Sui chain projects to follow in 2025

Author: 0xEdwardyw Source: TokenInsight

Introduction

Launched by Mysten Labs in 2022, Sui is a next-generation Layer 1 blockchain designed to redefine scalability and user experience in blockchain through its unique object-based architecture and the Move programming language. Unlike traditional account-based blockchains, Sui treats assets as programmable objects, enabling more expressive and secure smart contract logic. Its parallel execution engine supports massive transaction throughput and achieves near-instant transaction finality, making Sui one of the highest-performing blockchains currently available.

By 2025, Sui has grown from a highly anticipated newcomer into a mature and rapidly expanding ecosystem. With widespread applications in DeFi, gaming, and real-world assets (RWA), Sui is now capable of competing head-to-head with major layer one blockchains like Solana.

The Rapid Growth of Sui

By April 2025, Sui's market capitalization is approximately $8.92 billion, with a circulating supply of 3.24 billion SUI tokens, each priced at around $2.75. Based on market capitalization, Sui has entered the top fifteen cryptocurrencies globally.

In the decentralized finance (DeFi) sector, Sui's total value locked (TVL) reached a peak of $2.065 billion in January 2025. By April, the TVL dropped to $1.226 billion, showing a certain degree of short-term volatility. However, the overall trend of growing from less than $500 million at the beginning of 2024 to breaking $1 billion in 2025 still reflects the activity of the Sui ecosystem.

As of April 2025, the total market capitalization of stablecoins on the Sui blockchain has reached 877.88 million dollars, growing more than twofold since December 2024.

This expansion is mainly due to the introduction of major stablecoins in 2024, such as USDC, AUSD, FDUSD, and USDY. The integration of these stablecoins has enhanced the liquidity of the network, the practicality of transactions, and the participation in DeFi protocols. The increase in the number of active addresses on the network further indicates that stablecoins are being widely used in various scenarios such as lending, trading, remittances, and savings.

The Sui blockchain has supported a range of protocols that have significant impact in the fields of DeFi, infrastructure, gaming, and decentralized physical infrastructure networks (DePIN). In the DeFi space, the Cetus Protocol and DeepBook stand out, playing crucial roles in liquidity provision and decentralized trading, respectively. In terms of infrastructure, Walrus is dedicated to decentralized storage and programmable data management, representing a new category of infrastructure applications emerging on Sui. Meanwhile, MemeFi, a Tap-to-Earn game originally built on the Ton chain, has now migrated to the Sui chain, showcasing the appeal of Sui's performance for GameFi applications.

DeepBook Protocol

The DeepBook protocol is a decentralized central limit order book (CLOB) built on the Sui blockchain, aimed at achieving a high-speed, low-latency trading experience on-chain. Launched in July 2023, the protocol serves as the native liquidity layer of the Sui ecosystem, providing seamless trading support for applications based on Sui.

It is worth noting that DeepBook itself does not provide a trading interface for end users. Instead, it provides underlying support for decentralized exchanges, wallets, and other applications through its built-in trading features, allowing these applications to implement token trading functionality on top of it.

Core Features

The core mechanism of DeepBook is a fully on-chain Central Limit Order Book (CLOB), where all orders, cancellations, and transactions are transparently recorded on the blockchain, ensuring the openness and credibility of the trading process. Leveraging the advantages of the Sui parallel execution framework, DeepBook can complete transaction settlements in approximately 390 milliseconds, greatly accommodating latency-sensitive high-frequency trading scenarios.

To maintain market activity, DeepBook has also introduced advanced market-making algorithms that continuously provide liquidity across different trading pairs while minimizing user trading slippage. At the same time, the platform employs a dynamic fee structure that offers rebate rewards to market makers who provide liquidity during low liquidity periods, and fee discounts to active traders, thereby incentivizing continued market participation.

In addition, DeepBook has a high level of composability and is designed to serve as an infrastructure layer that can be easily integrated and built upon by other DeFi applications, further solidifying its foundational position in the Sui ecosystem.

