- The SUI token has given up its gains during the ongoing market rally.
- SUI is currently fluctuating between a price range of $1.50 to $1.55.
- Sui has recently unveiled a lending protocol for developers in its ecosystem.
SUI, the native token of the Layer-1 blockchain and smart contract platform Sui, has demonstrated an impressive price performance over the past weeks, mounting double-digit gains amid the ongoing Bitcoin-led market rally.
However, unlike most, the native token has experienced difficulty in maintaining its gains, slipping back from its price highs into a stagnant level of $1.5.
SUI Price Wavers
According to SUI’s price performance today, the token has recorded a 1.13% decrease in the past 24 hours, extending its downward performance throughout the week.
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Currently trading at $1.55, the SUI token is down approximately 21% from its highest trading rate of $1.9 in the ongoing market rally, resulting in its displacement from the top 50 by global market cap.
The ongoing price decline has dampened the initial optimism for SUI to maintain its positive momentum and reclaim its all-time high trading price of $2.16, contrasting the bullish sentiment trending across the industry.
Sui’s slip in price coincides with the blockchain’s loss of its TOP 10 spot by Total Value Locked (TVL), now positioned at the 14th place. However, despite the token’s underperformance, the Sui ecosystem has recently celebrated new developments.
Sui Integrates Lending Protocol
On Monday, March 11, Sui welcomed Suilend, a DeFi lending and borrowing market for developers in the Sui ecosystem.
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This marks the lending protocols out of Solend’s first venture outside the Solana ecosystem, coming on the heels of Sui’s milestone record of over $500 million in Total Value Locked (TVL).
The Move programming language-based project will enhance blockchain-building tools for developers by capitalizing on Sui’s advanced capability and security features and Solend’s support for more than 70 assets.
Sui has witnessed a migration of over $310 million from Ethereum to its ecosystem over the past month, eclipsing all other blockchain transfers combined.
