Projects in the Sui Ecosystem
There are 85 projects listed in the Sui ecosystem, including DeFi, gaming, NFTs and other utility applications. We look at some of the popular applications across DeFi and gaming on Sui and what they offer their users.
Key Takeaways
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The Sui ecosystem is made up of applications that have integrated into the network. These applications leverage the network’s facilities for their operations.
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The Sui blockchain supports decentralized applications in the areas of decentralized finance, gaming, NFTs, and more, offering developers and users faster and cheaper transactions.
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The projects deploying decentralized solutions in these areas on the Sui network hopes to utilize facilities provided by the network while delivering valuable use cases to their users.
The Sui network went live in May 2023, and since then, developers have continued to deploy decentralized applications on the network. Sui’s support for varieties of applications has been helpful in the growth of its ecosystem. On May 7, 2023, just four days after the mainnet was launched, the Sui network reached a record TVL of $36 million. At time of writing, TVL on the platform is over $25 million, based on the assets locked on different DeFi protocols on the network.
Source: DefiLlama
In September 2023, Artemis reports an average of 150,000 active addresses on the network and a daily transaction count in excess of one million. This gives a hint of user activity on the network as developers and blockchain enthusiasts continue to explore the network and the applications in its ecosystem.
Now, let's take a look at some of these applications.
DeFi
With over $25 million in locked assets shared between decentralized finance applications on the Sui network, here are some of the top applications, based on TVL at the time of writing.
Cetus Protocol
Cetus Protocol is a multichain decentralized exchange on the Sui and Aptos networks, it offers decentralized asset exchange and liquidity mining opportunities to users. Cetus leverages AMMs but modifies it to develop a system it claims to offer a better use for liquidity pools. At time of writing, Cetus’s TVL on Sui is $9.2 million.
Cetus's adaptation of the AMM is known as the CLMM (Concentrated Liquidity Market Maker). The CLMM allows liquidity providers to provide liquidity at a defined price ranges. In contrast to the AMM where users simply commit assets to the liquidity (and let the protocol manage asset availability and price levels), the CLMM has a varying availability of tokens at different price points. According to Cetus protocol, this approach allows it to deliver a powerful and flexible underlying liquidity network that makes trading easier for any users and assets.
Cetus also operates a launchpad where new projects on the Sui network can host their token offering event and launch their project with support from the Cetus Protocol. CETUS is the official token of the network. It is used to run the project’s incentivization and governance programs. Liquidity providers on the protocol receive CETUS as part of their rewards. CETUS holders can also lock up their tokens to receive xCETUS. xCETUS is used on the governance portal to vote on improvement proposals. CETUS is tradable on centralized exchanges (including Kucoin and Mexc) and decentralized exchanges on the Sui network. See active CETUS trading pairs.
NAVI Protocol
NAVI brands itself as the first Native One-Stop Liquidity Protocol on the Sui network. It is a decentralized money market that allows users to borrow assets without the need for intermediaries. At time of writing, NAVI Protocol’s TVL on Sui is $4.4 million.
It connects lenders to borrowers through an overcollateralized loan lending protocol. Like similar decentralized applications, borrowers commit funds valued higher than the amount they wish to borrow as collateral, and pay interest as delineated by the protocol. Lenders, on the other hand, commit their assets to the protocol and receive interest from the borrowers. NAVI features a liquidation algorithm that keeps the lending protocol ‘healthy’ through liquidators who agree to bear the cost of bad loans.
NAVI Protocol also runs a bridging facility powered by Wormhole. Users on the platform are able to communicate with other networks and move assets through the bridge. NAVI is the native token of the NAVI Protocol and is used in the project’s governance. NAVI holders vote on changes to different aspects of the project including setting interest rates, adding new assets to the protocol, and changing the collateralization ratio. Holders also enjoy extra benefits like discounts on fees and the opportunity to participate in staking programs.
Kriya DEX
With $2.4 million in locked assets at the time of writing, Kriya DEX is the third largest DeFi project on the Sui network by TVL. Kriya is a suite of DeFi products. It offers an array of services focused on aggregating liquidity in the Sui ecosystem, enhancing capital efficiency and offering a smooth user experience to institutions and individual users.
Kriya DEX is a decentralized perpetuals and options trading platform. Derivatives traders can execute leveraged trading on the platform through the decentralized perpetuals trading platform. At the moment, trading is live for four perpetual pairs on Sui mainnet, with 20x leverage supported.
Kriya also offers other products as well, including a bridge powered by Wormhole. The Kriya bridge enables users to communicate with external networks and move assets seamlessly. It also offers decentralized swap services for instant exchange of assets on the Sui blockchain.Kriya also runs an OTC service. Through the OTC service, Kriya claims to offer users a way to negotiate and execute large sales without having a significant effect on the orderbook. Users can leverage the escrow service to host their assets on the OTC platform while interested traders send quotes for the assets.
The project has also shared plans for a native token – KRIYA. According to the roadmap, the token will be used to run the Kriya DAO, return value to holders through buybacks and revenue distribution, and grow the finances of the Kriya project.
Aftermath Finance
Aftermath is a decentralized exchange on the Sui network. With over $2 million worth of crypto assets locked on the platform, it is the fourth largest DeFi platform on the Sui blockchain.
Aftermath Finance features an asset bridge powered by Wormhole and Celer. It claims that users can easily and securely move their assets between over six blockchain networks using its bridge facility. Aftermath Finance’s AMM-powered DEX allows users to swap their assets. It claims to give users a “CEX experience on a DEX”. It offers benefits to liquidity providers through fees from the platform users. It also claims to offer high extra rewards to liquidity providers through its yield farming program.
1/ Liquidity mining incentives are now being emitted on Aftermath!
