Solana ( SOL ) competitor SUI has recently outperformed after forming a bottom following a months-long decline.

The total locked value (TVL) on Sui Network surged to a record high of $810.5 million on September 19. On-chain data shows that the SUI token has also reported a sharp rise, up more than 30% in the past seven days.

The growth comes despite previous volatility in TVL during the broader market correction, with the year-to-date increase being around 283% from around $211 million.

TVL, which represents the amount of money deposited into DeFi protocols for activities like lending and derivatives, highlights the growing interest in Sui’s products.

All three of the leading DeFi protocols on the Sui blockchain have seen growth over the past week. NAVI Protocol, a lending protocol on the Sui network, saw its TVL grow 16.5% to $310 million.

The TVL of the Scallop Lend lending protocol reached $140.5 million, an increase of about 19.5% week-on-week, while Suilend’s TVL increased by 14.5% week-on-week to over $134 million.

In addition to the TVL record, Sui has also achieved another accomplishment as its SUI token has been one of the best performing crypto assets over the past seven days. It has outperformed popular memecoins such as PEPE and Aptos (APT) in terms of market cap and trading activity.

Following the launch of Grayscale Sui Trust, the SUI token climbed from $0.6 to $1.04. Subsequently, Circle announced the upcoming integration of USDC into the Sui network, further fueling the positive momentum, with the price soaring to a new high of $1.18.

SUI is currently trading at $1.3, up more than 13% in the past 24 hours and about 53% in two weeks.

SUI’s candlestick trend also broke out of an inverted head and shoulders pattern amid bullish signals, technical upgrades and growing popularity.

But more importantly, SUI has broken its downtrend compared to SOL (and all top 20 coins), and its recent relative strength in a sideways market is something to watch out for.

Additionally, gaming is a potential niche where Sui could find success, and Circle’s announcement that it would issue the USDC stablecoin on the platform is “another good move.”

I am Penny, a long-term coin hoarder. I don't touch contracts and don't recommend leverage. I make coins in a bear market and U in a bull market. If you are also such a person, then you are welcome to join the Penny team (no fees! No promotion! No backflow! No negative energy is welcome).

Let us go through the bull and bear markets together, keep each other warm, and strive to be a thicker leek.