Sui Network’s native token SUI captured significant attention this week as the project’s total value locked (TVL) suddenly vaulted past Bitcoin’s. According to on-chain analytics platform DefiLlama, Sui’s TVL now stands at over $340 million, good for 12th globally amongst all blockchain networks.
Meanwhile, Bitcoin’s TVL has declined to $295 million, coinciding with its recent post-ETF approval price slide.
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Sui TVL Growth Catalyst
A key driver catalyzing growth on Sui appears to be the upcoming integration of the popular DeFi lending protocol Solend, which will launch as a decentralized application on Sui called Suilend.
This integration exemplifies the strong developer activity and dApp growth beginning to build on Sui – unique given its focus on general programmability compared to most “DeFi chains”.
Trader Confidence Growing
The rapid climb in total value locked demonstrates increased confidence amongst crypto traders and developers in committing capital to Sui’s blockchain. This aligns with the breakout in native token SUI’s price this week.
At the time of writing, SUI trades around $1.41 – up over 10% in the past 24 hours and 82% in the past week alone as momentum builds.
Source: CoinStats – Start using it today
Sui’s ability to begin rivaling protocols like Bitcoin for developer activity and total value less than 5 months after its mainnet launch signals the strong product-market fit for its self-custodial layer 1 blockchain specialized for consumer application development. Further growth appears to be a given at this stage.
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