Sui Network’s Explosive Growth in TVL and Transactions: A Bullish Trend in DeFi

Bullish Momentum Sparks Sui Network's Surge in Transactions and TVL Alongside Broader Crypto Market

Sui Network reaches $593 million TVL as broader market hits $72.7 billion.

Last updated: February 19, 2024 09:22 EST | 2 min read

Source: Dalle-3

As the crypto market roars with bullish pressure, the Sui network is witnessing a massive spike in transactions and total value locked (TVL), outpacing its rivals. This surge in activity comes at a time when decentralized finance (DeFi) is experiencing increased adoption and interest.

Sui Network Soars to $593 Million TVL

On February 19, the TVL on the Sui blockchain reached a staggering $593 million, with a 24-hour trading volume of $59.56 million. This remarkable rise in TVL is a testament to the network’s growing popularity and utility. It’s worth noting that the network started the year at $211 million, and has since seen massive inflows.

• Mocaverse, KuCoin, and Halo Wallet Collaborate to Streamline User Experience in the Web3 Space 🚀
• Crypto VC Funding Soars in February 2024 🚀💰
• Ethereum Restaking Protocol EigenLayer Surpasses JustLend in Total Value Locked (TVL)

In the last 30 days, Sui has recorded $310 million in TVL, showcasing its increasing prominence. The network’s efficiency was highlighted when it achieved an impressive 6,000 transactions per second in December, resulting in over 13.8 million blocks produced in a single day.

Overtaking Rivals in TVL

Sui has surpassed competitors like Near, Aptos, and Cardano in terms of TVL, solidifying its position as one of the leading players in the DeFi space. Despite initial concerns regarding supply manipulation, which the Sui team vehemently denied, the token managed to rebound and regain momentum. This resurgence can be attributed to the network’s high speed and lower transaction costs compared to major market players.

Data from Wormhole scan reveals approximately $310 million in inflows from Ethereum to the Sui network over the past 30 days. Currently, the market capitalization stands at $2.12 billion, with a stablecoin figure of $309 million.

The price of the Sui token currently sits at $1.81, representing a 1.37% increase in the last 24 hours, and a surge of over 130% since the beginning of the year. In early February, Sui Network broke into the top 10 blockchains in terms of TVL, after surpassing the $500 million milestone on February 4.

DeFi Market’s Widespread Growth

Sui network’s impressive growth is in line with the broader DeFi market, which has experienced significant inflows since Q4 of 2023. After coming off a bear market, DeFi platforms have witnessed increased activity across various networks.

According to market research from crypto exchange Binance, the total TVL in the DeFi sector currently stands at $72.7 billion, marking an 11% increase from the previous week. Ethereum leads the pack with a 59.7% share, followed by Solana with 15.9% and Tron with 12.3%. The renewed interest of institutional investors in the market has been a driving force behind this surge in activity.

The recent approval of spot Bitcoin exchange-traded funds (ETFs) has further propelled inflows into the top cryptocurrency, resulting in a positive impact on the overall market, including DeFi figures.

Q&A

Q: Why has the Sui network seen such a significant increase in TVL? A: The Sui network offers high-speed transactions and lower transaction costs compared to other major players in the market. This has attracted users and contributed to the network’s growing TVL.

Q: Will the Sui token’s price continue to rise? A: While we cannot predict the future price movements with certainty, the current bullish trend and the network’s growing TVL suggest that there is a positive sentiment towards the Sui token. However, it’s important to conduct thorough research and consider other factors before making any investment decisions.

Q: How does Sui compare to other blockchain networks in terms of TVL and efficiency? A: Sui has surpassed competitors like Near, Aptos, and Cardano in terms of TVL. Additionally, its ability to process 6,000 transactions per second and produce over 13.8 million blocks in a day showcases its network efficiency.

Future Outlook and Investment Recommendations

Looking ahead, the future of the Sui network and the broader DeFi market seems promising. With the increasing institutional interest and the overall growth in TVL, the DeFi sector is set to witness further developments and advancements. Investors should closely monitor the market and consider diversifying their portfolios to include DeFi assets.

As always, it’s crucial to conduct thorough research, seek professional advice, and stay updated with the latest market trends before making any investment decisions.

References:

1. Ripple’s David Schwartz Talks Bottom-Up Growth on XRP Ledger, Rebuts Critics
2. Crypto Assets Management Surged 14%, Daily Trading Volumes Recorded 33% Increase in December
3. Institutional Investors’ Interest
4. Wider Market Taps $72.7 Billion
5. Sui Network Records $593 Million TVL as Wider Market Taps $72.7 Billion

Follow us on Google News

We will continue to update Blocking; if you have any questions or suggestions, please contact us!