Cetus

Cetus is the main concentrated-liquidity exchange in Move-based ecosystems: Sui and Aptos. These chains are younger than Ethereum. The asset set is narrower, but settlement takes under a second and the network fee stays at fractions of a cent, so small swaps do not eat themselves.

The protocol acts as base infrastructure: other applications on the network build on its pools. For a user that means most swaps on Sui pass through Cetus one way or another. The risk runs the other way: concentrating liquidity in one protocol makes the whole ecosystem sensitive to trouble inside it.