Security is also one of the core focuses of DeepBook. The protocol has undergone rigorous third-party audits, has a bug bounty program, and works closely with security experts to create a safe, robust, and trustworthy trading environment.

Token Economic Model

Token Use

The DEEP token serves multiple functions within the DeepBook ecosystem. Firstly, the DEEP token is used to pay for transaction fees and liquidity pool creation fees on the platform, simplifying the trading process and reducing user costs. Secondly, during periods of insufficient liquidity, market makers can earn DEEP token rebates by providing liquidity, which effectively encourages ongoing liquidity provision and helps tighten the bid-ask spread. In addition, users holding DEEP tokens can participate in the governance of the DeepBook protocol by staking their tokens, voting on key matters such as protocol upgrades and fee structure adjustments, thereby promoting the community-driven development of the platform.

Token Allocation

The total supply of DEEP tokens is set at 10 billion, with the specific allocation as follows:

• 10% is allocated for the initial community airdrop, which will be fully unlocked and distributed during the Token Generation Event (TGE), aimed at rewarding early users and active participants who made significant contributions during the early development of DeepBook.
• 28.43% allocated to core contributors and early supporters, including team members and partners who support the development, infrastructure, security, growth, and operations of the DeepBook protocol;
• 61.57% is allocated for ecosystem expansion, which will support developer incentive programs, community activities, and long-term ecological growth strategies.

During the Token Generation Event (TGE), 25% of the total supply has been unlocked, equivalent to 2.5 billion DEEP tokens put into initial circulation.

Release Plan

The remaining 75% of the tokens will follow the release plan to ensure consistency between project development and long-term interests.

• For the community portion, 14% of the tokens were unlocked at TGE, and the remaining portion will be gradually released over the next 7 years;
• For investors and early contributors, the tokens allocated to the development team, early investors, and ecosystem expansion plans will be released as follows: there will be a 1-year lock-up period (Cliff), followed by monthly linear release over 24 months; of the tokens obtained by Mysten Labs, 1% will be unlocked at TGE, and the remaining portion will be released linearly over 48 months.

Cetus Protocol

The Cetus protocol is a decentralized exchange (DEX) and concentrated liquidity protocol built on the Sui blockchain, aimed at providing a flexible and efficient liquidity network for decentralized finance (DeFi) users. The protocol officially launched on May 10, 2023, employing a concentrated liquidity market maker (CLMM) model to enhance capital efficiency and optimize the trading experience.

Core Features

The Cetus protocol integrates a series of innovative features, focusing on enhancing the efficiency of transactions and liquidity provision on the Sui blockchain.

Concentrated Liquidity Market Maker (CLMM) Cetus adopts a concentrated liquidity market maker model, allowing liquidity providers (LP) to allocate funds within a specific price range. This precise liquidity allocation method enhances capital utilization, enabling LPs to earn more fee income within active trading ranges, resulting in higher returns compared to traditional Automated Market Maker (AMM) models.

Infinity Pools are permissionless liquidity pools with multiple fee tiers, granting LPs greater flexibility in managing their positions. By supporting a variety of trading strategies and asset types, these pools significantly enhance the overall liquidity and trading experience on the Cetus platform.

Cetus Vault provides automated and optimized liquidity management services, simplifying the liquidity provision process, suitable for users of all experience levels. Through automated strategies, Cetus Vault helps users enhance liquidity yield, making fund management more efficient and easy to operate.

Intent Trading The Intent Trading feature allows users to preset trading intentions, such as Dollar-Cost Averaging (DCA) or limit orders, greatly enhancing the convenience and strategy of trading. Users can formulate more flexible and automated trading plans based on their own needs, thereby achieving more efficient capital management.

The Super Aggregator function of Cetus integrates all major liquidity sources within the Sui ecosystem, providing users with the best quotes and deepest liquidity. This mechanism not only improves the efficiency of trade execution but also ensures that users can complete trades at optimal prices.

