As bullish pressure ignites, the Sui network recorded a massive spike in transactions and TVL alongside the broader crypto market.
New market data from decentralized finance (DeFi) on-chain analytics firm DeFiLlama shows an uptick in volumes from different metrics in the Layer 1 network.
On Feb 19, the total value locked (TVL) on the Sui blockchain soared to $593 million with a 24-hour volume of $59.56 million. This remarkable rise in TVL comes as the network started the year at $211 million before posting massive inflows in that period.
In the last 30 days, Sui has recorded $310 million in TVL after it previously tapped 6,000 transactions per second in December. This increased network efficiency led to over 13.8 million blocks produced in a day.
Sui Network Overtakes Rivals
The Sui network has moved past Near, Aptos, and Cardano in terms of TVL as DeFi activity ramps up ahead of rival networks. Sui has regained momentum after the token plunged following reports of supply manipulation, which the team denied.
“…In addition, the Sui Foundation has and remains committed to cooperating with DAXA and its member exchanges in the spirit of full compliance and transparency. The circulating supply schedule displayed in the Sui Foundation public website and available through the public API endpoints is accurate.”
The token rebounded during the inscription craze last year and saw lots of activity because of the high speed of the Sui network and the lower transaction costs compared to major market players.
Data from Wormhole scan shows about $310 million in inflows from Ethereum to the Sui network in the past 30 days. The overall market capitalization stands at $2.12 billion, while its stablecoin figure is at $309 million.
At press time, the price of Sui token sits at $1.81, up 1.37% in the last 24 hours, and has surged over 130% since the start of the year. In early February, data from DeFiLlama shows the Sui network breaking into the top 10 blockchains in terms of TVL.
Breaking past $500 million in TVL on Feb 4, Sui Network’s decentralized applications notched massive gains compared to competitors.
Wider DeFi Market Grows
Sui blockchain’s growth is not a singular event, as the broader market has seen massive inflows since Q4 2023. Coming off a bear market, DeFi platforms have recorded increased activity across multiple platforms.
A recent market research from crypto exchange Binance shows the total TVL at $72.7 billion, an 11% increase from last week.
Happy Friday! #Binance Bytes is an initiative by the Research team to provide a quick round-up of the week. Highlights 🧵: pic.twitter.com/oQ8FUKtxyd
— Binance Research (@BinanceResearch) February 16, 2024
Ethereum leads the pack with 59.7%, while Solana and Tron follow with 15.9% and 12.3% respectively. Renewed institutional investors’ interest in the market is a dominant reason for the recent spike in activity.
The approval of spot Bitcoin ETFs has sparked inflows into the top asset, affecting the overall market in price and DeFi figures.