Recently, the rapid rise of @ MMTFinance on the Sui chain has been truly impressive, with TVL exceeding $55 million within a month, becoming the fastest growing TVL project in Sui chain history. In the current situation of severe homogenization and insufficient user stickiness in the DEX track, how can Momentum quickly break through? The answer lies in the ve (3,3) mechanism it adopts. Next, let me share my opinion: ——The DEX track urgently needs new breaking points, and ve (3,3) is just in time In my opinion, the current DEX market is facing two major challenges: 1) the traditional AMM model of incentives is unsustainable, and most projects are trapped in a "digging and selling" death spiral; 2) Severe liquidity fragmentation, low user loyalty, and lack of long-term value capture mechanisms. The emergence of the ve (3,3) mechanism provides a solution to these difficulties. Simply put, it combines Curve's Vote Escrow locking mechanism with Olympus DAO's (3,3) game theory. Users lock tokens to obtain voting rights, and through voting guided protocol resource allocation, project parties can "bribe" to attract votes, with all transaction fees distributed to voters. The brilliance of this mechanism lies in the construction of a self reinforcing Flywheel: increasing staking ratio → reducing token selling pressure → increasing price → increasing market making APR → attracting more liquidity → increasing trading volume → increasing commission feedback, forming a positive cycle. To some extent, this is the "holy grail" mechanism for the sustainable development of DeFi protocols. ——Sui Technology Base: The Natural Advantage of Move Series Public Chains Momentum's choice of Sui is not accidental. The ve (3,3) mechanism involves complex interactions such as voting, "vote buying," and reward allocation, requiring extremely high underlying performance and security. 1) On the performance level, Sui achieves 297000 TPS through parallel transaction processing, which can support high-frequency complex interactions of ve (3,3); 2) On the security level, the resource ownership model and object centric design of Move language make dynamic weight management and complex state changes more secure and reliable; 3) At the user experience level, Sui's sub second level confirmation ensures timely execution of voting and reward allocation, which is crucial for the timeliness of the "bribery" mechanism. Simply put, if we compare VE (3,3) to a precision flywheel machine, Sui is a high-performance engine tailored for this machine. ——Strong background support: dual buff of Qatar royal family and foundation The cold start of the ve (3,3) mechanism is a typical chicken egg problem that requires strong initial resource support. Momentum's investment portfolio can be described as luxurious: @ Coinbase Ventures, @ SuiNetwork Foundation, @ jump_ Crypto, and Varys Capital with Qatar royal background as the leading investors. More importantly, the founder @ ChefMMT_X was involved in Meta's Diem project, which is the predecessor of Sui. This technological inheritance has enabled Momentum to receive dual support from the Sui Foundation and Mysten Labs, not only in terms of funding, but also in terms of comprehensive allocation of ecological resources. In fact, successful ve (3,3) projects, such as Aerodrome on the Base chain, cannot be achieved without the support of the foundation. The strong background provides key assistance for Momentum to quickly accumulate TVL and start the flywheel. ——Ecological positioning: not only DEX, but also Sui's resource allocation center Judging from its performance of breaking into the top ten of Sui Chain TVL within a month, Momentum clearly has the ambition to become the DEX infrastructure for the Sui ecosystem. The ve (3,3) mechanism makes it not just a trading platform, but more like an ecological traffic distribution center. Through the "bribery" mechanism, new projects in the Sui ecosystem can obtain liquidity support through Momentum, which has the potential to replicate Curve's success in the Ethereum ecosystem and become an important component of Sui DeFi Lego. Undoubtedly, in the competition of high-performance L1, the chain that establishes a strong DeFi infrastructure first is more likely to gain ecological dividends, and Momentum is Sui's important weapon in this competition. above. However, there are also some major challenges that need to be addressed. The recent @ CetuSProtocol hacking incident is a typical example. Although MMT itself is safe and secure, the risk aversion of the entire Sui ecosystem has led to a significant decline in TVL. At present, it seems to be a problem at the code level of Cetus, which does not involve Sui's underlying security, but the transmission effect of ecological risks cannot be ignored. To some extent, this also confirms the risks we mentioned earlier: firstly, the centralization controversy at the Sui ecological level, which the market needs to digest for a while; Secondly, the sustainability of the ve (3,3) mechanism itself still needs to be verified. Many similar projects in history have faced the risk of flywheel reversal after the initial Fomo. Once TVL growth slows down, the positive cycle may turn into a negative spiral. However, crises are often opportunities. The dissipation of risk aversion after the Cetus incident may provide a window of liquidity return for security projects such as Momentum. Finally, the upcoming July TGE will be a crucial test, as token distribution and long-term incentive mechanism design will directly affect the sustainable development of the project. Overall, Momentum's rapid rise on Sui through the ve (3,3) mechanism represents an important attempt by Move based public chains in DeFi innovation. This is not only a test that Sui will face, but also a key test of whether the old DeFi model of ve (3,3) can be revitalized based on the new fertile ground.