Token Economic Model

Token Use

CETUS is the original token of the Cetus protocol and serves multiple functions in the ecosystem. As a medium of exchange, CETUS is used to pay for various services within the Cetus ecosystem and as the primary means for users to interact with the functionality of the protocol. Through the liquidity mining mechanism, users can earn CETUS tokens by providing liquidity to the protocol, thereby incentivizing community members to actively participate and contribute to the growth of the ecosystem. In terms of governance, users who hold CETUS can participate in protocol governance and vote on important matters related to protocol development and operation. In addition, CETUS can also be used for staking, and users can receive xCETUS, a non-liquid token representing staking equity, and enjoy additional potential benefits in the ecosystem.

Token Allocation

The total supply limit of CETUS is 1 billion tokens, distributed as follows:

• 50% (500 million CETUS) is allocated to the community and liquidity providers, used to incentivize community participation and liquidity rewards;
• 20% (200 million CETUS) reserved for the core team and advisors to ensure their interests are aligned with the long-term success of the protocol;
• 15% (150 million CETUS) allocated to early investors as a reward for supporting the project's early development;
• 15% (150 million CETUS) will be allocated to the liquidity treasury to maintain and enhance the overall liquidity of the protocol.

Walrus Protocol

The Walrus protocol is a decentralized storage and data availability solution launched by the Sui blockchain development team, Mysten Labs, specifically designed for efficiently handling large binary files (commonly referred to as "blobs"). Walrus aims to provide secure, scalable, and cost-effective storage services for decentralized applications (dApps), fully leveraging Sui's high-performance architecture to achieve programmable storage capabilities and seamless integration with smart contracts.

Core Features

The Walrus protocol overcomes the key limitations of traditional decentralized storage systems through a series of innovative features. Its core advantage lies in the efficient storage of large files, utilizing advanced Erasure Coding technology to divide data into smaller fragments (called "slivers") and distribute them across multiple nodes. This approach not only ensures data redundancy and fault tolerance but also significantly reduces storage costs, making Walrus more economical compared to many existing solutions.

The seamless integration with the Sui blockchain brings unique programmability to Walrus, allowing smart contracts to interact directly with stored data. This feature enables the easy construction of NFT markets, on-chain media platforms, and data-intensive DeFi applications, expanding the possibilities for Web3 applications.

Reliability is also a major highlight of the Walrus protocol. Even if two-thirds of the storage nodes go offline simultaneously, Walrus can still fully recover data thanks to its robust data authentication mechanism and fault-tolerant architecture. Unlike centralized cloud service providers, Walrus is completely decentralized, eliminating single points of failure and giving users full control over their data, thereby significantly enhancing data sovereignty.

In terms of usability, Walrus offers a rich set of interactive interfaces, including command-line tools (CLI), software development kits (SDK), and web-based operation tools, making it easy for developers and end-users to easily access and use. This flexible and open design further lowers the barrier to decentralized storage, accelerating the application and popularity of Walrus in the Web3 field.

Token Economic Model

Token Use

WAL is the native utility token of the Walrus protocol, serving multiple important functions within the ecosystem. First, WAL is used to pay for storage service fees of the Walrus protocol. To avoid the impact of WAL token price fluctuations on users' storage costs, the payment mechanism is specially designed to ensure that fees remain stable in fiat currency value. Users are required to prepay WAL in exchange for data storage services for a fixed period, and the paid WAL will be gradually distributed to storage nodes and stakers as compensation over time.

In terms of security, the delegated staking mechanism of the WAL token is the foundation of the protocol's security. Users can stake WAL tokens to nodes, which compete to attract more stakes, directly impacting the data distribution mechanism. Rewards will be distributed based on the actual performance of the nodes, and the protocol will also introduce a slashing mechanism in the future to penalize underperforming nodes, further ensuring network stability.

At the governance level, WAL token holders can participate in protocol governance and vote to determine system parameters and penalty rules. The voting weight of nodes depends on the amount of WAL they stake, thereby achieving alignment of interests among token holders, users, and operators.

