By: Eva Baxter
Layer1 blockchain network Sui concluded the month as one of the top performers in the digital asset space, with stats indicating a 75% gain securing a new all-time high of $1.64 on Jan 30. The network's overall improvements since the onset of the year have enabled it to outshine premier cryptocurrencies like Bitcoin and Ethereum.
The impressive price surge mirrors Sui's brief entry into the arena of top 10 decentralized finance (DeFi) projects regarding the total value of locked assets (TVL). Its TVL skyrocketed beyond the $430 million mark in less than a year following its mainnet launch. The swift increase is credited to an array of protocols and applications capitalizing on Sui's robustness, including Scallop Lend, Navi Protocol, and Cetus among others.
The Managing Director of the Sui Foundation, Greg Siourounis, credited the growth to developers on Sui building solutions to tackle real-world issues, a strategy he feels will anchor a long-lasting decentralized network. As of press time, the TVL had risen to $444m, ranking Sui as the eleventh largest DeFi blockchain network.
Along with the TVL hike, Sui's on-chain activities experienced a boom, with a 1,200% increase in weekly DeFi volume since October 2023. In response to this positive trend, the network's co-founder, Adeniyi Abiodun, revealed plans to introduce internet-less transactions by the end of the year, falling in line with a prediction by Mysten Lab's co-founder, Kostas Chalkias.
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