With Hyperliquid's strong surge in the derivatives sector, the DeFi craze is once again leading the market. As the recent top product in the #Sui ecosystem derivatives space, @bluefinapp is set to launch simultaneously on Gate, KuCoin, HashKey Global, MEXC, and HTX exchanges today at 18:00, which is worth noting!
Bluefin is the largest decentralized spot and derivatives trading platform in the #Sui ecosystem, with the highest trading volume and user base. It is also the first protocol on Sui to support both spot and derivatives trading. Backed by top capital firm Polychain, Bluefin has become a crucial pillar of the Sui network since its launch in 2023, with a trading volume exceeding $39 billion, firmly establishing its market dominance.
Compared to competitors in the Web3 derivatives space, $HYPE $DYDX $BLUE (#Bluefin)
$HYPE
- FDV Market Cap: $13.7 billion
- TVL: $1.557 billion
- Trading Volume in the Last 7 Days: $57.5 billion
- FEE (30 Days): $42.29 million
$DYDX
- FDV Market Cap: $1.394 billion
- TVL: $443 million
- Trading Volume in the Last 7 Days: $3.36 billion
- FEE (30 Days): $3.15 million
$BLUE
- FDV Market Cap: Not yet listed, total token supply is 1 billion
- TVL: $35.35 million
- Trading Volume in the Last 7 Days: $1.127 billion
- FEE (30 Days): $458,000
Currently, based on the pre-market price of $BLUE, the corresponding circulating market cap is $40M, FDV $280M. Compared to $HYPE and $DYDX data, conservatively, it could be below $0.35, and one can wait for the opening airdrop pressure to decrease before entering.
Core Data and Product Overview:
- Decentralized Derivatives Trading
Bluefin is the absolute leader in the derivatives market on the Sui network, accounting for over 85% of Sui's contract trading volume. With a robust technical architecture and liquidity support, Bluefin offers a high-quality trading experience with no slippage and low latency.
- Spot DEX
Bluefin's spot AMM was launched two weeks ago and quickly attracted market attention, now accumulating $12 million in TVL, with over 2,000 new daily users. Its rapidly growing market share indicates the enormous potential of its spot trading business.
Additionally, Bluefin has over 78,000 on-chain users, with a total platform TVL reaching $29 million, leading the Sui ecosystem by a wide margin. This year, Bluefin's fee revenue has surpassed $9.5 million, demonstrating strong profitability.
Project Highlights and Advantages:
- Strong User Experience and Technical Support
Bluefin is renowned for its excellent UI/UX and exceptional user experience. The choice of Sui as the building platform is due to the alignment of philosophies between the team behind Sui (from Meta) and Bluefin regarding user experience. Furthermore, Bluefin has focused on product stability and security over the past four years, with no security incidents, and collaborates with top security firm Trail of Bits to ensure the protocol's reliability.
- Support from Top Investment Institutions
Bluefin has the strongest financing background in the Sui ecosystem, having raised over $20 million since its inception, with investors including global top institutions like Polychain, Brevan Howard Digital, Tower Research, SIG, and Wintermute. This capital support lays a solid foundation for the project's long-term development.
- Core Bridge of the Cross-Chain Ecosystem
Bluefin has deeply integrated with top Solana projects (such as Jupiter and Pyth) and collaborated with well-known cross-chain projects like Wormhole and Mad Lads, further promoting the connection between the Sui network and other blockchains. This positions Bluefin as a true core participant in the cross-chain ecosystem.
- Global Vision and User Base
Bluefin's core team comes from prestigious universities in Europe and the U.S., with headquarters in London, and its brand influence extends across Asia, Europe, and the CIS region. Notably, the Korean market is particularly strong, with over 40% of users coming from Korea, showcasing a broad global market layout capability.
Conclusion: As the popularity of the #Sui network continues to rise and the DeFi ecosystem experiences a comprehensive explosion, Bluefin is poised for rapid growth due to its technological advantages and market position. The combination of spot and derivatives trading, strong cross-chain collaborations, and a relentless pursuit of user experience make Bluefin an undeniable dark horse in the Sui ecosystem. In the future, Bluefin is expected to achieve leapfrog development similar to Hyperliquid and Jupiter alongside Sui's growth, becoming one of the top trading platforms in the Web3 world, which is highly anticipated🧐
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