Rival Blockchain SUI Network Surges as Total Value Locked Reaches New High
A competitor to Ethereum, SUI Network, has experienced significant growth in its total value locked (TVL), resulting in a surge in its price. The TVL of SUI has increased by 500% in the last three months and a staggering 1350% in the last six months. Currently, the TVL of SUI stands at $283.5 million, compared to just over $13 million on August 1st.
The rise in TVL has also had a positive impact on the price of SUI. At the time of writing, SUI is valued at $1.18, reflecting an 18.7% gain in the last 24 hours and a 100% increase since December 18th when it was trading at $0.59.
New Partnership Strengthens SUI Network
SUI Network recently announced a partnership with Karrier One, a crypto-based telecom firm. This collaboration aims to enhance Karrier One’s decentralized physical infrastructure networks (DePIN), universal phone number system (KNS), and decentralized wireless (DeWi) technology. The partnership includes a significant investment from SUI Foundation to support the development of Karrier One’s DePIN technology and the future KONE token.
Hot Take: SUI Network Gains Momentum with Record TVL and Price Surge
SUI Network has seen remarkable growth in its total value locked and price, solidifying its position as an Ethereum rival. With a surge of 500% in TVL over the past three months and partnerships like the one with Karrier One, SUI is gaining traction in the crypto industry. The significant increase in TVL has also contributed to an 18.7% gain in price in the last 24 hours. As SUI continues to expand its ecosystem and attract more users, it has the potential to become a major player in the blockchain space.
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