Surveying the Most Popular Projects in the 2024 Sui Ecosystem
This article will introduce to you the most popular projects in the 2024 Sui ecosystem, selected from two dimensions: community attention and data metrics, covering various tracks such as infrastructure and DeFi.
Over the past year and a half, projects built on the Sui mainnet have brought a record number of users to Sui, the most innovative and high-performance blockchain ecosystem. Users have flocked to DeFi protocols, which have seen early success on the network, while also exploring areas such as media services, NFT markets, and gaming.
As 2024 comes to a close, we have reviewed the most popular projects in Sui's first full calendar year. Some of these projects were launched with the Sui mainnet in 2023, while others have quickly gained popularity this year.
For each project, its builders learned how to program using the Move language and utilized features such as composable objects and Kiosks. They leveraged Sui's unique innovations, such as zkLogin and sponsored transactions, to simplify the onboarding process for new users as much as possible. Ultimately, their efforts were recognized by the Sui community and quickly adopted by users.
Most Popular Projects by Community Attention
For selecting the most popular project on Sui, we combined two dimensions: community attention and data metrics. First, we compiled a list of the top 30 projects based on active accounts and activity levels. Then, we invited representative community ambassadors of Sui to select the projects they felt were most noteworthy from this list. Next, we conducted a vote on Discord to determine the ranking of these projects.
It is important to note that account and transaction metrics favor on-chain projects, and some very popular games may utilize Sui for digital asset transactions, but most activities rely on binary methods. Therefore, we aim to provide a trusted perspective on the most community-focused projects of 2024.
Walrus
Engineers from Mysten Labs, who are also early contributors to Sui, have introduced a new decentralized storage platform called Walrus, which was launched on the development network and test network this year. Although Walrus is a completely independent platform, the builders used Sui as a coordination layer for assets stored on Walrus. Current activity on Sui is related to Walrus NFTs, demonstrating a high level of interest in this new platform.
Sui Name Service
As the foundation platform to make Sui user-friendly, the Sui Name Service translates complex blockchain addresses into human-readable names prefixed with @ symbol. This format makes names more familiar, easy to remember, and akin to social media usernames. In contrast to domain names in the Web2 world, Sui names not only serve as personal identifiers but also support subnames, suitable for intricate organizational structures.
DeepBook
Sui's first native liquidity layer, DeepBook, was launched in 2023 to support the DeFi ecosystem. DeepBook supports market orders and limit orders exchange, providing convenient liquidity access for platforms on Sui. As a decentralized public good, DeepBook is community-operated and has released its own DEEP token.
Cetus
The liquidity protocol Cetus was early to launch on Sui, currently offering exchange functionalities with limit orders, as well as tools such as mining, liquidity pools, and treasury, serving a broad range of DeFi users. Its DeepBook interface provides a unique way for regular users to directly access Sui's native liquidity layer. Its developer tools also support builders looking to integrate DeFi functionalities into their projects.
Suilend
The Suilend team started building on Sui in 2024 and quickly realized the superior development experience Sui offers to developers. Drawing on their Solana experience, they launched their lending platform in March and achieved over $4.5 billion TVL growth in just eight months. In addition to lending, Suilend also offers exchange and cross-chain bridging services.
NAVI
As one of the early DeFi protocols on Sui, NAVI combines a DEX aggregator, liquidity staking, and lending functionalities. NAVI boasts a $7.14 billion TVL and over 800,000 users, continually innovating, deploying new features to maximize its user potential. Reada featured article about NAVI in Sui DeFi.
Aftermath Finance
The DeFi protocol Aftermath, as a Sui-based exchange aggregator service, analyzes the exchange rates provided by other aggregators when a user enters a transaction, then finds the best transaction path. Aftermath also offers liquidity staking through its afSUI token and provides various other mining rewards.
Scallop
The lending platform Scallop is another early Sui DeFi protocol serving a broad spectrum of users from beginners to professionals. The platform allows users to deposit SUI into pools to earn interest or engage in more complex lending strategies. In addition to lending, Scallop now supports exchange functionalities and provides cross-chain bridging.
