Sui Network has garnered significant attention in the crypto industry, and it’s not without good reason. Offering a wide array of projects within its ecosystem, Sui presents numerous opportunities for crypto enthusiasts.
Let’s delve deeper into the top 5 projects within the Sui ecosystem. But first things first.
What is Sui?
Sui is a layer-one blockchain developed by Mysten Labs. With the successful securing of a $300 million Series B funding round, Sui Blockchain is rapidly gaining traction in the blockchain scene. Interestingly, the foundation of Sui stems from Facebook’s Diem blockchain project, which aimed to create a decentralized payment system between 2019 and 2022.
Source: Twitter
Although the project eventually folded, it left behind the Move programming language. Taking matters into their own hands, four co-founders established Mysten Labs and began developing Sui. Mysten Labs modified the Move language, creating the unique Sui Move, which serves as the foundation for the Sui blockchain.
Sui stands out as the world’s first completely permissionless Layer 1 blockchain, distinguished by its exceptional security and speed. It enables concurrent transactions and does not need consensus for simple interactions, employing a streamlined and faster settlement mechanism. This breakthrough opens up new avenues for financing digital commerce and gaming. Now, let’s look at the top 5 projects on Sui.
1. Cetus Protocol
Cetus Protocol emerges as an AMM Dex that leverages Concentrated Liquidity Market Makers (CLMM) and incorporates elements from Uniswap V3 and Trader Joe’s. So, Cetus seamlessly integrates with the Sui and Aptos ecosystems.
Built upon the foundation of CLMM, Cetus is actively developing a highly customizable liquidity mechanism. It empowers users to execute complex trading strategies like those available on centralized exchanges (CEX). By flexibly combining swaps, range orders, and limit orders, users can tailor their trading experience to their specific needs.
Source: Twitter
Additionally, liquidity providers can utilize CLMM to employ various techniques, enhancing liquidity efficiency. As a centralized liquidity protocol, Cetus prioritizes delivering exceptional trading experiences and superior liquidity to DeFi users.
Moreover, the platform offers a variety of functional modules that can seamlessly integrate with the core system. This means that other applications can easily incorporate or utilize Cetus liquidity through the Cetus SDK toolbox.
Cetus’s centralized liquidity algorithm-based features bring significant advantages to liquidity providers and traders. So, LPs can earn trading commissions by concentrating liquidity within the active price range. This targeted liquidity provision also benefits traders, ensuring improved market depth and smoother trading experiences.
Besides, Cetus Protocol employs a double-token model consisting of CETUS and xCETUS tokens. $CETUS serves as the native protocol token of Cetus, and users can acquire it through participation in liquidity mining. On the other hand, $xCETUS is a non-transferable escrowed governance token that represents staked $CETUS.
Source: Twitter
Cetus has garnered significant recognition as a decentralized platform striving to offer users an array of possibilities akin to centralized mediums. Since its inception in August 2022, Cetus has fostered a robust Twitter community with 220K followers.
2. Releap Protocol
Releap Protocol is a revolutionary protocol built on the Sui blockchain. It aims to unlock the true potential of creators’ Web3 social graph.
By offering fully customizable, user-owned social graphs, the protocol allows creators to retain ownership over the connections they have established with their audience. Moreover, it addresses critical issues in traditional social media networks by offering a decentralized and permissionless approach.
Source: Twitter
One of the primary goals of the Releap Protocol is to empower creators with ownership of their relationships with their community. The protocol achieves this by allowing users to construct profiles and engage with each other through these profiles. These profiles serve as a platform for creators to publish their content as a set of NFTs, enabling discovery, enjoyment, and trading of their work on-chain.
A noteworthy feature of Releap Protocol is the ability for users to leave likes and comments on posts, which it securely records on the Sui public ledger. This scenario ensures transparency and immutability of user interactions within the social graph. Additionally, the protocol is fully decentralized, permissionless, and community-driven, ensuring that data ownership remains solely with the creators.
Releap Protocol is designed with modularity as a core concept, allowing for future expansion and evolution. Currently administered by a multi-sig, the protocol aims to transition to a broader decentralized autonomous organization (DAO). This DAO will empower participants to design and vote on new modules and expanded features, ensuring a decentralized decision-making process that aligns with the community’s needs and vision.
Source: Twitter
As the protocol evolves through community-driven governance, it holds the potential to shape the future of Web3 social interactions.
3. Kriya DEX
Kriya is a high-speed derivative DEX offering a unique non-custodial, on-chain order book-based exchange. One of Kriya’s primary attractions is its ability to create front-running resistant order books, thanks to Sui-Move’s parallel processing capabilities and unique consensus. So, users can achieve lower latency by leveraging the platform’s unique object architecture to define complex assets and split transactions.
Source: Twitter
Kriya’s core concept revolves around enabling Capital Efficiency. This scenario is possible by leveraging low latency to enhance the accuracy of its margin system and facilitate intelligent cross-margining of hedged positions.
Moreover, users on Kriya can place orders directly from the options chain and benefit from seamless collateral management across multi-legged classes. The platform also prioritizes low costs and non-custodianship, aligning with the core tenets of DeFi, which aim to improve accessibility and transparency for retail users. Interestingly, to facilitate effective and secure trading on KriyaDEX, the platform has launched perpetual futures and introduced three core elements to its trading infrastructure:
- Price Discovery: Order Placement and Trade Matching
- Leverage: Position Margining and Liquidations
- UX: Funds/Collateral management, Fee/Rewards module
Source: Twitter
Essentially, KriyaDEX leverages a blazing-fast on-chain limit order book for price discovery. Users can communicate their order intentions by calling the relevant functions of Kriya’s smart contract. Once these calls pass certain margin checks, the orders are batched and delivered to the order book for matching.
4. Typus Finance
Typus Finance is a groundbreaking real yield infrastructure on the Sui Blockchain, empowering users to achieve exceptional risk-to-reward returns with a simple click. Options play a crucial role in this endeavor as they allow liquidity providers (LPs) to transfer some of their risks to willing participants, thereby improving risk management.
Source: Twitter
They are potent tools for hedging and speculating in the crypto market, and it is essential to involve mainstream users in this space. To bridge this gap, the platform is actively developing a range of user-friendly, retail-focused products for Crypto Options. These products offer a seamless, one-click experience catering to mainstream users’ needs who want to engage in options trading.
Typus establishes an options marketplace designed explicitly for long-tail assets by seamlessly integrating swap, lending, and derivatives protocols. Consequently, this unique approach enhances risk-adjusted returns for Liquidity Providers and significantly deepens liquidity within the DeFi space, creating a mutually beneficial scenario for all participants.
5. SuiPad
Suipad is considered ‘The next Web3 unicorn’. This decentralized launchpad was developed in partnership with MystenLab, the founder of the Sui blockchain.
As a community-focused platform, Suipad offers a launchpad for liquidity fundraising, enabling users to raise funds and participate in early-stage token sales for authorized Tier 1 projects.
Source: Suipad
Moreover, to join in IDOs on Suipad, users must stake SUIP tokens, the native token of the SuiPad ecosystem. The platform’s commitment to investor protection is exemplified through the implementation of SuiPad Shield, ensuring the security of early-stage investors.
Undoubtedly, Suipad has gained widespread acceptance among users due to its user-friendly interface, providing seamless navigation within the platform. The platform boasts an intuitive design, presenting clear and concise information about the listed projects.
Conclusions
As the Sui blockchain continues to grow and evolve, we can anticipate the emergence of even more exciting projects. So, stay tuned and keep an eye on these top 5 projects to stay informed about the latest advancements in this exciting blockchain!
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