Sui, a layer 1 blockchain built by former Meta employees, has witnessed a dramatic surge in total value locked (TVL) this month.
Sui, a layer 1 blockchain built by former Meta employees, has witnessed a dramatic surge in total value locked (TVL) this month. TVL on the network has more than doubled, surpassing Cardano, Near, and Aptos to reach an impressive $593 million. Data from DeFiLlama reveals that capital locked in various DeFi protocols on Sui has skyrocketed from $211 million at the beginning of the year. A significant contributor to this growth is the influx of $310 million from Ethereum over the past 30 days, facilitated by the cross-chain bridge Wormhole.
Comparisons are often drawn between Sui and Aptos, both utilizing the Move programming language developed by Meta for the Diem blockchain. However, Sui's initial launch on Binance's launchpad in May 2023 was turbulent, with the SUI token plummeting 68% in its first five months. Accusations of token manipulation by the founders further dented confidence in October.
Despite these early challenges, Sui's network performance further bolstered investor confidence. On December 22, the blockchain processed 13.8 million blocks with a peak transaction rate of 6,000 per second. Notably, gas prices remained low even during this period of high traffic, contrasting with experiences on other layer 1 networks like Ethereum. Currently, 106 validators operate 413 nodes, securing the Sui network.
SUI has gained over 55% in the past month, and is currently trading at $1.74 with a market capitalization of over $2 billion.
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