2025-12-19 10:22:24

Sui in 2025 has gone through two very different phases. The craze at the beginning of the year is still vivid: TVL skyrocketed, discussions exploded, institutional funds poured in, and the whole ecosystem looked in full swing. But in the second half of the year, the wind direction changed significantly. The heat is still there, but doubts are also beginning to appear.

Judging from the data, it is indeed shocking. As of Q3, according to DefiLlama's records, Sui's DeFi lock-up volume (denominated in SUI) has risen all the way and is firmly at a high of $2.6 billion. This figure is enough to prove that the heat of the market has not completely subsided, and many wait-and-see investors have decided to enter the market.

The DeFi landscape on Sui is quite clear. Lending and trading protocols have always been the protagonists - Suilend, NAVI, and Scallop remain popular in the lending track, and Cetus and Bluefin occupy the first echelon on the trading protocol side. In addition to these old players, there is also no shortage of new forces to break the circle. For example, Momentum has accumulated considerable liquidity and user attention in a short period of time through viral marketing on the X platform.

These data and phenomena are enough to show that although the Sui ecosystem has experienced ups and downs, the underlying vitality is still there. The key to how to view this chain next is whether you can distinguish between noise and opportunity.

SUI0,36%

SEND1,6%

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StableBoi

· 2025-12-22 03:56

2.6 billion TVL looks impressive, but how does it translate to US dollars? Don't just focus on the numbers and sing praises. --- Momentum is built through marketing, I've seen this many times, it scatters with a gust of wind. --- The questioning voices in the second half of the year are not without reason; we need to see who is truly creating things and who is just playing people for suckers. --- The lending protocols are still those few familiar faces; where's the fresh blood? Is it true innovation or just a rebranding? --- You say there's noise and opportunity, but Sui now feels like it's relying on past hype.

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LiquidatedThrice

· 2025-12-21 23:04

2.6 billion in Lock-up Position sounds like a lot, but the real profits still belong to those top protocols, while retail investors spend half their time chasing the price and catching a falling knife.

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gas_fee_trauma

· 2025-12-20 21:41

2.6 billion locked-up volume sounds impressive, but can it really withstand the next wave of selling pressure? --- Momentum built on marketing hype, can it survive the next quarter? --- Once again, TVL soars while doubts arise—this routine was played out last year. --- Suilend, NAVI, these old projects are still the same; the freshness is long gone. --- Instead of analyzing noise and opportunities, it's better to see who is continuously building.

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NotFinancialAdvice

· 2025-12-19 23:53

$2.6 billion sounds like a lot, but it depends on who you're comparing it to. Still need to take a closer look.

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PrivacyMaximalist

· 2025-12-19 10:55

2.6 billion USD TVL sounds impressive, but who is really using it? Is it just institutions repeatedly dumping? --- I've seen too many marketing tricks like Momentum; once the hype fades, no one pays attention. --- It's normal to see doubts in the second half of the year; too many projects are just a flash in the pan. --- How long Suilend and Cetus can last depends on the situation. Don't be fooled by the false prosperity of DeFi. --- Noise and opportunities? Sounds good, but right now it's just a race to see who can run faster. --- 2.6 billion locked, but what about the actual trading volume? That's the real key. --- Another rollercoaster ride for a chain. Will Sui survive until next year? That's a question mark. --- Having a full suite of lending protocols doesn't mean the ecosystem is healthy. It looks more like a pile of building blocks. --- I knew institutional funds would flood in, and now it's the retail investors' turn to be the bag holders.

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SoliditySurvivor

· 2025-12-19 10:53

2.6 billion USD TVL sounds impressive, but once doubts start to arise in the second half of the year, it doesn't seem as attractive. It's hard to say how long this wave can last.

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ChainWanderingPoet

· 2025-12-19 10:43

The words spoken at the beginning of the year now sound a bit harsh. $2.6 billion TVL sounds impressive, but then you see the doubts immediately afterward. This wave of momentum is indeed a bit awkward.

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ProposalManiac

· 2025-12-19 10:35

$2.6 billion TVL but doubts are rising, a typical "hot air" hype model. The question is, how well are these new protocols' incentive mechanisms designed, and how long can they last? Momentum relies on marketing to attract liquidity, a tactic we've seen before with Luna and Aptos...

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MEVSupportGroup

· 2025-12-19 10:27

Oh dear, it's that same "Data Beautiful Ecosystem Activity" narrative again... $2.6 billion TVL sounds impressive, but where has the real liquidity gone? Blowing it up at the beginning of the year and now criticizing it—Sui's rollercoaster truly tests one's patience. Momentum's marketing was indeed aggressive, but that's just novelty. Who knows how long it can last?

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