NAVI Protocol

when

THIS

Scallop

<h4><strong>If you’ve watched us lately, then you know when it comes to Layer 1 chains, we have mostly been advocating for Bitcoin and Solana. Most other L1s are suffering. A LOT. But there’s another Layer 1 we’ve been talking about that’s been super resilient in this market. Poised to grow and become a potential leader in DeFi and NFTs, which is rare.</strong></h4> 
<p>Who am I talking about?&nbsp;I am talking about Sui and their $SUI altcoin. Let’s see what Sui has going on and why they are doing so much better than other chains right now.</p> 
<h5><strong>Chain Performance</strong></h5> 
<p>It’s hard to talk about Sui and its fast transaction times and scaling without talking about Move. Move is the programming language behind both Sui and Aptos. Sui is a little further along in integrating Move into blockchains. Move offers some unique advantages including:</p> 
<ul> 
 <li>Resource efficiency.</li> 
 <li>Security.</li> 
 <li>Flexibility for developers.</li> 
 <li>Interoperability.</li> 
</ul> 
<p>Move is a super-efficient resource friendly language, so that means that compute power and space is not a big issue. We see how big a problem this is for AI and machine learning protocols, and how there are apps like Akash and Render specifically to serve these interests.</p> 
<p>With lower hardware costs, developer teams are more free to experiment with Move to make Sui a great place to launch new apps.&nbsp;Its resource management is ideal for crypto and part of the original design from the beginning by Facebook’s Diem team.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">The <a href="https://twitter.com/hashtag/Move?src=hash&amp;ref_src=twsrc%5Etfw">#Move</a> programming language on Sui incorporates three fundamental innovations: the object-centric data model, programmable transaction blocks, and dynamic fields.</p> 
 <p><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4fa.png" alt="📺" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/b1ackd0g?ref_src=twsrc%5Etfw">@b1ackd0g</a>, Co-Founder and CTO at <a href="https://twitter.com/Mysten_Labs?ref_src=twsrc%5Etfw">@Mysten_Labs</a>, explains how these fundamental innovations are used on Sui. <a href="https://t.co/TD3L2QEFYS">pic.twitter.com/TD3L2QEFYS</a></p> 
 <p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1791220328561357115?ref_src=twsrc%5Etfw">May 16, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The interoperability piece is key as well. Not blockchain interoperability like we usually talk about, though. In this case, we mean interoperability with other computer languages. So that means the 2 biggest virtual machine or VM ecosystems and their languages of Solidity for EVM and Web Assembly for CosmWasm are within reach for compatibility with Sui apps.</p> 
<p>Move makes many things easier when building out a chain or app without having to learn Solidity.</p> 
<h6><strong>Chain Stats</strong></h6> 
<p>And all this great take leads to some impressive chain stats like:</p> 
<ul> 
 <li>7 million transactions per day</li> 
 <li>Over 400k daily active users</li> 
 <li>More than 35 million NFTs minted</li> 
 <li>Daily gas fees averaging under 1c per transaction</li> 
</ul> 
<p>All these stats point to the fact that people are using this chain. It’s a true competitor for retail crypto business and apps along with Ethereum and Solana.</p> 
<p><img decoding="async" class="aligncenter wp-image-148901 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-1024x457.jpg" alt="Altcoin Sui" width="696" height="311" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-1024x457.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-300x134.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-768x343.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-1536x686.jpg 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-941x420.jpg 941w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-696x311.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703-1068x477.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-115703.jpg 1920w" sizes="(max-width: 696px) 100vw, 696px"></p> 
<p style="text-align: center;"><em>Source: <a href="https://suivision.xyz/statistics" target="_blank" rel="noopener">SuiVision</a></em></p> 
<h5><strong>Growing TVL</strong></h5> 
<p>Sui’s TVL is growing consistently.&nbsp;While this <a href="https://defillama.com/chains" target="_blank" rel="noopener">DeFiLlama</a> chart shows Sui at #13 overall, they are really doing better than this. EVM dominates, as you might expect.&nbsp;But of the non-EVM chains, Sui is third. Only Solana and Tron are higher. And we know most of the Tron TVL comes from its USDT issuance.</p> 
