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Market News In DeFi Capital Locked, Sui Surpasses Cardano, Near, and Aptos, and the SUI Token Rises 131%

In DeFi Capital Locked, Sui Surpasses Cardano, Near, and Aptos, and the SUI Token Rises 131%

Capital inflows and token value have increased on Sui, a Layer 1 blockchain network founded by former Meta employees, due to its high performance, low gas fees, and expanding DeFi ecosystem.

TOP1 Markets Analyst

2024-02-20

8269

As per CoinDesk, Sui, a Layer 1 blockchain, has surpassed Cardano, Near, and Aptos in terms of total value locked (TVL) on decentralized finance (DeFi) protocols and received a substantial increase in inflows this month. According to DefiLlama data, the network, which was established by former Meta employees, has accumulated more than $593 million in secured capital across multiple DeFi protocols. This figure is more than double the network's total of $211 million at the start of the year. According to data from wormholescan.io, $310 million has been transferred from Ethereum to Sui over the past 30 days.

Sui is frequently likened to Aptos due to their shared development on Move, an initial Meta development language designed for the Diem blockchain. Following a period of instability subsequent to its initial public offering on Binance's launchpad in May of the previous year, Sui regained its stability subsequent to a surge of activity associated with inscriptions. Maximum transactions per second (TPS) reached 6,000 on December 22, when Sui generated 13.8 million blocks. As opposed to other Layer 1 cryptocurrencies such as Ethereum, gas prices decreased during this period of significant traffic, per a Sui blog post.

Suiexplorer reports that 106 validators are currently operating 413 nodes to secure the Sui blockchain. In the weeks that followed, this increased the confidence of both developers and investors, resulting in a rise in the price of SUI tokens and on-chain TVL. Scallop Lend and Navi Protocol, two lending platforms whose TVL has each quadrupled since the start of the year, are the two largest protocols on Sui. Since January 1, the SUI token has appreciated by 131%, reaching $1.80. This outperformance surpasses that of the CoinDesk 20 index, which has gained 10% during the same time frame.