According to data, Layer 1 blockchain network Sui became one of the best-performing digital assets at the end of the month encrypted slate List of top gainers.
According to the list, SUI has risen about 75% in the past 30 days and hit an all-time high of $1.64 on January 30, surpassing its previous high of $1.43. However, its value has fallen 3.5% to $As of press time, it was 1.58.
This price performance reflects the network’s overall improvement since the start of the year, allowing it to outperform major cryptocurrencies such as Bitcoin and Ethereum during the reporting period.
Sui DeFi indicators have improved.
Prior to the price increase, Sui briefly entered the top 10 decentralized finance (DeFi) projects by total value locked (TVL).
According to a statement shared on January 30 Encryption SlateLess than a year after the launch of the mainnet, SUI’s TVL soared to a milestone of $430 million. Sui TVL’s rapid growth has been attributed to various protocols and applications leveraging its strengths, including liquidity staking platforms, decentralized exchanges, and lending protocols such as Scallop Lend, Navi Protocol, and Cetus.
Greg Siourounis, Managing Director of the Sui Foundation, said:
“What we see in these numbers are Sui developers [are] Build products that people use to solve real-world challenges. This dynamic will form the basis of a sustainable decentralized web and continue into the future. “
At press time, TVL has now risen to $444 million, but according to the data, it is now the 11th largest DeFi blockchain network Defilama data.
In addition to TVL growth, the network has also seen explosive growth in on-chain activity, with weekly DeFi transaction volume increasing by 1,200% since October 2023.
Despite these achievements, the protocol is expected to grow further with co-founder Adeniyi Abiodun reveal The network aims to introduce internet-free transactions by the end of the year.
Notably, Abiodun’s disclosure is consistent with similar predictions made by Mysten Lab co-founder Kostas Chalkias. pointed out:
“I predict Sui will support internet-less transactions within the next 12 months.”
