Sui ends January with new ATH and soaring DeFi metrics

Must read

Sui ends January with new ATH and soaring DeFi metrics

Layer1 blockchain network Sui is ending the month as one of the best-performing digital assets, according to CryptoSlate’s top gainers list.According to the list,...

Coinbase taps former UK Treasurer who warned of ‘run on pound’ in 2008 for Advisory Council

In a move to bolster its global expansion efforts, Coinbase has enlisted George Osborne, a prominent figure in U.K. politics and finance. Osborne, known...

Whale entities withdraw 100,000 BTC from exchanges in two weeks

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Bitcoin heads for fifth consecutive monthly green candle amid rollercoaster market conditions

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Layer1 blockchain network Sui is ending the month as one of the best-performing digital assets, according to CryptoSlate’s top gainers list.

According to the list, SUI gained around 75% during the past 30 days to post a new all-time high of $1.64 on Jan. 30, surpassing its previous high of $1.43. However, its value has declined 3.5% to $1.58 as of press time.

This price performance reflects the overall improvements the network has enjoyed since the beginning of the year, allowing it to outperform major cryptocurrencies like Bitcoin and Ethereum during the reporting period.

Sui DeFi metrics improve.

The improved price follows Sui’s brief entrance into the top 10 decentralized finance (DeFi) projects in terms of the total value of assets locked (TVL).

According to a Jan. 30 statement shared with CryptoSlate, SUI’s TVL surged past the $430 million milestone less than a year after its mainnet launch. The rapid increase in Sui’s TVL is attributed to various protocols and applications leveraging its strength, including liquid staking platforms, decentralized exchanges, and lending protocols like Scallop Lend, Navi Protocol, and Cetus.

Greg Siourounis, Managing Director of the Sui Foundation, said:

“What we are seeing in these numbers is developers on Sui [are] building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”

Sui DeFi
Sui Blockchain DeFi TVL (Source: DeFillama)

The TVL has now risen to $444m as of press time, but it now sits as the eleventh largest DeFi blockchain network, per DeFiLlama data.

In addition to the TVL growth, the network’s on-chain activities have exploded, with weekly DeFi volume rising 1,200% since October 2023.

Despite these achievements, the protocol is poised for further development with co-founder  Adeniyi Abiodun revealing that the network aims to introduce internet-less transactions before the end of the year.

Notably, Abiodun’s disclosure aligns with a similar prediction made by Mysten Lab’s co-founder, Kostas Chalkias, who stated:

“I predict that Sui will support internet-less transactions in the next 12 months.”

More articles

Latest article

Sui ends January with new ATH and soaring DeFi metrics

Layer1 blockchain network Sui is ending the month as one of the best-performing digital assets, according to CryptoSlate’s top gainers list.According to the list,...

Coinbase taps former UK Treasurer who warned of ‘run on pound’ in 2008 for Advisory Council

In a move to bolster its global expansion efforts, Coinbase has enlisted George Osborne, a prominent figure in U.K. politics and finance. Osborne, known...

Whale entities withdraw 100,000 BTC from exchanges in two weeks

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Bitcoin heads for fifth consecutive monthly green candle amid rollercoaster market conditions

What is CryptoSlate Alpha?A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›Connect via Access ProtocolAccess Protocol is a...

Terraform Labs filed for bankruptcy to protect against potential SEC money judgment

Terraform Labs, the brains behind the Terra blockchain network, opted for bankruptcy protection as a strategic move against any “potential money judgment” that could...