Skyrocketing Sui: TVL Reaches $810.5 Million, SUI Jumps 30%
More from the Author Sean Williams
The Sui Network’s Total Value Locked (TVL) has surged to a record $810.5 million, marking a 283% increase year-to-date, while the SUI token price has climbed over 30% to $1.3.
This growth is driven by the launch of the Grayscale Sui Trust and the upcoming integration of USDC into the network.
The Sui Network has recently experienced a remarkable surge in both its Total Value Locked (TVL) and the price of its SUI token, making significant strides in the cryptocurrency landscape.
Sui Network TVL Hits New All-Time High
The Total Value Locked (TVL) on the Sui Network has soared to an unprecedented $810.5 million as of September 19, according to data from DefiLlama. This represents a staggering 283% increase year-to-date, up from approximately $211 million. This surge underscores the growing interest in Sui’s offerings and its rising prominence in the decentralized finance (DeFi) space.
Growth Despite Market Fluctuations
Despite previous fluctuations in the TVL during broader market corrections, the recent growth highlights the resilience and attractiveness of Sui Network’s DeFi protocols. TVL is a key indicator of the amount deposited into DeFi protocols for various activities such as lending and derivatives trading, showcasing investor confidence and activity.
Leading DeFi Protocols on Sui Network
All three leading DeFi protocols on the Sui blockchain have reported gains over the past week:
NAVI Protocol: The lending protocol’s TVL increased by 16.5%, reaching $310 million.
Scallop Lend: This lending protocol achieved a TVL of $140.5 million, marking an approximate 19.5% increase weekly.
Suilend: It saw a weekly increase of 14.5%, with over $134 million in TVL.
SUI Token Price Surge
In addition to the TVL record, the SUI token has been among the top-performing crypto assets in the past seven days. CoinGecko’s data reveals that the SUI token price has increased by over 30% in the last week, currently trading at $1.3. This performance has outshined popular memecoins such as PEPE and Aptos (APT) in terms of market capitalization and trading activity.
Catalysts for SUI’s Performance
The price of the SUI token climbed from $0.6 to $1.04 following the launch of the Grayscale Sui Trust. The positive momentum continued with the announcement of Circle’s upcoming integration of USDC into the Sui Network, propelling the price to a new high of $1.18. The SUI token is now trading at $1.3, up over 13% in the past 24 hours.
The recent achievements of the Sui Network and the performance of its SUI token underscore its growing influence and potential in the rapidly evolving DeFi and cryptocurrency markets.
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