Sui token price continued its strong comeback as investors cheered the growth of its ecosystem. The token jumped to a high of $0.5400 on Wednesday, the highest point since August. It has jumped by more than 45% from the lowest point this year.
Sui is a blockchain project that was launched a few months ago. It is a smart contract platform that competes with the likes of Ethereum, Solana, Avalanche, and Tron. It has fast execution speeds, low transaction costs, and high throughput.
Sui has made several important milestones in the past six months. For one, it has attracted developers across all industries in the blockchain industry. Most of its success has been in the Decentralized Finance (DeFi) industry.
Data compiled by DeFi Llama shows that the network’s Total Value Locked (TVL) has surged to over $100 million in the past few months. Most of this TVL is in Cetus, a Decentralized Exchange (DEX) in both Sui and Aptos.
Cetus has a TVL of over $32 million and is quickly becoming a popular DEX protocol. In a statement last week, the developers noted that they had achieved over $700 million in cumulative trading a few months after launch. Its biggest daily trading volume happened recently, when it handled over $17 million.
The other biggest players in the Sui ecosystem are Scallop Lend, NAVI Protocol, KriyaDEX, and Turbos. Scallop and NAVI are lending protocols while KriyaDEX is a decentralized exchange
Meanwhile, the number of Sui wallets has exploded, reaching over 8 million in the past few months. Also, the bridged stablecoins has jumped to over $100 million while the volume of Sui has jumped by 67% to over $104 million.
Therefore, there is evidence that Sui is having strong growth in a highly competitive industry. It competes with both old blockchains like Ethereum, Tron, BNB Chain, and Avalanche. It also competes with newer blockchains like Kava, Celo, Aptos, and PulseChain.
