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The Sui Foundation has published a list of twelve projects that completed its first Hydropower Accelerator program.
According to a Jan. 9 announcement, the Sui Network has successfully concluded its first Hydropower Accelerator program, with the twelve graduating teams now positioned to continue building their solutions and leverage the Sui ecosystem for further development, including early access to new technologies.
Out of hundreds of applications, twelve teams were selected to join the inaugural cohort, with the selected projects targeting a diverse array of sectors “from DeFi to DePIN to real world assets,” the Sui Foundation stated.
These projects included 7k, a smart trading ecosystem that quickly became Sui’s second-largest aggregator; AdToken, a peer-to-peer advertisement network that enables businesses to launch on-chain ad campaigns; InsiDeX, a platform providing insights into all DeFi activities on Sui and Gifted, a digital gifting platform that improves the experience of sending and receiving digital art.
Other projects included Lotus Finance, a decentralized market maker; Nativerse, which focuses on non-custodial liquid staking; Nemo Protocol, a native yield trading platform; Pomerene, a DePIN solution for international trade, Printr, a tokenization and fundraising platform; and Protocol Media Labs, which aims to strengthen the journalism sector by offering decentralized tools.
Details of one participant were not disclosed.
The Sui Hydropower Accelerator is an eight-week program designed to empower startups building on the Sui network, offering expert mentorship, hands-on learning, and access to critical resources.
Throughout the program, participants receive guidance in areas such as technology, product development, marketing, and fundraising while they also get the chance to engage with Web3 experts and fellow builders.
At the end of the program, the participating teams get the opportunity to garner feedback from “Sui-friendly venture capitalists.”
In the future, Sui plans to support more builders by offering additional programs in the coming year.
Sui ecosystem expands
The latest development comes as the Sui ecosystem has witnessed significant growth in the final quarter of 2024. According to its Q4 report, Sui reached a peak TVL of $1.8 billion, with an average TVL of $1.4 billion, more than doubling the previous quarter’s amount. Meanwhile, its cumulative volume surged nearly 10 times compared to the previous quarter.
Sui’s growth is being driven by decentralized finance, decentralized physical infrastructure networks, and gaming projects being built on its blockchain. Meanwhile, it has continued to strengthen its market presence via key integrations and partnerships.
Last month, the project partnered with Ant Digital Technologies and web3 plug-and-play tools provider ZAN to tokenize environmental and governance-backed real-world assets.
Meanwhile, Sui also found itself amidst controversy in October 2024 over claims of alleged insider token sales. The Sui Foundation quickly addressed this allegation and clarified that token lockups are managed by qualified custodians and are continuously monitored by the Foundation.