SUI Surpasses APT in Trading Volume, Gearing Up to Retest $1

Layer-1 competition escalates as SUI beats APT in total value locked, now eyeing $1 as the next target.

SUI aeroplane leaving behind it's competitor in a pink sky.
Created by Gabor Kovacs from DailyCoin
  • SUI token towers above APT in trading volume, approaching $100M.
  • Whipping up 10.9% daily gains, SUI still trades below key support.
  • Accelerated builder activity hastens SUI’s total value locked (TVL).

The two newcomer Layer-1 blockchain networks Sui (SUI) and Aptos (APT) have both embarked on a double-digit bull run this November. The exponential growth of Sui Foundation’s native $SUI is ignited by the emergence of new decentralized applications on the network.

To illustrate the rapid growth of SUI’s DeFi ventures, Bluefin released a decentralized exchange (DEX) on the SUI blockchain last week. Bluefin DEX has introduced several fresh features for crypto traders, including sub-second trades and wallet-less cryptocurrency trading, making DEX trading accessible to a broader audience.

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On top of that, SUI Layer-1 blockchain technology is now also home to Ribbon Finance’s Aevo decentralized exchange, which offers a wide range of futures trading. Driving demand from long-term investors, SUI’s blockchain topped rival Aptos in trading volume.

In the last 24-hour period, SUI’s trading volume encompasses $99,113,468, while APT’s volume stands at $97,493,984. This serves as a catalyst for measuring SUI’s growing potential, as SUI’s market capitalization is almost four times smaller than that of its rival Layer 1.

Rookie SUI Outpaces APT In DeFi Locked Value

The recently launched DeFi applications on Sui’s blockchain have spearheaded the Layer-1 network to $137.8 million in total value locked (TVL). This on-chain metric affirms the thriving growth of Sui’s DeFi ecosystem, as all TOP 20 decentralized applications on SUI snatched double-digit gains since last week.

In contrast, the competing Layer-1 altcoin Aptos (APT) currently has $63.99 million in total value locked, with $39.47 million of it coming from on-chain stablecoins. In terms of global market cap, SUI blockchain still has a market cap of $565M, despite raising $368 million on launch.

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On the other hand, the pioneer of the Move programming language, Aptos, reached its all-time high market capitalization of $2.93 billion on January 27, 2023. Currently standing at a global cap of $2,035,326,295, Aptos (APT) still has nearly 4 times larger market share than SUI, even though the total value locked (TVL) tells a different story.

On The Flipside

  • While SUI’s total value locked in the decentralized finance area is twice as much as Aptos (APT), the difference in global market capitalization for the two assets can be explained by the cryptocurrency’s market prices.
  • At press time, the #92 ranked SUI trades at $0.576 with a 10.9% upswing in the last 24 hours. Meanwhile, APT, ranked #35, is priced at $7.27 with a 1.7% daily uptick, as both SUI & APT enjoy double-digit gains in the monthly perspective.

Why This Matters

Layer-1 blockchain technology is favored by builders and crypto investors for having far-reaching utility and battle-tested scalability.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.