Solana-killer Sui Network Surpasses $900M TVL

Coinspeaker
Solana-killer Sui Network Surpasses $900M TVL

Layer 1 blockchain Sui Network is experiencing increased demand within the Decentralized Finance (DeFi) ecosystem. This demand is evident in its Total Value Locked (TVL) growth. It has recorded a milestone of more than $900 million in TVL as it secures the 8th spot among all other blockchain networks. This data reflects a rise in network activity, showcasing the increased adoption of Sui.

At this TVL level, the SUI Network has grown massively by 3,285% over the past year. This significant rise underscores increasing interest and adoption of the Decentralized Applications (DApps) hosted on the protocol. The SUI Network surpassed the $600 million TVL mark just three weeks ago.

This attention and milestones have contributed to SUI’s market value surge. The SUI SUI $1.53 24h volatility: 3.4% Market cap: $4.10 B Vol. 24h: $1.10 B crypto is trading at $1.61 after soaring by more than 11% in the past 24 hours. According to CoinMarketCap data, the SUI coin recorded a 46.76% surge in market value over the last seven days.

It is worth noting that the coin touched a higher price level of $2.08 in early March. This coincided with when the leading cryptocurrency, Bitcoin (BTC), peaked at a new all-time high (ATH) of over $73,800. However, SUI tumbled within three months and landed at under $0.50 in the middle of a broader market sell-off.

With much resilience, this digital asset has been recovering strongly since June. At the current rate, it is only a matter of time before SUI hits a fresh ATH. Its other key metrics also look good. SUI’s market cap is $4.31 billion, making it the 21st largest crypto. Its trading volume is $918.18 million, corresponding to a 131.77% increase in the last 24 hours.

Aside from the TVL, other events and occurrences have contributed to the coin’s price action. On September 12, Sui’s price rose significantly, largely due to an announcement from Grayscale Investments.

The asset manager stated that it had opened the private placement of the Grayscale Sui Trust, which operates similarly to spot Bitcoin or Ethereum ETFs. As of that time, Grayscale Sui Trust had net Assets Under Management (AUM) of about $892,213. The firm believes that Grayscale Sui Trust will be crucial in onboarding institutional investors into the SUI ecosystem, thus increasing liquidity.

SUI Network also inked a strategic partnership with USDC stablecoin USDC $1.00 24h volatility: -0.1% Market cap: $35.96 B Vol. 24h: $6.23 B issuer Circle to increase liquidity. As part of the deal, Sui integrated native USDC and the Cross-Chain Transfer Protocol (CCTP). This integration facilitates various digital dollar-backed applications across DeFi, gaming, and e-commerce.

Sui has gained the traction it has at the moment because it brands itself as a superior tech to its rivals. Popularly called the Solana-killer, the protocol is on its way to hitting a $1 billion TVL milestone in the near term.

Solana-killer Sui Network Surpasses $900M TVL