Sui Blockchain Surpasses Cardano in Total Value Locked (TVL)
The Sui blockchain has seen a significant increase in its total value locked (TVL) over the past month, surpassing Cardano to rank at 12th position. According to data from DeFillama, the TVL on the Sui blockchain has jumped by around 82% to over $358 million. Despite market turbulence, Sui has shown strong performance in terms of TVL, indicating the strength of the DeFi market.
Growth of the Sui Blockchain
In addition to the increase in TVL, other on-chain data suggests the growth of the Sui blockchain. The number of daily active accounts on Sui Explorer, Sui’s native on-chain tracking platform, is around 17,500. While this represents a decline compared to the peak in early December, the overall account base has rapidly grown to over 9.5 million.
SUI Token and Other Cryptocurrencies
The native token of Sui, SUI, has gained momentum amid market volatility. It reached $1.3 per coin, up nearly 20% today. Alongside SUI, other cryptocurrencies like MANTA, PENDLE, and ACE have also shown strong performance.
Enhanced Ecosystem and Partnerships
The Sui team is actively working on enhancing its ecosystem and forming partnerships. They have extended their partnership with Alibaba Cloud to introduce services that support developers on the Sui network. This includes an AI-enabled development environment and educational programming in universities.
Mysten Labs and ChainIDE are creating an AI-assisted tool that generates Move code based on natural language prompts from developers. Alibaba Cloud will provide infrastructure and tech support for this tool. Additionally, Alibaba Cloud will offer full node services, while strategic partner ShinamiCorp will provide Gas Station benefits to simplify user transactions.
Furthermore, Cetu, an Automated Market Maker (AMM) in the Sui Network ecosystem, has received backing from MetaMask, allowing users to access Cetus using the MetaMask wallet. Solend, a lending platform with over $140 million in TVL, has also expanded its presence to the Sui network.
Hot Take: Sui Blockchain Soars in TVL and Continues to Expand
The Sui blockchain has experienced significant growth in TVL, surpassing Cardano and ranking at 12th position. This demonstrates the strength of the DeFi market and the performance of Sui. Additionally, the Sui ecosystem is being enhanced through partnerships and developments, including an AI-assisted tool for developers and expanded services from Alibaba Cloud. These advancements contribute to the overall growth and adoption of the Sui blockchain, attracting both users and builders. As Sui continues to expand its ecosystem and improve its infrastructure, it is poised for further success in the crypto industry.
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