The crypto community harshly criticized SUI because of the "failed" airdrop campaign that Mystan Labs (the developers behind SUI blockchain that uses Move coding language) adopted. Rather than making an on-chain airdrop to the early SUI users, the team decided to sell the token on 3 major exchanges.
As SUI did not try to reward the community members that were disappointed by this behavior, the old SUI enthusiasts initiated a campaign that is based on "no airdrop; no community" ideology.
As the sentiment in the ecosystem turned green, there are several new updates on SUI ecosystem that made investors excited and helped projects on SUI to drive more investors and grow the total value locked on the projects. Let's talk about some of the updates in the SUI ecosystem.
SUI Ecosystem is Expanding with Incentives
One of the strongest sides of Mysten Labs might be the support of the team on new projects that may add value to the ecosystem.
Regularly, the team announces to find more projects and attract them to the side of it. Among these incentives, allocating a lot of tokens for the liquidity pools, lending and decentralized exchange operations might be the hottest one in the near future.
Of course it is a very young blockchain and some time is needed to catch up with the veteran Layer 1 projects in crypto.
However, when we remember the amount of money SUI project received from the virtual capital (VC) investments.
The Growth and Rewards of CETUS
This month was also precious for CETUS users because the platform integrated both USDC and SUI earnings to the native token of the project.
Basically, the shareholders can utilize from the growing total value locked and the fee revenue from the platform.
CETUS's working mechanism is pretty cool at the same time. The concentrated liquidity pools generate up to 200% APR for the range that you choose. Also, these pools are supplied with USDC , CETUS , and SUI rewards.
Narratives Behind SUI
SUI is the brother of APTOS because both Layer 1 projects use Move language. The developers of both teams were from Facebook's, now we name it Meta, an unsuccessful project called Libra development team.
Considering the initial investment the project received, the team has a nice amount of funds to use to flourish the ecosystem.
Also, SUI has not seen a crypto bull market and, if a project has not seen a bull cycle before, the investors choose to try their luck with these projects' tokens because they might be pumped hard for the VC's and whales to realize their profits.
Among all these narratives, I think CETUS project's success and the new rewards play more important role in SUI's recent price actions and the increasing TVL!
In a very short time, SUI was able to increase the total value locked on itself. NAVI, CETUS, and many other projects are actively used by thousands of people daily thanks to the strong beliefs of the community members. The parabolic growth in the chart clearly shows that this project is attracting a huge number of dollars to the new project on it. From DeFi to GameFi, SUI's projects appreciated the growing liquidity around them.
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