SUI Network TVL Surpasses $360 Million
The SUI blockchain has experienced significant growth since the start of 2024, leading to its surpassing of major players in the DeFi space. One notable achievement is that SUI’s total value locked (TVL) has crossed the $360 million mark in less than a month.
Explosive Growth of SUI TVL
In mid-2024, the TVL on the SUI network was less than $12 million. However, it has now skyrocketed to over $360 million. Although it is still behind Ethereum and BSC in terms of TVL dominance, it has surpassed Bitcoin’s TVL of $298.8 million and Aptos’ TVL of $133 million.
SUI Overtakes Other DeFi Networks
SUI has also surged ahead of other DeFi networks like Kava ($251 million), Near ($94 million), and Metis ($124 million). With these figures, SUI currently ranks as the 13th-largest DeFi network.
DeFi Market Rebound in 2024
The DeFi market is making a comeback in 2024 after experiencing a decline in 2023. The TVL has grown from $47 billion in October 2023 to over $72 billion so far this year. This growth can be attributed to the increased adoption of networks like SUI and the rise in token prices.
Ethereum Dominates DeFi TVL
Ethereum remains the dominant force in the DeFi space with a TVL of $43.743 billion. Tron and BSC follow as the second and third-largest networks with TVLs of $8.14 billion and $5.41 billion respectively.
Hot Take: SUI’s Impressive Rise in DeFi TVL
The SUI blockchain has quickly established itself as a major player in the DeFi space, surpassing well-known networks like Bitcoin and Aptos in terms of total value locked. With its explosive growth and higher TVL figures, SUI is making its mark as the 13th-largest DeFi network. As the DeFi market rebounds in 2024, SUI’s performance is a testament to its increasing adoption and rising token prices.
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