ecosystem Recently

Solend goes beyond Solana when deployed on the Sui Network

On December 21, 2023, Solend – a leading lending platform expanded its reach beyond Solana with its launch on Sui Network. Previously, Solend with 140 million USD TVL and owning a community of more than 170,000 members was a key factor in the development scene of DeFi on Solana. Now, by expanding its reach to the Sui Network, Solend aims to tap into a broader user base and attract new builders to the expanding Sui ecosystem.

FlowX Finance announces token launch

At the end of November 2023, FlowX Finance – an AMM built and developed on Sui Network officially introduced the FLX token to the community. In particular, Flowx Finance will use the Dual Token mechanism consisting of 2 tokens: FLX is the original token of FlowX, used to enhance liquidity and marketing purposes, and the second token is xFLX used for many different utilities such as: Increasing profits, dividends, management, …. Users can also swap FLX and xFLX at a 1:1 ratio on the platform.

MetaMask currently supports Cetus, TVL exceeds the threshold of 40 million USD

Cetus – an AMM and known as “Sui King” on the Sui Network ecosystem has received support from MetaMask, users can now use MetaMask wallet to log into Cetus.

Elsewhere, Cetus also witnessed rapid growth when the cumulative transaction volume exceeded 700 million USD. In addition, Cetus’ TVL has also witnessed strong growth in recent times and has now reached more than 40 million USD.

summary

The Sui ecosystem has been making good progress recently. Sui Foundation still strives to develop its ecosystem through grant programs to support new projects in the early stages. In general, for an ecosystem that is still in its early stages, this is a necessity. Above is all the information that I want to introduce to everyone in this article. I hope everyone has received useful knowledge.