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

Amidst a surge in bullish momentum, the Sui network experienced a significant uptick in transaction activity and Total Value Locked (TVL), mirroring the broader trends across the cryptocurrency market.

Recent market data provided by DeFiLlama, a decentralized finance (DeFi) on-chain analytics firm, highlights an increase in various metrics within the Layer 1 network.

As of February 19th, the TVL on the Sui blockchain surged to $593 million, accompanied by a 24-hour trading volume of $59.56 million. This notable spike in TVL marks a substantial leap from the beginning of the year when it stood at $211 million, indicating substantial inflows into the network during this period.

Over the past 30 days, Sui has recorded a TVL of $310 million, following its previous achievement of handling 6,000 transactions per second in December. This enhanced network efficiency has resulted in the production of over 13.8 million blocks in a single day.

Sui Network Overtakes Rivals

As DeFi activity intensifies across rival networks, the Sui network has surpassed Near, Aptos, and Cardano in Total Value Locked (TVL). This resurgence comes after Sui regained momentum following a token price plunge triggered by reports of supply manipulation, which the team has vehemently denied.

The Sui Foundation reaffirmed its commitment to collaboration with DAXA and its member exchanges, emphasizing full compliance and transparency. They maintain that the circulating supply schedule displayed on their public website and accessible through public API endpoints is accurate.

Last year, amid the frenzy of token inscription, Sui experienced a significant rebound in activity, driven by the network’s high speed and lower transaction costs compared to major players in the market.

Data from Wormhole scan indicates approximately $310 million in inflows from Ethereum to the Sui network over the past 30 days. The network’s overall market capitalization currently stands at $2.12 billion, with its stablecoin figure reaching $309 million.

As of now, the price of the Sui token is $1.81, marking a 1.37% increase in the last 24 hours and a remarkable surge of over 130% since the beginning of the year. In early February, DeFiLlama data revealed the Sui network breaking into the top 10 blockchains in terms of TVL.

Having surpassed the $500 million mark in TVL on February 4th, decentralized applications on the Sui Network have achieved significant gains compared to their competitors.

Wider DeFi Market Grows

The growth of the Sui blockchain is not an isolated occurrence; rather, it reflects a broader trend of significant inflows into the cryptocurrency market since the fourth quarter of 2023. Following a period of bearish sentiment, decentralized finance (DeFi) platforms have witnessed heightened activity across various networks.

According to recent market research conducted by crypto exchange Binance, the total Value Locked (TVL) now stands at $72.7 billion, representing an 11% increase from the previous week.

Ethereum continues to lead the pack with a dominance of 59.7%, followed by Solana at 15.9% and Tron at 12.3%. The resurgence of interest from institutional investors is a key factor driving the recent surge in activity across these platforms.

Moreover, the approval of spot Bitcoin Exchange-Traded Funds (ETFs) has sparked increased inflows into the leading cryptocurrency, impacting both its price and the figures within the DeFi space.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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