<p>Over the last month, only 3 chains in the top 20 have growing TVL. Sui is one of the 3 and is #1 in growth over the last 30 days.&nbsp;Money is going to Sui and staying there. There is more TVL on Sui than on Optimism, TON, or Bitcoin.</p> 
<p>Of the 33 protocols on Sui, the top 4 really dominate. They are:</p> 
<ul> 
 <li>NAVI Protocol</li> 
 <li>Scallop</li> 
 <li>Cetus and</li> 
 <li>Suilend</li> 
</ul> 
<p>And they cover all the major bases of AMM, DEX, lending,</p> 
<p>There are some nice returns on these protocols too. On <a href="https://app.naviprotocol.io/" target="_blank" rel="noopener">Navi</a>, you can earn 15% on your USDC, 8.3% on your $SUI, or 12.9% on your USDT. All excellent returns for something you like to have in your portfolio already. Rates on stablecoins are even higher at Scallop but a lower 5% for your $SUI.</p> 
<p><img decoding="async" class="aligncenter wp-image-148903 size-large" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-1024x463.jpg" alt="Scallop Sui altcoin" width="696" height="315" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-1024x463.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-300x136.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-768x348.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-1536x695.jpg 1536w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-928x420.jpg 928w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-696x315.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344-1068x483.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Screenshot-2024-08-24-120344.jpg 1920w" sizes="(max-width: 696px) 100vw, 696px"></p> 
<p style="text-align: center;"><em>Source: <a href="https://app.scallop.io/" target="_blank" rel="noopener">Scallop</a></em></p> 
<h5><strong>Sui NFTs</strong></h5> 
<p>As I said earlier, Sui has <a href="https://suivision.xyz/nfts" target="_blank" rel="noopener">minted nearly 35 million</a> total NFTs. That’s a lot of activity.&nbsp;Of course not all of them are still active. But Sui is a serious contender for NFT collections.&nbsp;The big story in NFT collections has been <a href="https://x.com/SolanaSensei/status/1825229762790343072" target="_blank" rel="noopener">Solana’s emergence</a> as a leading NFT platform in the most recent cycle.</p> 
<p>And now there is a 3rd player. Sui.&nbsp;There are more than 365,000 Sui NFT holders. That’s a base nearly as big as Solana.&nbsp;In the last 30 days, and you know how bad the market has been in the last 30 days, the leading NFT marketplace on Sui did 384,000 Sui in trading volume. That was on <a href="https://www.tradeport.xyz/?tab=trending" target="_blank" rel="noopener">TradePort</a>.</p> 
<p>The Prime Machin collection helped lead the way there. It has some special features we reported on recently on <a href="https://www.altcoinbuzz.io/nft/prime-machin-case-study-for-sui/" target="_blank" rel="noopener">our website</a>.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">It’s time to color your Prime Machin NFTs from <a href="https://twitter.com/_StudioMirai?ref_src=twsrc%5Etfw">@_StudioMirai</a>! Read their blog to learn how to get started:<a href="https://t.co/CG0cw86iLL">https://t.co/CG0cw86iLL</a> <a href="https://t.co/j8S7zJPkF6">https://t.co/j8S7zJPkF6</a></p> 
 <p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1797991754878394838?ref_src=twsrc%5Etfw">June 4, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>TradePort and BlueMove are growing in volume, while ETH NFT marketplaces like x2y2 and LooksRare are fighting to just barely stay alive.&nbsp;NFTs are healthy on Sui.&nbsp;And we expect this will extend past collections and into RWA for tokenized assets. Sui has not had any big announcements in this area.</p> 
<p>But their NFTs are perfectly equipped to handle fractionalized and tokenized assets.&nbsp;<a href="https://www.altcoinbuzz.io/category/nft/" target="_blank" rel="noopener">NFTs</a> with real world utility will come back strong and Sui will get its share of that market.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a></p> 
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<h6>Disclaimer</h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.</p> 
<p>We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.</p> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/reviews/could-this-be-the-next-1-altcoin/">Could THIS Be the Next #1 Altcoin?</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Could THIS Be the Next #1 Altcoin?

Altcoin Buzz

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