Despite underwhelming market performance, Sui cryptocurrency emerges as a DeFi liquidity leader since its May debut.
In May, the Sui cryptocurrency made its debut on the marketplace. Its price performance is poor, to the point where it is less than the other cryptocurrencies, but it is accumulating a lot of liquidity in the DeFi space.
The Sui cryptocurrency’s price trend
Sui’s starting price was approximately $1.29, but on launch day, it immediately increased to an all-time high of $1.72.
But from that point on until October, it essentially did nothing but fall, with a loss of about 70% in just five months.
However, following its October 20th low, it had a tepid recovery, most likely as a result of the overall expansion of the cryptocurrency markets.
Since then, it has increased by 75% overall, to 0.63%. Although there has been a notable recovery, the value is still 62% lower now than it was at the beginning of May.
It has gained 21% in the previous 30 days, which is more than Ethereum (+19%) and somewhat less than Bitcoin (+26%).
Put differently, it started tracking the overall direction of the cryptocurrency markets toward the end of October, but during its first five months on the market, it had a declining tendency. This implies that while the debut price was high, it has since fully stopped being high.
Availability of liquid assets
Some of individuals involved in the Diem project at Meta are the creators of Sui, a Layer 1 blockchain. On its USDC bridge, it crossed the $100 million mark this week.
Sui’s total TVL has increased to $176 million at this time, ranking it as the sixteenth largest blockchain globally DeFi. This is an extremely impressive outcome considering the project was started less than a year ago.
It is sufficient to note that, from this vantage point, it has outperformed long-running projects like MultiverseX (previously Elrond), DeFiChain, PulseChain, Klaytn, Celo, and even EOS.
It is currently not far from Cardano, one of the top 10 cryptocurrencies in the world, which TVL is in twelfth place with 305 million dollars, and Kava (238 million dollars). If its growth rates remain steady, Sui will beat Cardano for TVL DeFi.
Sui is now in the top 25 blockchains for daily transaction volume and among the top 15 for weekly volume, all under the DeFi domain.
Sui’s cryptocurrency network
The Sui blockchain’s growing ecosystem is the cause of this expansion.
Actually, seven of its decentralized ecosystem’s projects have TVL values greater than $10 million, and eleven have TVL values greater than $2 million.
Additionally, a fresh round of funds worth $500,000 was awarded in November for projects advancing on the Sui network, with a focus on initiatives prepared to encourage the uptake of Sui and its DeFi ecosystem.
Sui has strengthened the dependability and security of its environment last week.
furthermore disclosed a financial investment in Web3 security companies OtterSec and Zellic, granting access to premium auditing services for autonomous ecosystem initiatives.
Greg Siourounis, CEO of Sui Foundation, stated:
“Surpassing $100 million in stablecoin bridgegate represents another significant moment for Sui in DeFi and is a clear example of the remarkable success of the Sui community’s efforts to build a versatile and accessible ecosystem. Coupled with the network’s recent increase in TVL, as well as performance metrics that show Sui operating at the forefront of web3 technology, this milestone positions Sui as a force driving the next generation of DeFi.”