Top 5 DeFi Apps on the SUI Blockchain

According to the team at Mysten Labs, the main SUI network, complete with its native token, is set to launch in May 2023. The recent testnet release has spurred the development of numerous apps that are expected to operate on the mainnet after its official launch.

In this article, we present five of the most popular dApps on the SUI blockchain. Utilizing these applications can help users become familiar with the new network and learn how to make the most of it. With 6% of SUI's tokenomics dedicated to community rewards, actively engaging with testnet platforms is an appealing strategy for potential profit.

Suiswap ranks as one of the most extensive decentralized exchanges on the SUI blockchain. Its user interface bears a striking resemblance to most DEX platforms, offering the capabilities to trade tokens, contribute assets to liquidity pools, and generate passive income via coin staking.

What sets Suiswap apart is the ability to trade a wide range of test tokens, such as ETH, BTC, USDT, SOL, and more. This feature proves highly convenient, as users need a diverse selection of assets to participate in activities on DEX platforms.

BlueMove is an NFT marketplace synchronized with the Move programming language. Initially launched on the Aptos blockchain, it is now available on the SUI testnet. BlueMove allows users to create their own tokens, list them for sale, and purchase creations by other authors.

The marketplace quickly gained popularity even on the SUI testnet. Currently, the minimum price for some NFTs is 500 SUI. While test tokens aren't worth real money, obtaining them can be challenging. For example, users can only claim 5 SUI through Discord, and just 1 through the internal wallet faucet. Consequently, people began accumulating large amounts of tokens to purchase NFTs and hope for rewards from the team.

Dmens is a social network on the SUI testnet. Comparable to popular social media platforms, Dmens' interface is most similar to Twitter. Before using the app, users must edit their profiles using SUI coins. Afterward, user details will be displayed in their account dashboard, including the number of NFTs, post variety, likes, and followers.

To like or comment on a post, users must pay a fee in SUI coins. Therefore, every action on Dmens is a transaction recorded on the blockchain.

MovEX is another significant decentralized platform. Positioning itself as the first DEX on SUI, it offers a range of tools such as token swaps, liquidity farming, potential limit orders, and a faucet for test tokens.

Users can connect to MovEX through Martian, Sui, Suiet, Ethos, and BeetKeep wallets.

Souffl3 is a browser-based NFT marketplace. Unlike other trading platforms, Souffl3 offers several exciting features like voting for a favorite NFT collection and a launchpad for new projects looking to deploy on SUI.

The platform has its native NFT, with a current minting cost of 4.5 SUI. Previously, users could obtain this asset only after paying network fees. However, due to high demand and active use of the SUI testnet, the price of all NFTs has significantly increased, even in test tokens.

So far, over 250,000 addresses have received a unique NFT from Souffl3.