Sui’s value skyrockets to ATH amid booming DeFi ecosystem

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.

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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.

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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.

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Author: Oluwapelumi Adejumo

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