TL;DR
- Sui Network’s TVL reached a record $810.5 million, up 283% year-to-date.
- The token’s price has risen more than 30% in the past week, trading at $1.36.
- The integration of USDC and the launch of Grayscale Sui Trust boosted the growth of the network.
The Sui network has seen significant growth in recent days, achieving a new record of total value locked (TVL) of $810.5 million, a notable increase from $211 million at the beginning of the year.
This 283% increase underscores the confidence and interest in Sui’s DeFi protocols, which enable activities such as lending and derivatives.
These results position Sui as one of the most promising networks within the decentralized finance ecosystem.
The recent launch of the Grayscale Sui Trust has been one of the key drivers behind this growth.
Investor confidence in the network has increased, reflected in the appreciation of the SUI token, which in just one week has seen a rise of 30%, reaching a price of $1.36.
Added to this was the announcement of the integration of the USDC stablecoin into the network, which has generated a further increase in trading volume and activity on the blockchain.
The top three DeFi protocols on the Sui network have also contributed to this increase in TVL, according to data from DefiLlama.
The NAVI lending protocol saw its locked value increase by 16.5% to $310 million.
Scallop Lend, meanwhile, saw 19.5% growth, bringing its TVL to $140.5 million.
Finally, the Suilend protocol also reported a 14.5% increase, with over $134 million in total value locked.
These increases reflect the strengthening of Sui’s DeFi ecosystem and the consolidation of its most important protocols.
Drivers of growth in the Sui network
The SUI token price, now trading at $1.36, has been one of the most prominent assets in the cryptocurrency market in recent days, surpassing popular tokens such as PEPE and Aptos in terms of market capitalization and trading volume.
This positive performance has been driven by fundamental factors such as the launch of Grayscale Sui Trust and the long-awaited integration of USDC into the network, which has generated great expectations among users and developers of the platform.
As more institutional investors like Grayscale enter the Sui ecosystem, the value locked in the network is expected to continue to increase, further strengthening its position in the DeFi market.
Furthermore, the integration of USDC could open up new opportunities for Sui users, allowing for greater liquidity and expansion of their decentralized applications.
The continued growth of TVL also reflects user confidence in the network’s protocols, which in turn could increase Sui adoption in other sectors of the crypto market.
With a current market cap of $3.65 billion and a fully diluted value (FDV) of $13.619 billion, Sui continues to attract attention as a platform with significant long-term growth potential.
Meanwhile, daily trading volume has reached $87.51 million, indicating an increase in trading activity within the network.
As the protocol continues to evolve, its ability to integrate with stablecoins like USDC and attract institutional investors will be key to maintaining its momentum.
These recent developments, coupled with the strong performance of its DeFi protocols, position Sui as a network that could play a crucial role in the future of the cryptocurrency and decentralized finance ecosystem.
