Sui’s value skyrockets to ATH amid booming DeFi ecosystem
The blockchain network ranks among the top 15 blockchains for daily transaction volume and weekly volume.
Sui made CryptoSlate’s top gainers’ list for Jan. 15 following a 13% increase during the past day that pushed its value to a new all-time high of $1.43.
This continues a persistent uptrend that the digital asset has enjoyed during the last 30 days, outperforming major cryptocurrencies like Bitcoin, Ethereum , Solana , etc.
According to CryptoSlate’s data, SUI is among the top-gaining digital assets of the past week and month, posting gains of 85% and 135% during these time frames.
Sui is a layer-1 proof-of-stake (PoS) blockchain launched in May 2023, touting exceptional throughput, low latency, and parallel transaction execution. The network is built on the Move programming language and developed by the founders of Mysten Labs, backed by heavyweights including a16z and Jump Capital.
Ecosystem growth
Sui’s price increase has come amid enormous growth within its ecosystem, as it now ranks among the top 15 blockchains for daily transaction volume and weekly volume.
For context, the network witnessed an 82.42% upsurge in decentralized exchange (DEX) trading activity during the previous week, processing more than $350 million worth of transactions, according to DeFillama data . This places it ahead of storied rivals like Cardano and Fantom .
Sui network’s TVL and DEX Volume (Source: DeFillama)
Additionally, the total value of assets locked on the protocol is also experiencing an increase. The TVL is an important metric to assess the capital held on a blockchain network or DeFi protocol.
Data from DeFillama shows that the Sui blockchain’s TVL exceeded the $300 million mark on Jan. 14, surpassing major networks like Bitcoin .
“Sui broke through the $300 million mark in the process, just 48 hours after passing $250 million,” Sui Network posted on the social media platform X (formerly Twitter).
Sui’s TVL sits at $341 million as of press time.
Moreover, new DeFi projects like Solend, Solana’s top lending and borrowing protocol, have expanded to the blockchain .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Mars Morning News | BTC sees heavy turnover and high-volume bottoming structure, a typical short-term bottom signal
Cardano experienced a brief chain split due to an old code vulnerability, with the FBI launching an investigation; BTC is showing short-term bottom signals; Port3 suffered a hacker attack causing its token price to plummet; Aave launched a retail savings app to challenge traditional banks. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
This Week's Preview: BTC Returns to 86,000, Trump’s Epic Showdown with Major Shorts, Macro Turmoil Just Settled
After last week's global market panic and subsequent recovery, bitcoin rebounded to $86,861. This week, the market will focus on new AI policies, the standoff between bears and bulls, PCE data, and geopolitical events, with intensified competition. Summary generated by Mars AI. The accuracy and completeness of this summary, produced by the Mars AI model, are still being iteratively improved.
At risk of being removed from the index? Strategy faces a "quadruple squeeze" crisis
Strategy is facing multiple pressures, including a significant narrowing of mNAV premiums, reduced coin hoarding, executive stock sell-offs, and the risk of being removed from indexes. Market confidence is being severely tested.
VIPBitget VIP Weekly Research Insights
Trending news
MoreCrypto prices
More
