Sui is one of the newest layer-1 blockchains to enter the market, and its lending protocol is already boosting the adoption of DeFi in 2024. Alongside this development, Meme Moguls is fueling excitement in the crypto community with a 42% gain during an ongoing presale phase, adding a playful yet profitable twist to the cryptocurrency market. Let’s dive into the details of these two exciting developments.
What you'll learn 👉
Sui’s Impressive Market Cap & TVL Growth
Sui was launched in May 2023 but already has a market cap of $892M and a total value locked (TVL) OF $234M. Such a quick rise to prominence is a testament to blockchain’s potential.
Sui employs a horizontal scaling approach to maintain low transaction fees that are a fraction of what Ethereum currently charges. This network architecture allows for concurrently processing numerous transactions, ensuring immediate finality and robust security.
Sui also uses the Move smart contract language, which is a Rust-based language designed by the Facebook Diem team. Developers are reporting that building on Sui is much faster and more straightforward compared to other blockchains, making it an attractive option for decentralized finance (DeFi) projects.
Scallop: The User-Friendly Lending Protocol
While many DeFi projects exist on Sui, one of the most impressive is the Scallop lending protocol that lets users lend and borrow easily, securely, and with low fees. More than $3.0 BILLION in total volume has now been processed through Scallop.
Not resting on its laurels, Scallop recently announced the integration of Scallop Tools to take the protocol to the next level of usability. For example, the Sui PTB (Programable Transaction Block) allows users to make multiple swaps with one click.
The Scallop protocol is currently running an $SCA airdrop event to promote the launch of their new token. Those who are active in the ecosystem will earn Scallop Points, which will later be converted into $SCA when the token is launched. This event aims to incentivize users to use Scallop Tools and explore the full potential of the lending protocol.
The total value locked (TVL) on Scallop has boomed from under $2 million in September to a current TVL of $36.67 million. This figure makes Scallop the second largest DeFi protocol on Sui, just behind the Cetus TVL of $43.47 million.
The massive adoption in such a short period makes sense when considering the large lending rewards. For example, the current Scallop protocol APR is 20.37% for SUI, 25.92% for USDT, and 13.20% for USDC.
Meme Moguls: Blending Memes and Finance
Meme Moguls stands out in the P2E space by offering an experience that is educational, entertaining, and rewarding. Its simulation of a meme-based stock market is not just a game mechanic but also a practical tool for teaching investment strategies.
The goal for players is to learn the intricacies of trading and then use that knowledge to climb to the top of the Wealth Leaderboard. The top traders earn “mogul” status, which means they can earn passive income for helping others in the community.
Players can enter trading contests, engage in 1v1 battles, or challenge financial indices in the “Beat the Market” mode. Those who are successful can earn MGLS tokens and valuable NFTs that can be used in the game or traded on the marketplace.
But you don’t need to compete to earn on Meme Moguls — The Moguls Land metaverse provides token mining, participation in liquidity pools, and opportunities for staking. This immersive area is the best place to make the MGLS token work for you.
The MGLS Token Opportunity
MGLS tokens serve both as the primary currency for all transactions and as governance tokens, granting holders influence over the platform’s development. The ongoing fourth presale round offers a chance to buy MGLS at a discounted price of just $0.0027 before the price rises in the subsequent rounds.
Analysts note that Meme Moguls is combining several strong narratives — meme humor, gamification, DeFi, trading, metaverse, and NFTs — to create a platform uniquely suited for the current cryptocurrency market.
These analysts also note that Meme Moguls currently has a fully diluted valuation (FDV) of just $8.10 million. Getting to a $1 billion FDV is a 12,315% increase, so the current rush to buy MGLS tokens is arguably just the beginning of a long growth curve.
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