Sui Network Records $593 Million TVL as Wider Market Taps $72.7 Billion
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.
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
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