Author: Jiang Haibo
Source: PANews
Introduction
On January 15th, the native token of the Sui blockchain (SUI) surged to a peak of $1.43, nearing its all-time high since launch and surpassing its MOVE-based competitor, Aptos.
This price rally coincides with Sui’s steadily rising Total Value Locked (TVL):
- December 7, 2023: $175M
- December 26, 2023: $200M
- January 7, 2024: $225M
- January 12, 2024: $250M
- January 13, 2024: $282M
The Sui Foundation has been instrumental in this growth, actively supporting ecosystem development through:
- Developer grants (86 projects funded, totaling $4.72M)
- Liquidity incentives (25M SUI allocated for LST support in DeFi protocols)
- Ongoing token rewards for top DeFi projects
Below, we explore Sui’s leading DeFi projects and their opportunities for users.
Top Sui DeFi Projects
1. NAVI Protocol
- Category: Lending/Borrowing
- TVL Growth: +208% (past month)
Key Incentives:
- Deposit/borrow rewards for SUI, USDC, and USDT
- Collaboration with OKX DeFi offering up to 20% APR boost
- Upcoming: Native token launch (Q1–Q2 2024); potential airdrops for early users.
👉 Maximize your yields with NAVI Protocol
2. Cetus
- Category: DEX (Largest on Sui)
Features:
- Concentrated liquidity (Uniswap V3-style)
- High APR pools (e.g., SUI-USDC: 522% trading APR + 83% SUI rewards)
- Note: Significant impermanent loss risk for non-stablecoin pairs.
3. Scallop
- Category: Lending
- Incentives: SUI rewards via Mysten Labs/Sui Foundation programs
- APR: ~20% for SUI/USDC/USDT deposits
- Limitation: Low borrowing demand (TVL: $42.94M; Loans: $3.16M).
4. DeepBook
- Category: Orderbook DEX (Public good)
- TVL: $33.52M
- Unique Aspect: Liquidity integrated by third-party protocols (e.g., Aftermath).
5. FlowX Finance
- Category: DEX
- TVL: $29.26M
- Rewards: SUI incentives (e.g., USDC/USDT: 36% APR).
6. Aftermath Finance
- Category: LST/AMM/Aggregator
- TVL: $27.98M
- Key Product: afSUI (Liquid Staking Token).
7. KriyaDEX
- Category: Spot/Perpetuals DEX
- TVL: $20.14M
- Feature: Time-locked liquidity (APR: 11.06–40.94%).
Key Takeaways
- Liquid Staking: High APR (~30%) with Sui’s additional liquidity support.
- Lending Protocols: Rapid growth (e.g., NAVI, Omni BTC) and airdrop potential.
- DEXs: Cetus dominates, but newer entrants like FlowX are gaining traction.
FAQs
Q1: How do I earn SUI rewards?
A: Deposit/borrow on NAVI/Scallop, provide liquidity on Cetus/FlowX, or stake LSTs.
Q2: Which projects have upcoming token launches?
A: NAVI and Scallop are expected to launch tokens in 2024.
Q3: What’s the risk of using concentrated liquidity DEXs?
A: Higher impermanent loss for volatile pairs (e.g., SUI/USDC).
Q4: Are there stablecoin opportunities?
A: Yes—USDC/USDT pairs on FlowX/KriyaDEX offer ~30–40% APR.
Explore Sui’s DeFi landscape today! 👉 Start with OKX Web3
(Disclaimer: This content is for informational purposes only and not financial advice.)