Sui ends January with new ATH and soaring DeFi metrics Sui ends January with new ATH and soaring DeFi metrics
Sui is eyeing further growth with the development of "internet-less" blockchain network transactions.
2 min read
Updated: Jan. 31, 2024 at 2:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Layer1 blockchain network Sui is ending the month as one of the best-performing digital assets, according to CryptoSlate’s top gainers list.
According to the list, SUI gained around 75% during the past 30 days to post a new all-time high of $1.64 on Jan. 30, surpassing its previous high of $1.43. However, its value has declined 3.5% to $1.58 as of press time.
This price performance reflects the overall improvements the network has enjoyed since the beginning of the year, allowing it to outperform major cryptocurrencies like Bitcoin and Ethereum during the reporting period.
Sui DeFi metrics improve.
The improved price follows Sui’s brief entrance into the top 10 decentralized finance (DeFi) projects in terms of the total value of assets locked (TVL).
According to a Jan. 30 statement shared with CryptoSlate, SUI’s TVL surged past the $430 million milestone less than a year after its mainnet launch. The rapid increase in Sui’s TVL is attributed to various protocols and applications leveraging its strength, including liquid staking platforms, decentralized exchanges, and lending protocols like Scallop Lend, Navi Protocol, and Cetus.
Greg Siourounis, Managing Director of the Sui Foundation, said:
“What we are seeing in these numbers is developers on Sui [are] building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”
The TVL has now risen to $444m as of press time, but it now sits as the eleventh largest DeFi blockchain network, per DeFiLlama data.
In addition to the TVL growth, the network’s on-chain activities have exploded, with weekly DeFi volume rising 1,200% since October 2023.
Despite these achievements, the protocol is poised for further development with co-founder Adeniyi Abiodun revealing that the network aims to introduce internet-less transactions before the end of the year.
Notably, Abiodun’s disclosure aligns with a similar prediction made by Mysten Lab’s co-founder, Kostas Chalkias, who stated:
“I predict that Sui will support internet-less transactions in the next 12 months.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Sui (SUI) is a delegated proof of stake (DPoS) layer 1 blockchain based on the Move programming language.
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