Sui DeFi has not even started yet (feat @MMTFinance ) The Sui network is rapidly expanding its user base, recording 4.5 million transactions daily and 930,000 active addresses. However, the FDV/TVL ratio of 16.3x can be interpreted as a sign that capital inflow has not yet kept pace with actual usage. While it is lower than BNB (18.1x) and Near (20.3x), it is considered to have lower utilization compared to Ethereum (5.7x) or Solana (11.2x). In other words, while the usage is large, the utilization of 'money' is lacking. This is close to a typical compressed spring structure, and I believe that if the Sui DeFi ecosystem becomes fully activated, the metrics could improve rapidly. It is important to note that Sui has not yet entered a full-fledged DeFi cycle. In the past, other Layer 1s have seen DeFi become the center of growth during expansion phases, with key DEXs or lending protocols often being the biggest beneficiaries. In this context, @MMTFinance has secured a notable position within the current Sui ecosystem. - TVL: $260 million (3rd in Sui) - DEX trading volume market share: about 44% Just as Benqi and Trader Joe were representative beneficiaries during the Avalanche cycle in 2021, @MMTFinance is expected to play a similar role in Sui. Additionally, from a valuation perspective, it appears attractive. Based on a TVL of $260 million, considering levels like Uniswap (1.38x) or Cetus (0.95x), there is a possibility of a minimum FDV of $300M at the start, and considering Sui's DeFi growth potential and the performance of recently listed projects, I think a TGE of $1B might not be too difficult. Furthermore, @MMTFinance has adopted a ve(3,3) based tokenomics structure that returns protocol revenue to stakers, which is commonly used as a mechanism to induce long-term lock-ups, reducing sell pressure and increasing sustainability. In summary, Sui remains at an early stage with a network utilization of 0.3%, and since the DeFi cycle has not yet fully materialized, I believe the Sui DeFi ecosystem has the potential to grow more than tenfold in the future. In this process, @MMTFinance, as a sector representative, may have the potential to gain more than just the benefits of ecosystem growth. Ultimately, Sui's current valuation can be seen as a proactive bet on future growth, and if DeFi is the stage, @MMTFinance appears to be a project that will seize opportunities at its center.