- Crypto exchange Bybit is accelerating SUI’s growth by integrating into its Launchpool.
- Sui has been expanding with key integrations and increased adoption.
- The SUI token has recently broken through a long-standing resistance level.
The Layer 1 blockchain Sui has seen impressive growth in recent months, riding on a positive trajectory that has translated into upticks across the ecosystem. From smashing the $1 billion mark in Total Value Locked (TVL) to bagging new integrations, the growth has positioned Sui as a top-performing blockchain.
In the latest boost to the momentum, Bybit and Sui have integrated to accelerate growth further.
Bybit Supercharges SUI with Launchpool Boost
Crypto exchange Bybit has announced the latest expansion to its Launchpool platform: the introduction of the SUI token pool. According to a recent release, the integration positions SUI as Bybit’s first-ever ecosystem native token pool.
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The newly launched pool will allow users to stake SUI and earn rewards, potentially enhancing liquidity and increasing demand for the native token. Bybit acknowledged SUI’s strong performance in recent months, noting its upward momentum and increasing market relevance.
Commenting on the expansion, Bybitโs Head of Spot and Web3, Emily Bao, emphasized, โWe believe that a healthy ecosystem and high-quality projects are key drivers for attracting new users and propelling industry growth.โ
Bybitโs integration of the native token will also allow users to better engage with it, further strengthening its ecosystem and positioning it for continued success in the blockchain industry.
In response to the news, the SUI token recorded a major uptick.
SUI Smashes $2 Following Months of Struggle
The integration of SUI into Bybitโs Launchpool has revitalized the native token, triggering an uptick that saw it break through a months-long price resistance.
Previously hovering below $1.9, SUI climbed approximately 12% within a few hours, recording a new seven-month high trading price of $2.13. The uptick marks the token’s first major surge in a long while since falling below its all-time high of $2.17 in March 2024.
While the token has since readjusted its gains to trade at a more moderate price of $2.02, its current value still represents a 4% increase in the last 24 hours and over 7.5% in the past week.
SUIโs trading volume also surged an impressive 76% in the last 24 hours, and at press time, its market capitalization is $5.6 billion.
On the Flipside
- Beyond SUI, Bybit is prepared to introduce more ecosystem token pools to drive industry growth further.
- In August 2024, asset manager Grayscale added the SUI Trust to its investments products suite.
- In recent months, Bybit has established a strong foothold in various regions, obtaining regulatory approvals in places such as Dubai and Kazakhstan.
Why This Matters
Bybitโs integration of SUI into its Launchpool strengthens the ecosystem’s ongoing positive trend, setting the stage for further growth and success.
Learn more about Bybitโs global expansion here:
Bybit Secures VASP License & Boosts Argentinian Crypto Adoption
The United States has set its sights on seizing illicit gains acquired by the notorious hacker group Lazarus; read more:
U.S. Seeks to Seize $2.67M Stolen by North Koreaโs Lazarus Groupย