— Aftermath Finance (@AftermathFi) September 6, 2023
Participating is easy, just deposit liquidity into any of the supported pools and stake your LP token to earn #SUI. 🚀
🧵 Follow along to start earning rewards. ⬇️#Suinami #SuiEcosystem #Bullshark pic.twitter.com/yxpwo9P2pD
Gaming
Developers are also deploying decentralized games on the Sui blockchain. Some notable GameFi projects on the network include:
SUI 8192
Thanks to SUI 8192, the Sui network experienced a spike in usage in the final weeks of July 2023. Sui 8192 is a puzzle game on the Sui network. It is developed by Ethos, an SUI network Wallet provider. SUI 8192 design and gameplay are inspired by the popular 2014 browser-based puzzle game 2048. Sui 8192 gameplay is quite a straightforward one, players combine tiles by using their device navigation buttons to move the tiles until they get the number 8192. Each move is a transaction on the Sui network and players pay a fee to move tiles. The game uses the NFT technology to track and record player progress. For every significant checkpoint or milestone, it mints an NFT.
SUI 8192 is open to everyone on the Sui network and participation is free, although there are restrictions on underage players and users in Puerto Rico. Further research into the Terms and Conditions shed light on some important participation and reward rules. The gameplay is regulated by the administrators who reserve the right to disqualify entries or withhold winners’ rewards based on some predetermined rules. Administrators can also cancel an event. Rewards for winners are distributed in SUI tokens. A winner must respond within 48 hours and must claim their rewards within 3 business days or run the risk of forfeiture.
Grand Cross: MetaWorld
Netmarble, South Korea’s largest mobile gaming company, hopes to bring Grand Cross: Metaworld, its metaverse game to the Sui network through its subsidiary Netmarble F&C. In partnership with Mysten Labs, the gaming firm, valued at $11 billion hopes to bridge barriers and create easy access for aspiring V-tubers.
Mysten Labs 🤝 Grand Cross: Metaworld
— MystenLabs.sui (@Mysten_Labs) December 16, 2022
📣We're excited to officially partner with Netmarble F&C, bringing Grand Cross: Metaworld to life on @SuiNetwork! https://t.co/eCCQKdZjL5
The partnership with Mysten Labs will allow Netmarble to leverage the Sui blockchain’s promised low cost of usage, efficiency, and security. Netmarble will deploy Grand Cross to the network and work towards bringing an immersive experience to V-tubers on the Sui network. Netmarble executives cite the ‘great infrastructure’ that the Sui network provides as the major reason for partnering with the project for their gaming project.
Grand Cross: Metaworld is a metaverse game where gamers can create and manage their own spaces, where thousands of users can hang out in virtual cities. Netmarble claims that the Grand Cross game will feature 4k anime-style graphics and will utilize decentralized technologies like NFTs to deliver a satisfying experience for gamers. NFT technology will be used to develop and store game items like user characters and costumes.
V-tubers will be able to adapt to the environment it presents and utilize V-tube creation tools provided by Netmarble. These tools, according to Netmarble, will be optimized for efficiency, cost-saving and cost-effectiveness. Grand Cross is scheduled for full launch in the last quarter of 2023.
Bridge
Bridges allows cross-network and protocol communication. For the Sui network, bridges in its ecosystem allow users from other networks to transfer their assets to Sui and also handle asset movement in the opposite direction. Bridges in the Sui ecosystem include:
Wormhole
Wormhole is an interoperability protocol that enables communication between blockchain networks. It claims to have developed a message passing protocol that enables networks to utilize the resources of external networks. Wormhole is applicable in vast areas including cross-network exchange of assets and cross-network governance. Bridging protocols built on Wormhole are in fact, an extra utility for the protocol as it claims to be more relevant for even more complicated inter-network communication scenarios.
Wormhole has integrated the Sui network. This integration allows independent applications on the Sui network to develop asset bridges using the wormhole SD kit. Some of these applications include DeFi protocols like Kriya DEX and NAVI Protocol. Wormhole claims to streamline the process of developing communication protocols through its SDK. Projects can build asset bridges in a few minutes and with minimal technical abilities. Wormhole has also integrated several other blockchain networks including Aptos, Algorand, Solana, EVM networks like Fantom and Polygon, and Layer 2 networks like Optimism.
Wallet
Ethos Wallet
Ethos is a wallet provider for the Sui network. It is also the project behind the Sui 8192 game and two other tile games deployed on the Sui network. The Ethos wallet enables users of the Sui network to connect to the network, perform specialized and routine activities, and also manage their assets on the network.
Ethos wallet comes in browser extensions that are available for Chrome, Edge, and Firefox browsers. Ethos wallet is a full Web3 wallet, users can connect to decentralized applications deployed on the Sui network using their Ethos wallet. Ethos presents a highly customizable wallet interface for its users and claims to offer a secure and seamless connection to the network and dApps in the ecosystem.
The project also recently announced the mobile version of the wallet which is still in development at the time of writing.
Final Thoughts
This article features selected applications on the Sui ecosystem based on their popularity and TVL. This is not exhaustive of the applications deployed on the network, even at the time of writing. The Sui ecosystem will likely continue to expand as more applications get deployed to the network.
It is also important to note that these features aren’t a form of endorsement nor recommendations. The sole intention is to describe how these applications are utilizing the technology of the Sui blockchain. It takes a look at how they are pushing the boundaries and scaling the network’s adoption. Investing in or using any of these protocols should be a product of adequate personal research.
Having said this, users of these applications will hope to benefit from the promised fast and cheap transactions on the Sui network while developers continue to explore opportunities like syntax level security and efficiency that the network claims to offer. Always do your own research and note that this article is only for educational purposes and not financial advice.
Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. Follow the author on Twitter @agboifesinachi
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