SUI News Today: "Momentum's 'Financial OS' Gains Traction as Bitget Launches Perpetual Contracts"

Bitget has launched perpetual contracts for Momentum (MMT), a token tied to the Sui-based DeFi protocol Momentum, which recently secured a spot on Binance's HODLer Airdrops portal, according to the Bitget listing announcement. The move follows Binance's announcement of MMT as its 56th project in the airdrop initiative, offering rewards to users who staked BNB in specific products between October 17 and 19, according to the Binance announcement. Bitget's listing of MMT for spot trading on November 4 signals growing institutional interest in the project, which aims to build a "global financial OS" for tokenized assets.

Momentum, backed by major crypto firms like Coinbase, Circle, and Jump Crypto, has outlined a three-phase strategy to expand its ecosystem, as detailed in reports about the project. The first phase focuses on Sui-native assets, with products like Momentum DEX, xSUI (liquid staking), and MSafe. The protocol's TVL reached $265 million as of November 3, with a 30-day trading volume exceeding $12 billion. Momentum's second phase involves cross-chain expansion via Wormhole, while the third phase targets tokenized real-world assets (RWAs) such as real estate and commodities.

The MMT token, central to Momentum's governance, has a total supply of 1 billion tokens, with 204 million entering circulation at the time of its November 4 listing. Token utilities include bonding mechanisms for veMMT governance rights, community rewards, and exclusive access to new features. Binance allocated 7.5 million MMT tokens for airdrops and marketing, with 5 million earmarked for post-listing campaigns.

Bitget's addition of MMT perpetual contracts aligns with the project's rapid adoption. The exchange supports MMT/USDT, MMT/USDC, and other pairs, while Momentum DEX allows bridging via Sui Bridge and Wormhole, catering to multi-chain users. Analysts note that MMT's TVL and user base—over 1.68 million unique swaps and 1.42 million liquidity providers—highlight its traction in the DeFi space.

Meanwhile, broader crypto markets remain volatile, with Bitcoin trading below $104,000 after a 3.6% drop. A strengthening U.S. dollar and ETF outflows have pressured assets, though Momentum's focus on RWA integration and institutional partnerships position it as a potential outlier.