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Sui Network Records $593 Million TVL as Wider Market Taps $72.7 Billion

by Dan K
Feb 19, 2024 - 10:00 pm
in Blockchain
What is SUI token? The Future Unveiled: SUI Token - Redefining Decentralized Finance

Sui Network’s Meteoric Rise

The Sui network has witnessed a staggering surge in transactions and total value locked (TVL), reflecting broader bullish sentiment in the cryptocurrency market.

Record-Breaking TVL

On February 19, Sui’s TVL soared to an impressive $593 million, accompanied by a 24-hour trading volume of $59.56 million. This surge marks a substantial increase from its starting TVL of $211 million at the beginning of the year.

Overtaking Competitors

Sui’s remarkable performance has propelled it past competitors such as Near, Aptos, and Cardano in terms of TVL. Despite facing challenges, including reports of supply manipulation, Sui has regained momentum and attracted significant attention due to its high-speed network and lower transaction costs.

Ethereum Inflows Boost Sui Network

Data from Wormhole scan reveals substantial inflows of approximately $310 million from Ethereum to the Sui network over the past month. With a market capitalization of $2.12 billion and a stablecoin figure of $309 million, Sui continues to solidify its position in the crypto space.

Market Performance

The price of the Sui token currently stands at $1.81, marking a 1.37% increase in the last 24 hours and a remarkable 130% surge since the beginning of the year. Sui’s decentralized applications have also seen significant gains, surpassing competitors in TVL and overall performance.

Wider DeFi Market Growth

Sui’s success mirrors the broader growth of the decentralized finance (DeFi) market, which has experienced substantial inflows since the fourth quarter of 2023. According to market research from Binance, the total TVL in DeFi now stands at $72.7 billion, driven by renewed institutional interest.

Happy Friday! #Binance Bytes is an initiative by the Research team to provide a quick round-up of the week. Highlights 🧵: pic.twitter.com/oQ8FUKtxyd

— Binance Research (@BinanceResearch) February 16, 2024

Institutional Influence

Renewed interest from institutional investors, coupled with the approval of spot Bitcoin ETFs, has significantly contributed to the recent surge in DeFi activity. Ethereum remains the dominant player with 59.7% of the market share, followed by Solana and Tron.

Conclusion

The Sui network’s remarkable rise in TVL reflects the broader bullish sentiment in the cryptocurrency market. As institutional interest continues to fuel growth across DeFi platforms, Sui stands out as a promising player, attracting attention for its efficiency and performance amidst a competitive landscape.

Tags: MarketSUISuiNetwork
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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