Token Allocation

The total supply of WAL tokens is 5 billion, with the specific allocation as follows:

• 43% (2.15 billion WAL) allocated to the community reserve fund for the long-term development and expansion of the Walrus ecosystem;
• 10% (500 million WAL) is allocated for the Walrus user airdrop, which has all been unlocked and distributed directly to community members.
• 20% (1 billion WAL) allocated to early development supporters, with a 1-year lock-up period (Cliff), followed by linear unlocking over 4 years;
• 10% (500 million WAL) allocated to Mysten Labs to support long-term development, expected to complete linear unlocking by March 2030;
• 10% (500 million WAL) allocated for early application subsidies, to be released linearly over 50 months after the mainnet launch;
• 7% (350 million WAL) allocated to investors, starting to unlock 12 months after the independent online launch.

MemeFi

MemeFi is a tap-to-earn (click-to-earn) Telegram game that combines meme culture with GameFi mechanics, and it has now become a flagship consumer application on the Sui blockchain. The game was initially released in early April 2024 as a Telegram mini-program, designed for extreme ease of use and viral spread. Players earn in-game rewards by continuously clicking on the screen to battle against various meme-themed bosses.

In November 2024, MemeFi completed its full migration to the Sui network, further optimizing the gaming experience with Sui's low latency and high scalability. Meanwhile, MemeFi also held the Token Generation Event (TGE) for its native utility and governance token MEMEFI, officially launching the distribution of MEMEFI through airdrops and in-game reward mechanisms.

Core Features

The core gameplay of MemeFi is click battle, where players only need to click on the screen to fight against various meme-inspired enemies. This simple, intuitive, yet highly addictive gameplay allows users to earn in-game currency while enjoying leisurely entertainment, balancing fun and a sense of reward.

The game also introduces a clan system, where players can join or create clans associated with popular meme coins (such as Dogecoin and Shiba Inu). These clans can initiate large raids against each other to seize treasures and compete for dominance in the game world.

To stimulate competition, MemeFi has a ranking system that ranks players based on their performance. Players who rank high will receive MemeFi tokens and other exclusive in-game rewards, encouraging users to continuously improve their combat skills and remain engaged in the game ecosystem.

Token Economic Model

Token Use

MEMEFI is the core utility and governance token within the MemeFi ecosystem, serving multiple key functions. Firstly, MEMEFI can be used for in-game transactions, including purchasing items, character development, and paying transaction fees. Secondly, users holding MEMEFI can participate in governance decisions regarding the future development of the game through a decentralized autonomous organization (DAO), directly influencing the update direction and ecological evolution of MemeFi. Additionally, users can stake MEMEFI tokens to earn rewards or engage in yield farming activities within the ecosystem, thereby realizing token appreciation and ecological activity.

Token Allocation

The total supply cap for the MEMEFI token is 10 billion pieces, with the specific allocation as follows:

• 90% allocated to community rewards, used to incentivize active users in the game and ecosystem builders;
• 5.5% reserved for liquidity pool and the liquidity support required for exchange listing;
• 3% allocated to strategic partners and early supporters to promote external cooperation and initial development of MemeFi;
• 1.5% allocated to seed round investors, a reward for the group that supported the project in its early stages.

At the Token Generation Event (TGE), the entire supply of MEMEFI was released at once, with 90% directly allocated to the community for use. This portion of the community allocation has no lock-up or release period, allowing users to immediately obtain and use their tokens, further promoting the rapid launch and expansion of the MemeFi ecosystem.

Conclusion

The Sui ecosystem is entering a critical phase of expansion and innovation, poised to become the infrastructure layer for the next generation of Web3 applications. With its object-centric architecture design and parallel transaction execution mechanism, Sui demonstrates unparalleled advantages in scalability and performance, making it highly suitable for supporting high-throughput application scenarios such as gaming, DeFi, and real-world infrastructure.

Ultimately, Sui is not only building a high-performance blockchain but is also committed to becoming an open platform that is developer-centric, user experience-focused, and aimed at global adoption.