Sui Chain Shines in This Cycle, DeFi Ecosystem Sparks Discussion
The Sui chain has performed remarkably in this cycle, and the DeFi ecosystem has also sparked discussions. Momentum is regarded by many as the next Sui protocol worth watching, with investors including Jump Crypto, Coinbase, Sui, Aptos, Temasek, and the well-known Monke DAO from the Solana ecosystem.
Momentum’s Star-Studded Investment Lineup
Momentum, formerly known as MSafe (Momentum Safe), is a multi-signature wallet solution that has now evolved into a decentralized exchange incorporating cross-chain services. The investors include Jump Crypto, Varys Capital, Coinbase Ventures, Sui, Aptos, Amber Group, Gate Ventures, Selini Capital, Wagmi Ventures, Monke Ventures, Dewhales Capital, Arcanum Capital, WAGMi Ventures, Adeniyi Abiodun, Superscrypt, Shima Capital, Spartan Group, Circle Ventures, SV Angel, Redpoint China, and Wang Tianfan, among others.
Notably, Superscrypt, among the investors, is a Web3 fund under Singapore’s sovereign fund, Temasek. Additionally, its founder ChefWEN previously worked at Meta (Facebook).
Momentum Launches Points Program
On May 2, Momentum announced the launch of the Bricks Points program. Users can earn points by trading and providing liquidity on Momentum. Currently, Momentum’s Total Value Locked (TVL) is approximately $57 million, with a 24-hour revenue of about $10,000.
The protocol currently features several high-yield liquidity pools, such as USDC/ALPHA with nearly 500% annualized yield, suiUSDT/USDC stablecoin with around 8% annualized yield, and the mainstream SUI/USDC with close to 300% annualized yield. However, most rewards are distributed in the form of Bricks points.
Risk Warning
Cryptocurrency investments carry a high level of risk, and their prices can be highly volatile, resulting in the loss of your entire principal. Please assess the risks carefully.