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Sui Network Witnesses Surge in Transactions and TVL
Amid bullish pressure, the Sui network has experienced a significant spike in transactions and total value locked (TVL), mirroring the broader crypto market trend. According to data from decentralized finance (DeFi) on-chain analytics firm DeFiLlama, there has been an uptick in volumes across various metrics within the Layer 1 network.
Impressive Growth in Total Value Locked
On February 19, the total value locked on the Sui blockchain surged to $593 million, accompanied by a 24-hour volume of $59.56 million. This substantial increase in TVL signifies a remarkable rise from the network’s starting point of $211 million at the beginning of the year, indicative of significant inflows within this period. Over the last 30 days, Sui has recorded $310 million in TVL, following a previous milestone of 6,000 transactions per second in December. This improved network efficiency has resulted in over 13.8 million blocks being produced in a day.
Sui Network’s Position Against Rivals
The Sui network has surpassed competitors such as Near, Aptos, and Cardano in terms of TVL, positioning itself favorably as DeFi activity gains momentum across rival networks. Despite initial token volatility due to reports of supply manipulation, the network has demonstrated resilience and regained momentum, particularly during the inscription craze last year. The Sui network’s high speed and lower transaction costs compared to major market players have contributed to its increased activity.
Inflows and Market Capitalization
Data from Wormhole scan reveals approximately $310 million in inflows from Ethereum to the Sui network in the past 30 days. The overall market capitalization stands at $2.12 billion, with a stablecoin figure of $309 million. Presently, the price of the Sui token is at $1.81, reflecting a 1.37% increase in the last 24 hours and a surge of over 130% since the beginning of the year.
Broader DeFi Market Trends
The growth of the Sui blockchain is part of a larger trend within the DeFi market, which has seen significant inflows since Q4 2023. DeFi platforms, emerging from a bear market, have experienced heightened activity across multiple platforms. Recent market research from crypto exchange Binance indicates a total TVL of $72.7 billion, representing an 11% increase from the previous week. Ethereum leads with 59.7%, 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 the recent spike in DeFi activity.