Founded by former Meta (formerly Facebook) experts, Mysten Labs leverages its deep expertise in blockchain to drive innovation in the Web3 space. In March 2022, Mysten Labs launched its Layer 1 blockchain project, Sui, along with a public software development kit (SDK). The core team members were deeply involved in Meta’s Novi wallet and Diem stablecoin projects. By May 2022, the tokenomics design for Sui was completed, and its testnet went live in August 2022. Three rounds of testnet activities were conducted to test the network’s performance with incentivized mechanisms. Eventually, Sui successfully launched its mainnet in May 2023.
On September 8, 2022, Mysten Labs completed its latest funding round, raising $300 million and bringing the company’s valuation to $2 billion. This round was led by FTX Ventures, with participation from Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and renowned venture capital firm Andreessen Horowitz (a16z).
In just over a year, the Layer 1 blockchain Sui, created by the Mysten Labs team, has rapidly risen to the top ranks of decentralized finance (DeFi).
According to DeFi Llama, Sui’s Total Value Locked (TVL) has grown by more than 40x in the past year, surpassing many established blockchain projects. Currently, the Sui ecosystem consists of 32 DeFi protocols, with six protocols surpassing $100 million TVL.
Since 2023, when Sui’s mainnet went live, the network has demonstrated exceptional stability. Throughout the year, Sui has experienced zero downtime or performance degradation and achieved several technical milestones. Transaction finality on the Sui network is just 400 milliseconds, and peak transaction processing speed in controlled environments has reached 297,000 transactions per second (TPS), with daily transaction volumes hitting 65.8 million. Sui’s commitment to instant transactions has significantly reduced smart contract execution latency, showcasing superior transaction processing capabilities compared to other Layer 1 blockchains.
Sui’s tokenomics model is built around five core pillars: SUI token, transaction fees, the Sui storage fund, Proof of Stake (PoS) mechanism, and on-chain governance voting. The total supply of SUI tokens is capped at 10 billion.
On October 13, 2023, the price of the SUI token surged past $2.20, reaching an all-time high, and its market cap broke into the top 20. The next day, the price exceeded $2.30, with a 30% increase over just two days. Sui’s impressive performance has drawn significant attention from the crypto market, with large amounts of capital flowing into the Sui ecosystem. According to Cointelegraph, nearly 27% of Solana’s funds have flowed into Sui.
Meanwhile, Meme coins have captured much of the community’s attention within the Sui ecosystem, due to their rapid growth and wealth generation effects. Several Meme coin projects, such as HIPPO, BLUB, and FUD, have seen their token prices surge by more than 10x. Because of Sui’s association with water, many Meme tokens on the Sui network not only follow traditional zoo themes but also have strong water-related narratives.
SUI’s Popular Meme Coins and Narratives
HIPPO
HIPPO is a leading Meme coin project on SUI, growing rapidly. $HIPPO aims to commemorate the world’s cutest hippo, “Sudan,” and promises to donate part of its profits to global wildlife conservation efforts. HIPPO has a total supply of 10,000,000,000 and a market cap of $150 million. According to Suivision data on October 8, 2023, $HIPPO ranks fourth in trading volume on the Sui network, following SUI, USDT, and USDC.
BLUB
BLUB is a top Meme project in the Sui ecosystem, set in the depths of the Sui ocean, with a character that combines the face of Pepe in the form of a “dirty fish.” BLUB’s total supply is 420,690,000,000,000 tokens, with a market cap of $50 million and 29,290 addresses holding the token on-chain.
FUD
FUD is an OG Meme project on Sui, with a free airdrop distributed to the Sui community in December 2023. FUD has a total supply of 100 trillion tokens, 50% of which is allocated to the community. 24.51% of the total supply has been burned. Its current market cap is $40 million, and 48,032 addresses hold FUD on-chain.
AAA Cat (AAA)
AAA is a dark horse Meme project in the Sui ecosystem, inspired by a black cat emoji released by the Sui Name Service. AAA’s total market cap stands at $24.5 million, with 4,869 holders on-chain.
Sacabam (SCB)
SCB is an OG Meme project on Sui, launched in September 2023. SCB has a total supply of 47 trillion tokens and currently has a market cap of $2.8 million.
Liquor (LIQ)
Liquor is an alcohol-themed Meme project aimed at bringing more liquidity and fun to the Sui ecosystem. Its token LIQ has a total supply of 69,696,969,696 tokens and a current market cap of $6.3 million, with 4,841 holders on-chain.
HashKey Global’s Support for New Chains and Meme Coins
HashKey Global, operated by HashKey Bermuda Limited, is a digital asset trading platform dedicated to offering users more investment opportunities in new blockchain projects and Meme coins, while ensuring regulatory compliance and fund security. HashKey Global has listed several popular Meme tokens, such as Doge, PEPE, WIF, and BONK, providing investors with a wide range of options.
Additionally, HashKey Global has launched Sui perpetual futures contracts with a 0 trading fee policy. This gives investors more flexibility and access to low-cost trading options, further enhancing Sui’s appeal in the market. Investors can participate in Sui perpetual futures trading through the following link: SUI/USDT Perpetual Futures, enjoying zero-fee trading on the platform.
Through the HashKey Global platform, users can easily register, track real-time price movements, and engage in these popular token trades, helping them identify the optimal entry points.