There are already a lot of hairs on Sui, there are $WAL near ones, and there are $DEEP $BLUE far ones. It is advisable to focus on follow-up. Quantified 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 lock-up value of more than $1.5 billion (data source: DeFiLlama). Market Cap Performance: Two projects in the Sui ecosystem – $WAL and $DEEP – have entered the top 100 crypto asset market capitalization. The market has a high degree of recognition for the top projects in the Sui ecosystem, and its tokens have a strong ability to capture value. Stablecoin circulation: The circulating supply of stablecoins on the Sui chain reached an all-time high of about $900 million. The high circulation of stablecoins provides ample liquidity for DeFi protocols within the ecosystem. The competitive advantage of the Sui ecosystem On a theoretical level, Sui's success is due to: High throughput and low latency: Sui uses an object-centric data model and parallel processing mechanism to significantly improve transaction throughput and confirmation speed, giving it a competitive advantage in high-frequency DeFi scenarios. Modular eco-design: Sui supports the development of modular protocols, allowing developers to focus on specific features, thus forming a diversified ecosystem. Capital Efficiency & User Incentives: Through native token incentives and liquidity mining, Sui attracts a large number of developers and users. Sui eco-projects worth watching The following are the key projects of the Sui ecosystem: Has been TGE project Suilend Positioning: The leading lending protocol in the Sui ecosystem, and TVL ranks first in the ecosystem. Data reference: TVL accounts for about 30% of the Sui ecosystem (about 500 million US dollars). Cetus Positioning: The head DEX of the Sui ecosystem. Bluefin Positioning: Derivatives and spot trading DEXs. Navi Positioning: A comprehensive protocol that combines lending and liquid staking (LST). Scallop Positioning: Lending platform, focusing on user experience and cross-chain integration. Data reference: TVL is about $140 million, which is among the top eco-lending protocols. Not a TGE project Momentum Positioning: The liquidity engine of the Sui ecosystem, which aims to optimize the liquidity of on-chain assets and inter-protocol collaboration. Investment & Observation Advice For investors and researchers who are interested in the Sui ecosystem, it is recommended to focus on monitoring the following indicators: Top Project Updates: $WAL and $DEEP As ecological leaders, their token price, TVL growth rate, and protocol fees are the bellwether of ecological health. Ecological synergies: Observe user flows and capital flows between lending, DEXs, and derivatives protocols to assess the sustainability of the ecosystem. On-chain activity: Determine user adoption rate and protocol stickiness through on-chain data analysis (such as the number of active addresses and daily trading volume).