- The native token of the Sui ecosystem is experiencing a revival.
- Sui has recently clocked a new expansion record.
- The Sui ecosystem is growing with significant developments.
The layer-1 blockchain Sui has been on a positive trajectory in recent months, highlighted by streaks of integrations and expansions. Despite navigating significant hurdles earlier in the year, the network, which recently celebrated its first-year milestone, has maintained an upward momentum.
The growth is now translating into impressive upticks across the ecosystem.
Sui Sees Strong Gains in TVL and Token Value
The present month has been particularly significant for Sui, marked by a series of positive developments. According to blockchain analytics platform DefiLlama on Monday, September 23, 2024, Sui’s total value locked (TVL) has surpassed $900 million.
The current figure reflects substantial value growth, rising from its $350 million range just a month ago. At press time, Sui’s TVL stands at an impressive $920 million, positioning it as the 8th chain by overall TVL.
Mirroring the TVL surge, Sui’s native token has also enjoyed considerable growth. The token has recorded a sharp increase over the past week from a previous price range of $1.30 to $1.6, an approximate 39% gain in just seven days.
While SUI has since readjusted its gains to settle at its current trading price of $1.55, the price uptick represents a rebound from its months-long underperformance, which began after it dipped below the $2.17 all-time high it achieved earlier in March.
Sui’s wins are not isolated, as they build on recent positive streaks within the ecosystem.
Sui Welcomes USDC Amid Ongoing Expansion
On September 17, 2024, Sui announced the upcoming integration of the second largest stablecoin, Circle’s USDC, and Cross-Chain Transfer Protocol (CCTP) on its network.
The integration is expected to boost the network’s utility and enhance security while improving user and developer interoperability. By introducing USDC, Sui will bring more liquidity into its ecosystem, streamline transactions, and improve market efficiency to further solidify its position as a dynamic network.
Asset management firm Grayscale also recently tapped the ecosystem in its ongoing trust expansion. In August 2024, the firm unveiled the launch of the Grayscale Sui Trust, which is focused on investing in the native SUI token.
Other expansions in recent months include the integration of FDUSD as the ecosystem’s first native 1:1 stablecoin, announced by the network earlier in April.
On the Flipside
- Despite the recent surge in price, SUI remains approximately 28% below its all-time high.
- In May 2024, Sui Network faced allegations of questionable token distribution, but the network denied the claims as false.
Why This Matters
The recent gains in SUI’s native token and Total Value Locked (TVL) reflect positive growth in the ecosystem and the continuation of the upward momentum could lead to greater wins for the network.
Read this article to learn more about SUI’s past struggles:
Sui Suffers 30% Decline in TVL as Token Drags Below $1.5
German regulatory authorities have cracked down on illicit crypto exchange operations within the country. Find out more here:
Germany’s “Operation Final Exchange” Crushes 47 Crypto Platforms
