Key points
- Sui Network’s TVL increased to $810.5 million, a 283% increase year-to-date.
- The SUI token price increased by more than 30% last week and is now trading at $1.3.
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The total value locked (TVL) on the Sui network rose to a record $810.5 million on Sept. 19, according to data from DefiLlama. The SUI token also saw significant gains, rising more than 30% over the past seven days, data from CoinGecko shows.
The growth comes despite previous fluctuations in TVL during broader market corrections, with the year-to-date increase being approximately 283% from approximately $211 million.
TVL, indicative of the amount deposited into DeFi protocols for activities such as lending and derivatives, highlights the growing interest in Sui’s offerings.
All three major DeFi protocols on the Sui blockchain have seen gains over the past week. The TVL of the NAVI protocol, a lending protocol on the Sui network, increased by 16.5% to $310 million.
Lending protocol Scallop Lend reached a TVL of $140.5 million, representing an increase of approximately 19.5% week-over-week, while Suilend saw a 14.5% week-over-week increase with over $134 million in TVL.
In addition to the record TVL, Sui has achieved another milestone: its SUI token has been among the best-performing crypto assets over the past seven days. It has surpassed popular memecoins such as PEPE and Aptos (APT) in terms of market capitalization and trading activity.
The SUI token rose from $0.6 to $1.04 after the launch of the Grayscale Suite TrustThe positive momentum was further boosted by the announcement of the upcoming launch of Circle. USDC Integration on the Sui network, causing the price to skyrocket to a new high of $1.18.
SUI is currently trading at $1.3, up more than 13% in the past 24 hours.
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