Layer 1 blockchain network Sui Network is seeing a surge in demand in the DeFi ecosystem. This is reflected in the significant growth in total value locked (TVL), reaching over $900 million and holding the 8th position among blockchain networks. This data represents an increase in network activity, indicating the growing adoption of Sui.

SUI price growth is strong

At its current TVL, Sui Network has grown a whopping 3,285% over the past year, highlighting the growing interest and adoption of decentralized applications (DApps) on the protocol. Sui Network surpassed the $600 million TVL mark just three weeks ago.

Sui blockchain TVL is now $913.1 million | Source: DefilLama

These milestones and attention have contributed to the increase in SUI's market value. Currently, the SUI token is trading at $1.55, up more than 6.4% in the past 24 hours, a slight correction from $1.60 an hour ago. According to data from Coingecko, SUI has increased its market value by 40% in the past 7 days and 224% in the past 1 year.

Sui Price Chart | Source: Coingecko

Notably, the coin reached a high of $2.08 in early March, coinciding with BTC’s new all-time high above $73,800. However, SUI fell below $0.50 within three months amid the broader market sell-off.

With resilience, this digital asset has recovered strongly since June. At the current rate, SUI will soon reach a new high. Other indicators of SUI are also very positive. SUI's market capitalization is $4.15 billion, ranking 21st among cryptocurrencies. Its trading volume is $918.18 million, up 131.77% in the last 24 hours.

Sui Network Achieves More Milestones

Aside from TVL, other events and developments have contributed to SUI’s price volatility. On September 12, Sui’s price surged due to an announcement from Grayscale Investments.

The asset manager launched a private offering of the Grayscale Sui Trust, which operates similarly to spot Bitcoin or Ethereum ETFs. As of this writing, the Grayscale Sui Trust has approximately $892,213 in total Assets Under Management (AUM). Grayscale believes that the Grayscale Sui Trust will play a key role in attracting institutional investors to the SUI ecosystem, increasing liquidity.

Sui Network has also entered into a strategic partnership with Circle, the issuer of USD Coin (USDC), to enhance liquidity. Under the agreement, Sui has integrated the native USDC and the Cross-Chain Transfer Protocol (CCTP). This integration facilitates dollar-backed digital applications across DeFi, gaming, and e-commerce.

The rapid growth of Sui Network’s DeFi ecosystem and its technical advantages are contributing to the rise in the value of the SUI token. The network’s innovative approaches to scalability and efficiency continue to attract interest from the crypto community.

Sui offers a unique approach to parallel transaction processing, enhancing scalability through horizontal scaling. Its object-based storage model enables more efficient state management, reduces transaction times, and provides lower latency for decentralized applications and DeFi platforms.

Sui has gained attention recently as it is seen as a technological superiority over its competitors. Dubbed the “Solana Killer,” the protocol is on track to hit $1 billion TVL in the near future.

Source: https://tapchibitcoin.io/gia-sui-tang-len-16-khi-sui-network-vuot-qua-900-trieu-do-la-tvl.html