Sui Network has been making waves in the decentralized finance (DeFi) world, showing impressive growth recently. According to DefiLlama, as of September 19th, the Total Value Locked (TVL) on Sui Network hit an all-time high of $810.5 million. This surge is accompanied by significant gains in Sui’s native token, SUI, which has seen over a 30% increase in the last seven days, according to CoinGecko.
TVL Record for SUI Coin
Despite market corrections, Sui Network has recorded a remarkable 283% growth since the beginning of the year. Starting from $211 million in TVL earlier this year, the network now boasts a TVL of $810.5 million. TVL is a metric representing the amount of capital locked in DeFi protocols, usually for activities like lending and derivatives trading. This surge in TVL highlights increasing investor interest in the opportunities offered by Sui Network.
Leading DeFi Protocols on Sui Network
Three of the largest DeFi protocols on Sui Network have also seen significant gains over the past week. NAVI Protocol, a lending platform, grew by 16.5%, reaching a TVL of $310 million. Scallop Lend, another lending protocol, saw a 19.5% weekly increase, pushing its TVL to $140.5 million. Suilend also experienced 14.5% growth, with its TVL surpassing $134 million.
Beyond the TVL record, SUI token has been one of the best-performing crypto assets in the past week, surpassing popular tokens like PEPE and Aptos (APT) in market capitalization and volume. After the launch of Grayscale Sui Trust, the price of SUI rose from $0.60 to $1.04. With the integration of Circle’s USDC, the token price climbed to $1.18, and currently trades at $1.30, marking a 13% rise in the last 24 hours.
Other Altcoins Making Moves
The rise of Sui has brought renewed excitement to the crypto market. Following the Federal Reserve’s rate cut, several altcoins have posted strong gains. Notably, Bitcoin has reclaimed the $62,000 resistance level and is pushing towards the critical $62,500 resistance, a significant milestone for maintaining its bullish momentum. Altcoins like Sei (SEI) and Sui have also gained traction, strengthening their positions in the market.
Sei Token’s Recovery
After a 75% decline earlier this year, Sei token has shown signs of recovery in recent weeks. The increase in trading volume indicates the return of bullish sentiment, with Sei’s price expected to rise by 30% in the coming weeks. If Sei surpasses resistance levels, the token could climb past $0.55 and potentially regain the $1 mark.
Aptos Expansion in Focus
Alongside Sui and Sei, Aptos (APT) has also been making headlines with significant developments. Aptos received a multi-million dollar investment from Foresight Ventures to strengthen its presence in the Asia-Pacific region. This investment is expected to accelerate the development of Web3 applications and bolster Aptos’ infrastructure, providing a boost to the ecosystem.
As altcoins like SUI, SEI, and APT continue to gain momentum, the crypto market is witnessing a resurgence of interest. With Sui Network’s TVL hitting new records and strategic investments driving growth in other altcoins, the DeFi space remains a focal point for investors.
Sui Network, Total Value Locked, Ethereum, DeFi
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