Sui Network TVL soars to record high, SUI price up 30%

Mila September 19, 2024

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Key Takeaways

Sui Network’s TVL surged to $810.5 million, a 283% increase year-to-date.
SUI token price increased by over 30% in the past week, now trading at $1.3.

The total value locked (TVL) on the Sui Network surged to a record of $810.5 million on September 19, according to data from DefiLlama. The SUI token also reported major gains, rising over 30% in the last seven days, CoinGecko’s data shows.

Sui Network TVL soars to record high, SUI price up 30% — Source: DefiLlama

The growth comes despite previous TVL fluctuations during broader market corrections, with a year-to-date increase of approximately 283% from about $211 million.

TVL, indicative of the amount deposited into DeFi protocols for activities such as lending and derivatives, highlights growing interest in Sui’s offerings.

All three leading DeFi protocols on the Sui blockchain have seen gains over the past week. The TVL of the NAVI Protocol, a lending protocol on the Sui Network, increased by 16.5% to $310 million.

The Scallop Lend lending protocol achieved a TVL of $140.5 million, representing an increase of approximately 19.5% weekly, while Suilend saw a weekly increase of 14.5% with over $134 million in TVL.

In addition to the TVL record, Sui has notched another achievement as its SUI token has been among the top-performing crypto assets in the last seven days. It has outperformed popular memecoins like PEPE and Aptos (APT) in terms of market capitalization and trading activity.

The SUI token climbed from $0.6 to $1.04 following the launch of the Grayscale Sui Trust. The positive momentum was later fueled by the announcement of Circle’s upcoming integration of USDC into the Sui Network, which sent the price soaring to a new high of $1.18.

SUI is now trading at $1.3, up over 13% in the past 24 hours.