The 5 Sui Projects You Should Try Today
Sui is making quite the wave – surpassing 500m in TVL and nearly 3xing since the beginning of December.
This long-anticipated chain is quickly becoming a strong contender amid non-EVM L1s. While Sui has yet to turn one year old, many projects have taken up arms, fighting to stake their claim on this promising ecosystem. As we explore these five Sui ecosystem plays, remember that on the frontier, reward always comes tightly intertwined with risk!
With that, we forge ahead. 👇
🔴 Turbos Finance
Turbos Finance, one of the fastest-growing projects on Sui this past month, is a hyper-efficient, non-custodial decentralized exchange. It boasts backing from Mysten Labs, the founders of Sui, and Jump Crypto, a well-established trading firm. Turbos stands out thanks to its CLMM DEX model, a tool that enhances capital efficiency for liquidity providers and reduces impermanent loss — two common pain points for LPs.
Where’s the Opportunity?
Yield Opportunities: For liquidity providers, Turbos currently boasts some astounding yield opportunities, like ~400% on SUI/USDC and ~300% on USDT/USDC, for example. Be sure you know about the risks associated with LPing and potentially prioritize stable pools.
TURBOS: Like many tokens, TURBOS offers governance capabilities, voting rights, and staking opportunities. By staking TURBOS, users contribute to the exchange’s overall liquidity, earning trading fee rewards from the platform. Also, holding TURBOS provides discounts or rebates on trading fees, rewarding users who stick with the exchange. So, if you want to go long on the marketplace and see yourself using it, TURBOS may be for you.
⚫️ Aftermath Finance
Aftermath isn’t the Jupiter of Sui; rather, Jupiter is the Aftermath of Solana — or so the meme goes. From the team responsible for enabling liquid staking on Sui, Aftermath is a DEX aiming to offer a CEX-like UX for trading, swapping, and earning yield by providing liquidity with support for multi-asset pools — a tool that minimizes price discrepancies for trades across a variety of assets. In addition, Aftermath offers a liquid staking derivative, afSUI, to be used in DeFi further or deposited into pools on their exchange to earn rewards. Aftermath gets its comparison to Jupiter thanks to its aspirations to expand into an all-in-one platform with products like perps and support for NFTs, as well as from its router aggregator, which lets it optimize trades by finding the best markets on Sui. Though it has no token yet, Aftermath still presents a few opportunities for degens to take advantage of. And, like Jupiter, a token may be in its cards.
Where’s the Opportunity?
afSUI: If you want to explore the Sui DeFi ecosystem further, you can stake your SUI with Aftermath for afSUI, earning ~3% yield from staking on top of the yield you find from other opportunities — like in Aftermath’s farms.
Yield Farming: If you have experience with providing liquidity, Aftermath has some pretty attractive opportunities for farming stables or crypto pairs — rewards for which are paid out in SUI and afSUI.
🟢 NAVI Protocol
NAVI Protocol, a lending, borrowing, and LST-Fi platform on Sui, allows earning against multiple LSTs and stablecoins on the network. It’s been a big few weeks for them — they announced their $2M raise and their heavily oversubscribed IDO on Cetus, a Sui launchpad. Neck and neck for the highest TVL on the network, NAVI has been on Sui’s mainnet for eight months now, in that time growing to 150m+ TVL with 800k users. More features are expected to launch in the coming months, such as flash loans and isolated lending pools, with NAVI also having aspirations to expand outside of Sui.
Where’s the Opportunity?
NAVX: Able to be staked, the NAVX token comes equipped with several features like rewards, governance stake, and fee distribution. When staked, users receive a portion of platform fees, the ability to vote on proposals, and also access a tiered trading fee discounts program — incentivizing power users to own the token. veNAVX is also in the works, which will allow for the directing of emission rewards to specific pools, something which, depending on NAVI’s performance, could evolve into the NAVI wars.
Lending/Borrowing: If you are just looking to participate in Sui DeFi, lending and borrowing on NAVI is not half bad. Both acts currently boast double-digit yields across most assets, paid out in both the deposited token as well as vSUI — NAVI’s LST from their recent acquisition of Volo.
🟤 Haedal Protocol
There is a lot to be said for focus. Exclusively a liquid staking protocol, Haedal allows users to earn staking yield from their SUI while still remaining active in DeFi by putting their haSUI to use elsewhere — for example, here. Having a singular focus seems to be working for Haedal, with the protocol having the highest monthly change in TVL as of writing.
Where’s the Opportunity?
We’ve recently added Haedal to Airdrop Hunter since, while they have yet to announce a token, they may look to solidify their position in the ecosystem by launching one, as is increasingly becoming the standard thanks to the success of Jito’s drop. While staking is the simplest way to position yourself in this case, head over to Airdrop Hunter to find out how to best optimize your chances of qualifying.
⚪️ Hyperspace
Multichain marketplace Hyperspace has made Sui one of its top priorities. Betting on object-based modeling, an NFT format from Sui that makes it easier to handle dynamic NFTs, Hyperspace believes it will be a huge catalyst for using NFTs for Web3 gaming and immersive experience and make Sui stand out. Currently, many collections still lie in the lazy derivative category — SuiOwls, DeSuiLabs, Suifrens, for example — though there is progress being made with collections like Unchained Esports, a set of Western-themed NFTs looking to build an Esports brand on Sui. If object-based modeling does what people think it will, Sui NFTs could take off. Remember, though, it is still quite early.
Where’s the Opportunity?
A multichain marketplace, Hyperspace already has a points program running on their Avalanche marketplace, currently in its fourth season. Points are awarded through referrals, trading, and minting. It’s hard to imagine they won’t expand this for their Sui marketplace eventually. If they do, trading on Hyperspace may be a good move to position yourself for this, and, in the process, you may find an NFT you like. Best of both worlds!