There have been many major developments on Sui recently, with $WAL being recent and $DEEP $BLUE being earlier. It is recommended to focus on tracking these. Quantitative performance of the Sui ecosystem TVL: As of April 2025, the TVL of the Sui ecosystem ranks 9th among all public chains, with a total locked value exceeding $1.5 billion (data source: DeFiLlama). Market value performance of ecosystem projects: Two projects within the Sui ecosystem—$WAL and $DEEP—have entered the top 100 in crypto asset market value. The market has a high recognition of leading projects within the Sui ecosystem, and their tokens have strong value capture capabilities. Stablecoin circulation: The circulating supply of stablecoins on the Sui chain has reached a historical high, approximately $900 million. The high circulation of stablecoins provides ample liquidity for DeFi protocols within the ecosystem. Competitive advantages of the Sui ecosystem From a theoretical perspective, Sui's success is attributed to: High throughput and low latency: Sui uses an object-centered data model and parallel processing mechanism, significantly enhancing transaction throughput and confirmation speed, providing a competitive advantage in high-frequency DeFi scenarios. Modular ecosystem design: Sui supports the development of modular protocols, allowing developers to focus on specific functions, thereby forming a diverse ecosystem landscape. Capital efficiency and user incentives: Through native token incentives and liquidity mining, Sui has attracted a large number of developers and users. Notable Sui ecosystem projects Below are key projects within the Sui ecosystem that have completed TGE and those that have not: Projects with TGE Suilend Positioning: Leading lending protocol within the Sui ecosystem, TVL ranks first in the ecosystem. Data reference: TVL accounts for about 30% of the Sui ecosystem (approximately $500 million). Cetus Positioning: Leading DEX in the Sui ecosystem. Bluefin Positioning: Derivatives and spot trading DEX. Navi Positioning: Comprehensive protocol combining lending and liquidity staking (LST). Scallop Positioning: Lending platform focusing on user experience and cross-chain integration. Data reference: TVL is about $140 million, ranking among the top lending protocols in the ecosystem. Projects without TGE Momentum Positioning: Liquidity engine of the Sui ecosystem, aiming to optimize on-chain asset liquidity and protocol collaboration. Investment and observation recommendations For investors and researchers focusing on the Sui ecosystem, it is recommended to monitor the following indicators: Dynamics of leading projects: As the leaders of the ecosystem, $WAL and $DEEP, their token prices, TVL growth rates, and protocol fees are indicators of the ecosystem's health. Ecosystem synergy: Observe user flow and capital circulation between lending, DEX, and derivatives protocols to assess the sustainability of the ecosystem. On-chain activity: Analyze on-chain data (such as the number of active addresses, daily transaction volume) to determine user adoption rate and protocol stickiness.