[TL;DR]

Since the generally bearish 'September effect' that entered the self-situation, despite the decline or horizontal Fluctuation of many Cryptocurrencies, SUI has continued to pump against the trend by 100%, becoming the leading Token in the Layer1 zone.

The rise of SUI is due to increased institutional recognition, technological innovation, integration of stablecoins, and market capitalization favorability.

Sui lending protocol Suilend, Liquidity protocol DeepBook, etc. have all launched interactive reward activities.

Introduction

As a frequent visitor to our Blog articles, Sui Network (SUI) has recently shown impressive performance, with the coin price steadily rising by 100% in September, and TVL climbing to 900 million US dollars, driving the MOVE-based Aptos (APT) to flourish as well. This article will continue to interpret the recent ecological development of SUI and the opportunities for participation.

The price of the currency rises against the trend, and the SUI effect is significant.

If we talk about the best-performing Layer1 zoneToken in September, Sui Network (SUI) undoubtedly tops the list.

According to gate's data, since the commonly pessimistic 'September Effect' began, although many cryptocurrencies have experienced a decline or sideways fluctuation, SUI has continued to rise against the trend, steadily climbing from $0.8 to around $1.6, with a monthly increase of up to 100%, entering the TOP20 with a market capitalization of $4.24 billion, second only to Near.

According to the data from coinglass, SUI's recent volume has surged, with a 24H volume even reaching 50% of the circulating Market Cap, while the market has not closed position contracts, rising by 9.37% to about 4.39 billion US dollars, showing strong market participation and trader confidence in SUI.

Although the price of the currency is still a distance from the previous high, the TVL has quickly reached a new historical high, nearly 900 million US dollars. Among them, the lending protocol NAVI Protocol TVL reached 310 million US dollars, an increase of 16.25% in the past 7 days; the lending protocol Scallop Lend TVL reached 140 million US dollars, an increase of 19.79% in the past 7 days; the lending platform Suilend TVL reached 134 million US dollars, an increase of 14.63% in the past 7 days.

The growth rate of TVL far exceeds the Market Cap, which undoubtedly shows a relatively healthy business development trend, and this is also an important reason why many observers are optimistic about it becoming the next SOL.

The pump of SUI naturally led to a surge in tokens in the ecosystem, such as Cetus (CETUS) and NAVI Protocol (NAVX), among which SuiPad (SUIP) led the market with a 24H increase of 86%.

Ecological layout actions are frequent, and institutional influx pushes up coin prices

The soaring price of SUI Token can be traced back to the accelerated layout of institutional funds. It is undoubtedly the most direct driving clue for SUI. The SUI trust fund launched by Grayscale in mid-September has opened a direct channel for institutional investors to access SUI. In addition, according to market news, some Asian funds have also bought a large amount of SUI through OTC. Institutional get on board trading has enhanced the market's recognition and confidence in the Token, further boosting the market demand and price of SUI.

Next, Sui Network has ushered in a series of technological innovations and collaborations. Recently, Sui Network has started to make a strong push in the stablecoin arena. Stablecoin AUSD has been launched on the Sui Network, and with the collaboration of Sui and Circle, UDSC (USD Coin) Stablecoin will soon receive native support from the SUI network through Cross-Chain Interaction Transmission Protocol (CCTP). This not only enriches the payment methods within the SUI ecosystem, but also strengthens interconnection between networks, enhancing user experience and security.

In addition, the upgrade of Mysticeti greatly reduces the transaction processing time and improves the overall efficiency of the SUI network, enabling it to operate efficiently even during network congestion. The recent initiative is to test the offline encryption transaction function provided by radio waves.

In short, the rise of SUI benefited from a series of Favourable Information events, as well as the overall sentiment improvement in the crypto market, especially the joint efforts of institutional recognition, technological innovation, stablecoin integration, and market capital favoritism.

What opportunities does "SuiTember" bring for ecological participation?

SUI is a high-performance public chain launched in this bull run. In our early observation, its token price and ecosystem development performance were not as impressive as Aptos. However, as the network continues to attract users and capital, especially with the support of USDC, SUI does show unique competitiveness in the Layer 1 competition landscape and is expected to play a more important role in future development.

The co-founder of the aforementioned Sui Network, @vyz_cm, also recently referred to September as "SuiTember", but in addition to the successive record highs of SUI prices, what other ecological opportunities are there for Sui?

First is the Airdrop activity of 436,386 SUI tokens for Sui chain lending protocol Suilend. The Airdrop activity of Suilend incentivizes users to participate through subsidies for lending, a point system, and other means. Some Non-fungible Token (NFT) projects are closely related to Suilend, and although certain NFT project official statements do not directly participate in the Airdrop, there are still potential connections and expectations.

For example, users can receive SUI Token subsidies by using Suilend for lending operations (depositing stablecoins and borrowing other assets such as ETH, SOL). This subsidy mechanism allows users to borrow assets at very low Interest Rate (even negative Interest Rate) and deploy them to other protocols to earn the interest spread, with a comprehensive Annual Percentage Rate of over 15% and accumulate Suilend points.

In addition, similar SUI Liquidityprotocol DeepBook announced that the White Paper has been updated. In the new version, the initial community Airdrop accounts for 10%, core contributors and early supporters account for 28.43%, and the remaining 61.57% will be allocated to future grants, community plans, and community initiatives and other community activities.

Of course, the consistent feature of this bull run is that the positive performance of the public chain ecosystem and tokens often leads to a pump in corresponding MEME, which has provided many investors with opportunities to enter a position that they missed in a timely manner. Similarly, the MEME of the SUI chain has also seen a surge recently, with the price of Sacabam (SCB), Scuba Dog (SCUBA), Suishicat (SUISHI), and others all surpassing SUI. Meanwhile, Blub (BLUB), which has always been themed around fish, currently has a market capitalization of $43 million, ranking first in the MEME Market Cap of the chain and becoming the main target of speculation for many traders.

In summary, Sui has strong technical capabilities and potential for future development. The recent rise in price is due to the joint promotion of technological innovation, institutional involvement, and ecological expansion. This is consistent with our previous blog articles that have repeatedly expressed optimism for the chain. We will continue to follow and share more insights in future articles.

Author: Carl Y.

This article only represents the author's point of view and does not constitute any trading advice.

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