Turbos
Turbos is a decentralized crypto market built on Sui, offering two main functions: swapping and providing liquidity for other users. As an early DeFi project on Sui, the Turbos team brings extensive experience and ongoing development, focusing on making it as efficient as possible.
Tradeport
The NFT marketplace Tradeport launched on Sui, leveraging rich experience from success on chains like Near and Base. Its interface allows even novice users to easily discover and purchase NFTs. In addition to market functionalities, Tradeport includes tools for users to mint their own NFTs and engage in more advanced development.
Most Popular Projects by Data Metrics
For users focused solely on data metrics, we have compiled the top 10 projects ranked by active accounts, excluding those that have not met the active public project standards. The active accounts metric has a high correlation with trading volume, so we chose to use the former to represent the user count for each project.
Wave Wallet
Wave Wallet combines wallet functionalities with gaming and utilizes Telegram as a platform, attracting a significant number of active users on Sui. Users can play engaging games on a single interface and use their digital assets. The company also leverages Telegram as a universal gaming platform. Read a featured article about Wave Wallet.
BIRDS
BIRDS is another Telegram-based application that gamifies DeFi, providing a multi-stage ongoing interactive experience. Players first hatch an egg, help it level up, and assist in its hatching. The next stage of the game is feeding the bird to make it stronger, faster, and unlock more advanced game features.
FanTV
The video platform FanTV aims to disrupt services like YouTube and TikTok by more fairly compensating content creators. Launched in India, the app is currently gaining global attention and consistently ranks in the top 10 in terms of users. Read the special article about FanTV.
Aylab
Aylab leverages Web3 technology for advertising and has provided over 120 million ad impressions and over 95 million transactions to date. As an advertising platform, Aylab assists other projects in user acquisition and marketing, becoming a key part of the Sui business support model, akin to Google's transformative role in traditional internet advertising.
Fomo
Fomo is essentially a Telegram-based proof-of-work (PoW) memecoin that demonstrates a high level of user interest. It appears to have been launched as a promotional activity and may be transient. However, its high transaction rate showcases how Sui can easily scale while maintaining stable fees.
Walrus
Engineers from Mysten Labs, also initial contributors to Sui, have introduced a new decentralized storage platform called Walrus, which was launched on the development network and testnet earlier this year. While Walrus is a completely separate platform, the builders have positioned Sui as a coordination layer for assets stored on Walrus. The current activity on Sui is related to Walrus NFTs, indicating a high level of interest in this new platform.
SuiLink
As a public utility, SuiLink facilitates cross-chain interoperability by connecting a user's Sui account to an Ethereum or Solana account. This linkage is established through a soul-bound NFT to prove identity. SuiLink offers cross-chain rewards, priority features, and exclusive event opportunities.
NAVI
As one of Sui's early DeFi protocols, NAVI combines a DEX aggregator, liquidity staking, and borrowing capabilities. NAVI boasts a $7.14 billion TVL and over 800,000 users, continually innovating by deploying new features to maximize its user base. Read a featured article about NAVI.
Scallop
The lending platform Scallop is another early Sui DeFi protocol that serves a broad audience from newcomers to advanced users. The platform allows users to stake SUI in pools to earn interest or engage in more sophisticated lending strategies. In addition to lending, Scallop now also supports swapping and offers cross-chain bridging.
Cetus
The liquidity protocol Cetus was early to launch on Sui, currently providing exchange capabilities with limit orders and tools such as farms, liquidity pools, and treasuries, catering to a wide range of DeFi users. Its DeepBook interface offers a unique way for regular users to directly access Sui's native liquidity layer. Its developer tools also support builders looking to integrate DeFi functionalities into their own projects.
In Sui's first full year, we have seen strong interest from users in core projects like the Sui Name Service and DeFi protocols, often early adopters of the network. GameFi projects have also garnered attention, indicating that upcoming games later this year and next year could be very successful.
We are very excited to see more new projects launching on Sui in the coming year and utilizing its scalability to attract an increasing number of users.
「Original Source」
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