Sui has been among the top performers in the cryptocurrency market as of late, fueled by a notable spike in its on-chain DeFi activity and rising trading volume.
Less than a year since the initial coin offering (ICO) for the Sui (SUI) coin ended and the layer one blockchain has been making notable waves in the fast-growing web3 industry. The medium-capped altcoin is backed by veteran developers from Mysten Labs, who are credited as the lead architects of the Meta Platforms Inc’s (NASDAQ: META) Novi Research that worked on the Diem blockchain and Move programming language.
As a result, the Sui ecosystem has been growing at a rapid pace to become a dominant player in the layer-one (L1) and web3 industry. Moreover, the Sui network has seen its Total Value Locked (TVL), a measure of how much is locked by different DeFi projects, rise exponentially to reach more than $456 million as of this publication.
To put the TVL into perspective, there are about 1.1 billion SUI coins in circulation, and more than 295 million have already been locked through smart contracts. Consequently, the Sui network has surpassed other legacy layer one blockchain like Cardano (ADA), Base, and Cronos, among others. As a multi-chain-enabled blockchain with proven real-time scalability, the Sui network has attracted notable DeFi platforms like Scallop Lend, Navi Protocol, Cetus, and OmniBTC, among many others. According to Greg Siourounis, Managing Director of the Sui Foundation, the fast growth of the Sui network in a short period validates the underlying technology and vibrant community.
“Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future,” Siourounis noted.
Sui Price Changes and Market Outlook
Since the altcoin bullish breakout last October, SUI price has gained more than 300 percent to trade around $1.54 on Wednesday. The Sui ecosystem has attracted notable attention due to its deep liquidity as demonstrated by the high volume to market cap ratio of more than 36 percent. As a result, the SUI price continues to be on a rising trend, with more gains expected in the coming months amid the anticipated altcoin season.
The team behind the Sui network has been working towards building infrastructure that onboard more players in the ecosystem. For instance, Sui Network recently announced a strategic partnership with Oracle Stork to provide real-time pricing to DeFi developers. Additionally, the Sui network has also inked a strategic partnership with Banxa through Sui Wallet to enable seamless on/off-ramping.
Banxa is expanding in the #SUI community by partnering with SUI Wallet. Users can now on ramp with fiat utilizing Banxa’s payment solutions, all in-app! Additionally users will benefit from ZERO Gateways Fees! @SuiNetwork
— Banxa (@BanxaOfficial) January 30, 2024
Meanwhile, it is worth noting that the Sui network still faces an uphill climb to compete with top layer-one blockchains like Solana (SOL), Ethereum (ETH), Tron (TRX), and Binance Smart Chain (BSC).