The SUI blockchain has been ramping up 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 heavy hitters such as Bitcoin and Aptos as SUI begins to leave its mark on the market.
SUI Network TVL Crosses $360 Million
The total value locked (TVL) on the SUI network has completely exploded in the last year. The total value locked on the blockchain was sitting at less than $12 million in the middle of 2024. But now, less than a month into the year 2024, the TVL has already crossed the $360 million mark.
This rapid increase in TVL demonstrates the growing popularity and adoption of the SUI network within the DeFi space. While it still lags behind Ethereum and BSC in terms of TVL, the fact that it has surpassed the likes of Bitcoin and Aptos is a significant achievement for SUI.
It’s important to note that the comparison of TVL between different blockchains does not necessarily indicate the overall superiority of one network over another. Each blockchain has its unique features and use cases, and the TVL is just one metric among many to consider when evaluating the strength and potential of a DeFi network.
DeFi Making A Comeback
After a long stretch of poor performance, the DeFi market looks to be making its comeback in 2024. As DeFiLlama data shows, after the market peaked at a TVL of almost $245 billion in 2022, it dropped more than 50%, spending the majority of 2023 trailing below $70 billion.
However, as crypto market sentiment has improved, so has the DeFi TVL. The TVL has grown from its October 2023 lows of $47 billion to more than $72 billion so far in 2024. This is as a result of the likes of SUI gaining more adoption and their token prices also increasing.
The resurgence of the DeFi market is a promising sign for the overall health of the crypto industry. It indicates renewed interest and confidence in decentralized finance, which could drive further innovation and growth in the coming years.
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