The SUI blockchain has been rising since the year 2024 began, and a natural consequence of this rapid growth is that it has now surpassed some major players in the decentralized finance (DeFi) space. This has put it ahead of heavyweights like bitcoin and Aptos as SUI begins to make its mark on the market.
SUI Network TVL exceeds 360 million dollars
The total value locked (TVL) on the SUI network has become completely exploded in the past year. The total value locked on the blockchain was less than $12 million in mid-2024. But now, less than a month into the year 2024, the TVL has already surpassed the $360 million mark.
While this figure is still far from that of ethereum and BSC, which continue to dominate the DeFi TVL, it puts it ahead of some heavyweights in the game. For example, bitcoin's TVL currently stands at $298.8 million, which means SUI's TVL is much higher than bitcoin's.
On the other hand, another network that is currently behind SUI is Aptos TVL. The Aptos blockchain, which launched to much fanfare in 2022, has a TVL of $133 million. This means that SUI's TVL is more than double that of Aptos.
Other DeFi networks that SUI has preempted include companies like Kava with a TVL of $251 million, Near with a TVL of $94 million, and Metis with a TVL of $124 million. With its TVL figures, SUI is now the 13th largest DeFi network.
SUI price at $0.125 | Source: SUIUSD on Tradingview.com
DeFi returns
After a long period of poor performance, the DeFi market appears to be making a comeback in 2024. As data from DeFiLlama shows, after the market peaked at TVL of nearly $245 billion in 2022, it fell by more than 50%, spending most of 2023 is below $70 billion.
However, as crypto market sentiment has improved, so has DeFi's TVL. TVL has grown from its October 2023 lows of $47 billion to over $72 billion so far in 2024. This is because companies like SUI are gaining more adoption and their token prices are also increasing.
Unsurprisingly, ethereum dominates the majority of this TVL, which currently stands at $43.743 billion. The Tron and BSC networks are the second and third largest, with TVLs of $8.14 billion and $5.41 billion, respectively.
Featured image of The Block, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
