Sui Network Achieves New TVL Milestone
Sui Network recently hit a new all-time high (ATH) in total value locked (TVL) assets, reaching $160.2 million, as reported by Dropstab. TVL represents the total amount of assets locked in blockchain smart contracts. According to the infographic, Cetus Protocol maintains its lead among third-party network projects with a 30.2% share and a TVL of $48.4 million.
The data from DeFiLlama was used to compile the infographic, but it appears that Dropstab did not account for the assets in certain protocols, such as Aftermath Finance and Sui Pearl, affecting the accuracy of the TVL figures.
Additionally, the SUI token experienced a significant price drop in October, falling to $0.36 from its ATH of 82.4%. The negative trend has continued, particularly after news of South Korean authorities’ interest in the Sui Foundation.
Shortly before this, the Sui Foundation retracted 117 million SUI Tokens from external market makers to support the network’s development and growth initiatives without affecting the circulating supply.
Hot Take: Sui Network’s TVL Growth and Token Price Movement
Sui Network’s achievement of a new ATH in TVL demonstrates its progress, though discrepancies in reported figures raise questions about the accuracy of the data. The recent price drop of the SUI token following the South Korean authorities’ interest has raised concerns among investors. However, the Sui Foundation’s strategic decision to reposition resources to support the network’s growth initiatives shows a commitment to long-term development. These developments highlight both the potential of Sui Network and the challenges it faces in the evolving crypto landscape.
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