Sui (SUI) Sees Strong Gains in TVL and Token Value as the Ecosystem Celebrates a Series of Wins

The layer-1 blockchain Sui has been on a positive trajectory in recent months, highlighted by streaks of integrations and expansions.

Layer-1 blockchain Sui has enjoyed a positive trajectory in recent months, marked by a string 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.

Now, the growth is translating into impressive upticks across the ecosystem.

Sui Sees Strong Gains in TVL and Token Value

This month has been particularly significant for Sui, with a series of positive developments. According to blockchain analytics platform DefiLlama on Monday, September 23, 2024, Sui’s total value locked (TVL) has surpassed the $900 million mark.

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.

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Moreover, Sui’s native token has also enjoyed considerable growth, mirroring the TVL surge. 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.

But 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.

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