SUI Network has hit a new milestone, as announced on their official page on Sunday, 29th September. According to the blockchain, the network has now reached a total of $1 billion in total value locked. This feat was achieved in less than two years of operating on its mainnet.
Total Value Locked (TVL) is used to describe the total value of digital assets that are staked or locked in a decentralized system. This could also increase users’ trust in an ecosystem, as higher TVL could mean investors see the platform as trustworthy.
This SUI success has been attributed to the community for their engagement and support, the various projects that have partnered with SUI during this period, and the numerous builders and developers in the ecosystem.
The SUI team also believes that the network is growing strong as the community continues to expand.
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Quinten, Co-founder of @WeRate_official, acknowledged the strength of the network and how well the price is performing. He mentioned that SUI is only 25% away from its all-time high as it is currently trying to break one last resistance before attempting to reach the all-time high.
The top analyst acknowledged the network’s strength, saying that SUI has been one of the strongest altcoins in the past few months. The analyst’s SUI holdings have almost doubled since he bought the token.
The price of SUI has been rising since the beginning of September, having more than 130% increase since then with little to no retracement, showing the strength of the ecosystem. The increase in total value locked could also demonstrate investors’ trust in the ecosystem, and this could continue to help prices in the long run.
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