Sui Network Surges with $593 Million TVL as Broader Market Grows
As bullish pressure ignites, the Sui network has recorded a massive spike in transactions and total value locked (TVL) alongside the broader crypto market. New market data from decentralized finance (DeFi) on-chain analytics firm DeFiLlama shows an uptick in volumes from different metrics in the Layer 1 network.
Sui Network Overtakes Rivals
The Sui network has surpassed rivals such as Near, Aptos, and Cardano in terms of TVL as DeFi activity ramps up ahead of rival networks. Despite reports of supply manipulation, which the team denied, Sui regained momentum and saw increased activity due to its high network speed and lower transaction costs compared to major players.
Wider DeFi Market Grows
The growth of the Sui blockchain is part of a larger trend in the DeFi market. The broader market has seen massive inflows since Q4 2023, with DeFi platforms experiencing increased activity across multiple platforms. According to market research from Binance, the total TVL now stands at $72.7 billion, an 11% increase from last week.
Ethereum leads the pack with 59.7% of the market share, followed by Solana and Tron with 15.9% and 12.3%, respectively. The recent spike in activity can be attributed to renewed institutional investors’ interest in the market and the approval of spot Bitcoin ETFs.
Hot Take: Sui Network’s Rise Reflects Broader DeFi Growth 🚀
The Sui network’s surge in transactions and TVL is a testament to the growing popularity of decentralized finance. As a crypto enthusiast, you can take advantage of the Sui network’s efficient and cost-effective features to participate in the expanding DeFi market. With its recent surpassing of rival networks and its strong performance in terms of TVL, the Sui network is positioned for further growth and success in the future.
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