Sui Network TVL Hits All-Time High as SUI Token Surges 30%

The Sui Network has achieved a significant milestone, with its total value locked (TVL) surging to a record $810.5 million as of September 19, according to DefiLlama. This surge in TVL, which reflects the amount of assets deposited into decentralised finance (DeFi) protocols, marks a substantial year-to-date increase of approximately 283% from around $211 million.

Source: DefiLlama

Record TVL and Rising SUI Token Value

The impressive growth in TVL comes despite broader market fluctuations and corrections. The SUI token has mirrored this success, experiencing a notable increase of over 30% in the past week, as reported by CoinGecko.

Leading Protocols Contributing to Growth:

• NAVI Protocol: The leading lending protocol on the Sui Network saw its TVL rise by 16.5%, reaching $310 million.
• Scallop Lend: Another prominent lending protocol, Scallop Lend, achieved a TVL of $140.5 million, marking a weekly increase of about 19.5%.
• Suilend: This protocol experienced a weekly increase of 14.5%, bringing its TVL to over $134 million.

Token Performance and Future Prospects

In addition to the TVL record, the SUI token has become one of the top-performing cryptocurrencies over the past week. Its price climbed from $0.60 to $1.04 following the launch of the Grayscale Sui Trust and further surged to a high of $1.18 due to the anticipated integration of USDC by Circle into the Sui Network.

Source: CoinGecko

Currently, SUI is trading at $1.30, reflecting an over 13% increase in the past 24 hours. This uptick in both TVL and token value highlights growing investor confidence and interest in the Sui Network's offerings and its potential within the DeFi ecosystem.