- Sui Network’s TVL has surged to an all-time high of $897.61 million.
- SUI token’s price rose 61.83% in the past 30 days.
- NAVI Protocol is the top protocol on Sui and NAVX surged 94.19% in the past week.
Sui Network (SUI), a layer-1 blockchain network that is relatively new to the digital asset space, has witnessed a massive growth in its total value locked (TVL) recently, recording a new all-time high (ATH) amid a recovering crypto market.
According to the data from DefiLlama, the TVL of the L1 network rose to a massive $897.61 million, making a new all-time high from a spike in interest and developer activity. The blockchain boasts a stablecoin market cap of $408.78 million, with NAVI Protocol, a modular DeFi platform offering crypto lending services, leads the pack.
NAVI’s TVL jumped a remarkable 34.31% in the past week, including a 7.22% rise in the last 24 hours. The protocol’s native token, NAVX, also saw a massive 94.19% increase in the past week, outperforming most cryptocurrencies, according to CoinMarketCap data .
The surge in SUI’s TVL can likely be traced back to the recent announcement from USDC issuer Circle, confirming the integration of the second-largest stablecoin on the Sui Network. Additionally, the introduction of the Cross-Chain Transfer Protocol (CCTP) enables developers to build cross-chain flows from other chains like Solana and Ethereum.
SUI’s Position and Price Performance
Currently, Sui Network holds the ninth position among blockchains in terms of TVL, trailing behind Polygon, Solana, Ethereum, Avalanche, Base, Arbitrum, BSC, and Tron.
Read also: Sui Network Flips Aptos, Becomes 27th Largest Crypto Asset by Market
Turning to the SUI token itself, CoinMarketCap data shows a market cap of $4.3 billion, ranking it as the 21st-largest cryptocurrency by valuation. In the past 24 hours, the digital asset has soared 12.81%, and at the time of writing, SUI’s price stands at $1.61.
In the past seven days, SUI skyrocketed 49.30% while jumping 61.83% in the past 30 days. The cryptocurrency is off 25.63% from its all-time high of $2.18 witnessed in March this year. Additionally, SUI is up 261.82% since September 2023, solidifying its place as one of the top-performing altcoins this cycle.
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