Sui Network Achieves New TVL Milestone
Sui Network recently hit a new record-breaking peak (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 between 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.
In addition, the SUI token experienced a whole lot of price fall in October, sliding 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 facilitate 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 fall of the SUI token following the South Korean authorities’ interest has raised concerns between investors. Nonetheless, the Sui Foundation’s strategic decision to reposition resources to facilitate the network’s growth initiatives shows a commitment to long-term development. These developments highlight both the capacity of Sui Network and the challenges it faces in the evolving cryptocurrency landscape.
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