Sui Soars, Overtakes Competitors

Despite initial challenges and accusations, Sui regained momentum, with its native token price and on-chain TVL increasing.

This month, layer 1 blockchain, Sui, has witnessed a significant surge in inflows, surpassing Cardano, Near, and Aptos in terms of total value locked (TVL).

According to DefiLlama data, the network, which former Meta (META) employees constructed, now has more than $593 million in locked capital across various decentralized finance (DeFI) protocols, which is more than double its total of $211 million at the beginning of the year.

According to information released by wormholescan.io, an organization that monitors the movement of funds via the cross-chain bridge Wormhole, Ethereum has bridged $310 million to the blockchain over the last thirty days.

Sui and Aptos are frequently compared because both are constructed using Move, an initial meta-development designed to enable the Diem blockchain.

In May last year, the blockchain made its debut on Binance’s launchpad to an acrimonious reception. The value of its native token, plummeted 68% during the initial five months of trading.

This culminated in October, when the founders of Sui were accused of manipulating the supply of tokens, accusations that they immediately refuted.

However, following a surge of activity about inscriptions, the blockchain quickly regained his footing. Inscriptions, which debuted during the recent NFT phase of Bitcoin, enable the non-contractual recording of arbitrary data on the blockchain.

Maximum transactions per second (TPS) reached 6,000 on December 22, when the blockchain generated 13.8 million blocks—as opposed to other layer 1 cryptocurrencies such as Ethereum, gas prices decreased during this period of significant traffic, per a Sui blog post.

Suiexplorer reports that 106 validators are responsible for 413 nodes to protect the blockchain.

Sui’s Impressive Growth and Performance

The subsequent weeks witnessed an increase in the price of SUI tokens and on-chain TVL, reflecting the boosted confidence of investors and developers.

Scallop Lend and Navi Protocol, the two most extensive protocols on the blockchain, are lending platforms whose TVL has quadrupled since the beginning of the year.