The Sui Ecosystem Notes Significant Growth In 2024: Here’s Why
Projects within the Sui ecosystem rank among the top ones across all ecosystems. Hence, the blockchain’s rising prominence in DeFi has positively impacted SUI’s price.
The Sui ecosystem has seen tremendous growth since the launch of its Mainnet in 2023. According to the Sui Foundation, the network has gained a surge of users due to its advanced scalability and performance capabilities.
Its ecosystem hosts a range of DeFi protocols, NFT marketplaces, and gaming applications. While many of those projects started to gain traction immediately after the Mainnet launch, others reached viral popularity in 2024 alone, showing the ecosystem’s capacity for sustained innovation.
Key Projects Shaping the Sui Ecosystem
Some standout projects include Walrus, a decentralized storage solution that ensures secure and efficient data management, and the Sui Name Service, which converts complex blockchain addresses into user-friendly handles. Additionally, DeepBook, Sui’s first native liquidity layer, has become an essential component of the DeFi ecosystem by facilitating market and limit order swaps.
Other prominent projects such as Cetus, Suilend, and NAVI have revolutionized DeFi by offering services like lending, staking, and liquidity provision, enhancing the overall ecosystem experience for users.
A Community and Metrics-Driven Selection Process
The top projects in the Sui ecosystem were selected using a process that combined performance metrics and community engagement. The Sui Foundation initially compiled a list of 30 projects based on activity levels and active user accounts.
This list was then subjected to a community poll conducted via Discord, where Sui ambassadors and active members voted to rank these projects. This approach ensured a balanced evaluation, integrating quantitative data with qualitative assessment.
User Engagement Metrics and Active Accounts
In addition to community voting, the ranking considered active account metrics alongside transaction volumes. This metric offered a comprehensive view of user engagement across the ecosystem.
Notable projects such as Wave Wallet, which blends wallet functionalities with gaming experiences, and FanTV, a decentralized video platform challenging traditional media services, exemplify how the Sui ecosystem fosters innovation.
GameFi: A Rising Star in the Sui Ecosystem
GameFi projects have emerged as a significant driver of user interest within the Sui ecosystem. These gaming applications leverage blockchain technology to create immersive, reward-driven experiences.
By combining entertainment with financial incentives, GameFi projects are attracting a diverse range of users, including those within the Sui ecosystem. While the Sui blockchain approaches the end of its maiden full year, the community expects more innovative projects in 2024 than those already in the pipeline.
By using the blockchain’s scalability and user-friendly features, these projects should make the ecosystem more attractive to retail and institutional users.
Sui Ecosystem Expansion and Sui’s Price
Meanwhile, the Sui ecosystem’s native token ((SUI)) reached a new all-time high of $4.9 recently, fueled by ecosystem developments and increasing user engagement. Other key factors include the integration of the Backpack exchange and wallet and a surge in decentralized exchange (DEX) activity.
The price of Sui jumped more than 21% last week to reach $4.71 at the time of writing. The primary reason behind this rally was the news of integration between the Sui blockchain and Backpack, making interoperability across platforms even more seamless.
This development enhances user experience and opens doors to further listings and partnerships for Sui in the blockchain space. Moreover, SUI transactions on DEXs reached an all-time high 24-hour trading volume of more than $466 million, demonstrating increased liquidity.
Also, the total DEX volume reached $35 billion, a testament to the network’s excellent performance.
SUI Eyes New Highs
Technical indicators for SUI reveal more bullish action. The token briefly corrected from $4.49 on December 6, finding support at $3.38-its 61.8% Fibonacci retracement level. It then rebounded strongly, peaking at $4.9.
According to analysts, Sui is on course to a new high of $5.68, provided the factors supporting the uptrend continue. Key indicators such as the RSI and MACD support this bullish view.
While the RSI is 71, suggesting high buying momentum, the MACD’s bullish crossover strengthens this positive trend.
On-Chain Metrics Suggest More Growth For the Sui Ecosystem
On-chain data suggests a greater expansion of the Sui ecosystem. According to DefiLlama, Sui’s Total Value Locked (TVL) increased from $1.51 billion on December 2 to $1.87 billion on December 10, its highest since the launch of the Mainnet in 2023.
Such a surge indicates greater user activity and more deposits in Sui-based protocols, consistent with the ecosystem’s broader success.
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