- Layer-1 chain SUI expands DeFi range, now topping Cardano & Aptos.
- SUI’s native token whips up 135% gains since the beginning of 2024.
- Stablecoin total value locked on SUI sees a 3637% rise, driven by USDC.
The newcomer Sui (SUI) Layer-1 blockchain is making waves in the decentralized finance field with a huge tide of inflows since the beginning of 2024. On New Year’s Day, SUI’s total value locked (TVL) was capped at $211 million. In a month and a half, the capital locked on SUI’s DeFi ecosystem nearly tripled, scorching past $600 million at the time of this publication.
Powered by Move Technology, similar to the competing altcoin Aptos (APT), SUI’s TOP 5 decentralized applications (dApps) all had a double-digit upswing since last week. For example, the Scallop Lend platform inked 19.39% gains, while the collateralized borrowing protocol NAVI yielded 15.67% growth in TVL.
Is SUI Gearing Up to Retest All-Time High?
Despite launching at $2.16 in May 2023, SUI’s market price later crashed to $0.36 on October 19, 2023. The plummeting SUI price worried investors due to frequent token unlocks, but the mainnet still appealed to venture capital investors, as well as autonomous application builders.
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This has contributed to the powerful price boost of 390% since the bottom for SUI, now trading at $1.79, according to CoinGecko. Just 17% down from the all-time high claimed ten months ago, SUI is expected to have a lot of room to grow if the Layer-1’s decentralized ecosystem continues to outperform bigger competitors.
To illustrate, rival altcoins Cardano (ADA) and Aptos (APT) have $411 million and $218 million of capital locked in their dApps. This signifies a rapid growth of SUI’s DeFi ecosystem, as SUI’s global market capitalization is nine times lower than Cardano’s, currently sitting at $21.8bn. Now, it seems like SUI is throwing the gauntlet to Ethereum (ETH), as over $301.3 million was bridged onto SUI from Ether PoS.
Meanwhile, APT encompasses $3.64bn in global market cap, but the total value locked falls far behind both Cardano and Sui at $218 million, according to on-chain data analysis platform DefiLlama. Moreover, SUI’s stablecoin market alone currently stores $316 million, outstripping Apto’s overall TVL by $98 million.
On the Flipside
- SUI’s utter dominance in the DeFi sector against Cardano (ADA) and Aptos (APT) is mostly due to the 3637% weekly upswing in the stablecoin market, 69% of which is dominated by USD Coin (USDC).
Why This Matters
SUI’s blockchain pioneers the sustainable growth of the DeFi ecosystem that’s based on Move Language, originally created by former Meta employees for Meta’s discontinued Diem chain.
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