Today is a good day to explore SUI ecosystem. As you know, SUI is the newest mainnet which is a Layer 1 blockchain coded via Move language. It is a popular VC chain which hand tons of investment in the early stages.
SUI is seen as the brother of Aptos as both of them has several similarities in terms of the coding language, the density of VC investment and the rapid growth of the ecosystems. While it is still too hot as a new chain, also while the other chains' transaction fees are abnormally high, it can be a good opportunity to catch a launchpad (last 11 hours) and explore SUI ecosystem.
SUI on DefiLLama
The easiest way to explore a crypto project or a chain is to check the stats on Defillama for free if you do not have a paid subscription for a similar service.
The first thing you will notice is likely to be the domination of Cetus on the network.
Cetus is a cross-chain DEX that operates on both Aptos and SUI. It has more than $16m total value locked which makes its domination rate 75% on the network.
In terms of TVL, SUI is at the 47th position among chains. However, we need to remember the fact that it has been 6 days since the chain migrated to the mainnet. My humble expectation is to see the chain on top 20 within 3 months (which requires +100m$ Total Value Locked on the chain).
Cetus DEX and Upcoming LaunchPad
The DEX is hot with its APR for Liquidity on the Concentrated Liquidity Pools that is incentivized with USDC!
First of all, Cetus Launchpad is LIVE and you can add your SUI to the pool where you will be distributed CETUS tokens according to your contributions' percentage.
The hard cap is reached but you can still contribute before the pool ends. This launchpad may bring some nice returns as the initial price of the token is only 0.04 SUI per CETUS. After the distribution, I'm going to provide liquidity on this side, too.
For SUI / USDC pool, there is an incentive of 80k USDC distribution per day. I have provided liquidity and the return is really great.
There is always room for potential projects on the new chains. For example, Trader Joe on Avalanche made a crazy growth in a short time. The early investors of it and Pangolin DEX made lots of gains by just using the platforms.
SUI is here to stay. It is worth spending some time on a chain that has half million Twitter followers and thousands of community members on the Web2 social media platforms.
Farming, white list NFT minting and trading on SUI will be some of my tasks over the next 3 weeks.
SUI will be explored on LeoFinance 😉
Hive On ✌🏼