The price of SUI Token continues to rise, and the Sui ecosystem TVL has surpassed 328 million USD.

The native token of the Sui public blockchain (SUI) has seen a continuous rise in price recently, with the increase over the past two days bringing its valuation almost back to the highest level since its launch, surpassing its competitors in the MOVE ecosystem. Meanwhile, the total lock-up value (TVL) of Sui has also been steadily climbing, from $175 million on December 7 to over $328 million by January 16.

The steady increase in Sui's TVL may have played a role in the rebound of SUI token prices. Against this backdrop, the Sui Foundation is actively promoting ecological development through various plans, including developer funding, project funding, and educational support. As of January 12, a total of 86 projects have received a total of $4.72 million in funding. In addition, Sui has provided additional support for liquid staking, announcing on December 14, 2023, the contribution of 25 million SUI tokens to enhance liquidity for liquid staking tokens (LST) across various DeFi protocols.

SUI seems to be continuously providing token incentives for top DeFi projects, with almost all leading DeFi projects offering official allocations of SUI token rewards. This incentive mechanism may create a virtuous cycle: the foundation uses tokens to incentivize liquidity, promotes ecological development, and in turn drives the rise in SUI prices. The following is a brief introduction to the development status and participation opportunities of SUI's top DeFi projects.

NAVI Protocol is a rapidly growing lending protocol, with a TVL increase of 208% in the past month. Deposits and loans of SUI, USDC, and USDT can earn incentives, and under the incentive conditions, the deposit interest rate exceeds the loan interest rate, allowing for arbitrage through circular borrowing. NAVI has not yet issued its own governance Token, and it is expected to be released in the first or second quarter of 2024. Currently, there may be opportunities to receive an airdrop.

Cetus, as the largest DEX on Sui, has long held the top position in Sui's TVL. Due to its monopolistic position in the ecosystem, Cetus has a closer relationship with the Sui official. During times of significant market volatility, trading pairs on Cetus can still generate considerable returns relying on trading fees. However, Cetus adopts a concentrated liquidity model similar to Uniswap V3, which may pose a significant impermanent loss risk for non-stablecoin pairs.

Scallop is another lending protocol where users can earn SUI Token rewards through a multi-party joint funding incentive program. Users can deposit funds into Lending Pools and then stake them into sCoin Pools, or engage in circular borrowing. However, due to the higher APR for direct deposits into Lending Pools, most users do not engage in circular borrowing, resulting in lower borrowing volumes for Scallop.

DeepBook is an order book DEX built by the Sui Foundation and the MovEx team, and other DeFi protocols can integrate DeepBook's liquidity. As public infrastructure, DeepBook may not issue additional governance tokens.

FlowX, as a DEX, has its TVL continuously growing. Currently, providing liquidity on FlowX can earn SUI Token rewards, with the APR for stablecoin trading pairs reaching up to 36%. FlowX has distributed some tokens through activities such as the Genesis Farm Program, and regular liquidity mining activities may soon begin.

Aftermath Finance provides LST, AMM DEX, and trading aggregator services. Its LST is afSUI, and because it comes with a DEX, it can provide liquidity for its own LST. Currently, there are only 4 liquidity pools available for incentives, with additional incentives all coming from SUI Token.

KriyaDEX is a spot and perpetual contract DEX, and the perpetual contract feature is still under testing. KriyaDEX allows users to Lock-up Position liquidity; the longer the lock-up time, the higher the APR, with rewards coming from SUI Token.

Overall, the projects with high TVL in the Sui ecosystem are mainly concentrated in three categories: liquid staking, lending, and DEX. Liquid staking projects can receive additional liquidity support, with the APR in DEX generally around 30%; lending projects like NAVI Protocol and Omni BTC have seen rapid growth recently; while DEX projects are steadily developing, Cetus still maintains its leading position.