2025-12-11 11:22:31

Recently took a look at the DEX landscape in the Sui ecosystem. When ranked by TVL, it’s quite interesting.

The top spot is held by Cetus ($CETUS), this veteran DEX has a solid liquidity depth. Following closely is Momentum ($MMT), which has been gaining momentum lately. The third place goes to Bluefin ($BLUE), which is quite skilled in derivatives.

Looking further, Magma ranks fourth — although it hasn't issued a token, its TVL is not to be underestimated. DeepBook holds the fifth position, as a native order book protocol on Sui, with a technical approach that differs from other AMMs.

Overall, Sui’s DeFi ecosystem has indeed grown significantly in the past two years, and the TVL distribution among leading projects is becoming more balanced. Worth paying continued attention to.

SUI2.3%

CETUS0.72%

MMT-0.47%

BLUE-1.7%

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OptionWhisperer

· 12-14 11:22

Cetus is still as stable as ever, but Momentum has really shown some potential recently. Deep Book's technical approach is different, and that's the true competitive edge of Sui. Bluefin's derivatives gameplay is indeed attractive; it all depends on whether they can hold up. The balanced distribution of TVL indicates that the ecosystem is indeed maturing, but we'll see who can last the longest. Magma ranking fourth without tokens, that move is brilliant.

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TokenAlchemist

· 12-14 08:52

cetus holding that top spot is predictable tbh... but ngl the tvl distribution flattening out across sui defi actually signals something — fewer exploitable inefficiency vectors. magma doing work without a token drop tho? that's the real alpha tell

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Degentleman

· 12-13 17:36

Cetus is still the big brother, but Momentum this time really has something, and I feel the landscape will change soon.

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ResearchChadButBroke

· 12-11 11:47

This ranking looks pretty good, but I have to question whether Cetus can stay in first place; Momentum has indeed been extremely strong lately. It's a bit of a pity that DeepBook, as a native protocol, is ranked so low.

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RiddleMaster

· 12-11 11:42

Cetus is still a top trend. Over the past two years, it hasn't fallen behind much, just worried that liquidity fragmentation might cause it to be overtaken. I really don't dare to touch derivatives with average depth; at least Bluefin has some popularity. But honestly, Sui's ecosystem still feels like it's trying to find a balance. I still don't quite understand what the advantages of the DeepBook order book model are.

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0xLostKey

· 12-11 11:38

Cetus is still stable, and the liquidity is indeed deep. However, Momentum's recent winning streak has been a bit aggressive. --- Bluefin derivatives are doing well, but be careful with leverage. --- DeepBook's order book mode still feels a bit different, but it ranks high in TVL. --- The Sui ecosystem is indeed developing this year, but the idea of TVL balance... the top concentration is still quite high. --- Magma has no tokens but still performs so well, it's quite interesting. --- It feels like Momentum is gaining momentum a bit too quickly; could it be a flash in the pan? --- Sui's DeFi competition is getting more intense. Good projects still require effort to choose.

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