Sui Network's TVL Reaches Record High, SUI Price Surges by 30%
The Total Value Locked (TVL) on the Sui Network hit an all-time high of $810.5 million on September 19, as reported by DefiLlama. Over the past seven days, the SUI token has experienced a notable 30% price increase, based on CoinGecko data. Despite previous fluctuations during market corrections, the TVL has surged approximately 283% from $211 million at the start of the year.
TVL, which reflects the funds allocated to DeFi protocols for services like lending and derivatives, highlights growing interest in Suiâs ecosystem. The top three DeFi protocols on Sui's blockchain saw impressive growth this week. NAVI, a lending protocol, increased its TVL by 16.5% to reach $310 million. Scallop Lend grew by 19.5%, reaching $140.5 million, and Suilend saw a 14.5% increase, accumulating over $134 million in TVL.
In addition to this TVL milestone, the SUI token has
outperformed other prominent cryptocurrencies in recent days, including memecoins like PEPE and Aptos (APT). SUI's price jumped from $0.60 to $1.04 following the introduction of Grayscale Sui Trust. This positive trend gained further momentum after Circle announced plans to integrate USDC onto the Sui Network, pushing SUI to a new peak of $1.18. Currently, SUI is trading at $1.30, marking a 13% gain in the past 24 hours.
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