- The native token of the Sui ecosystem is experiencing a resurgence.
- Sui recently achieved a new expansion record.
- The Sui ecosystem is growing with significant developments..
Sui, a Layer 1 blockchain, has been on a positive trajectory in recent months, highlighted by a series of integrations and expansions. Despite having to navigate significant obstacles earlier this year, the network has maintained its momentum, having recently celebrated its first-year milestone.
This growth is now leading to impressive gains across the ecosystem.
Sui has seen strong gains in TVL and token value.
This month has been a particularly important one for Sui, marked by a series of positive developments. According to blockchain analytics platform DefiLlama, on Monday, September 23, 2024, Sui’s total locked value (TVL) exceeded $900 million.
The current figure reflects significant value growth, up from the $350 million range just a month ago. At the time of writing, Sui’s TVL stands at an impressive $920 million, putting it in the 8th largest chain by overall TVL.
Reflecting the surge in TVL, Sui’s native token has also seen significant growth. The token has surged from its previous price range of $1.30 to $1.6 last week, gaining around 39% in just 7 days.
SUI has since re-established its upward momentum and settled at its current trading price of $1.55, but this rally is a rebound from months of poor performance that began after it dropped below its all-time high of $2.17 reached in early March.
Sui’s victory is not isolated, and builds on recent positive developments within the ecosystem.
Sui Welcomes USDC Amid Continued Expansion
On September 17, 2024, Sui announced that it would integrate Circle’s USDC, the second largest stablecoin, and Cross-Chain Transfer Protocol (CCTP) on the network.
The integration is expected to increase the usability of the network, enhance security, and improve interoperability for users and developers. By introducing USDC, Sui will further solidify its position as a dynamic network by providing more liquidity to the ecosystem, streamlining transactions, and improving market efficiency.
Asset management firm Grayscale has also leveraged this ecosystem for its recent trust expansion. In August 2024, the company launched the Grayscale Sui Trust, which focuses on investing in native SUI tokens.
Other expansions in recent months include the integration of FDUSD, the ecosystem’s first 1:1 stablecoin, which the network announced in early April.
On the other side
- Despite the recent price surge, SUI still remains about 28% below its all-time high.
- In May 2024, Sui Network faced allegations of suspicious token distribution, but the network Rejected This claim is false.
Why this matters
The recent uptrend in SUI’s native token and TVL (Total Value Locked) reflects the positive growth of the ecosystem, and if the upward trend continues, the network can generate greater profits.
Read this article to learn more about SUI’s past struggles.
Sui’s TVL Drops 30% as Token Drops Below $1.50
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