- Layer-1 chain Sui’s TVL has surged impressively since the start of the year.
- The SUI token recently brushed its previous ATH as it hit a new price milestone.
- Sui has outpaced notable chains in its ongoing TVL rally.
Sui, the newcomer Layer-1 blockchain and digital asset ownership-focused smart contract platform has maintained an upward momentum over the past months, marked by new milestones in token price and Total Value Locked (TVL). Within a year of launch, Sui has recorded remarkable growth, earning a spot among the top-performing chains in the decentralized finance field.
Further solidifying its position, the MOVE technology-powered blockchain has hit a new milestone.
SUI TVL Skyrockets
According to decentralized finance analytics platform DefiLlama on Thursday, March 28, the total value locked (TVL) on Sui has reached an all-time high, surging past $724 million.
Sponsored
This marks a healthy 243% increase from Sui’s New Year’s Day value of $211 million and an approximate 2093% surge in the past six months, securing the chain’s position as the 12th largest in the ecosystem.
Sui has surpassed notable chains, including PulseChain, Aptos, and Cardano, which currently sit at 13th, 14th, and 16th place, respectively, with values of $558 million, $498 million, and $414 million.
Sui’s parabolic run extends to its native token, which also recently clocked a new milestone in price performance.
SUI Briefly Reclaims ATH, Hits New Peg
In the early hours of Wednesday, March 27, SUI stunned the markets with a strong trading kick-off, surpassing the $2 peg for the first time in over five months.
Sponsored
Following a price retest at $2.00, SUI proceeded to surge past its previous all-time high trading price record of $2.16, briefly hitting a 2.1709 mark.
While SUI has since retraced its gains to a current trading price of $2.04, the surge marks a healthy 413% rebound from its October 19, 2023 crash, when the token sharply declined to a low of$0.39.
The native token of the Sui ecosystem currently occupies the 54th spot by global market cap. However, its impressive price performance fuels optimism for its potential to reclaim a position among the top 50.
On the Flipside
- Despite Sui’s TVL’s remarkable growth, it has yet to regain its former top 10 DeFi chain status.
- Sui’s current trading price is an approximate 60% increase from its year-start trading range of $0.70 to $0.77.
- Sui has recently unveiled efforts to advance Web 3 education through a collaboration with the American University of Sharjah.
Why This Matters
The surge in SUI’s TVL solidifies its position among the top chains of the year but also signifies a sustained upward momentum since its launch, charting an optimistic path for the chain, its native token, and the broader ecosystem.
To further understand Sui’s journey to its $700 million TVL milestone, read here:
Sui Surmounts Cardano, Aptos in TVL as DeFi Spurt Escalates
Here’s how SBF and his family aim to mitigate the consequences of his actions:
