Sui’s TVL overtakes Aptos and Cardano – $310 million inflows in 30 days
Sui’s TVL increased from $211 million at the start of the year to $593 million.
During the same period, SUI rose 131%.
Sui has overtaken Aptos, Cardano, and Near in TVL.
Layer 1 blockchain Sui saw a surge in inflows this month, surpassing Cardano, Near, and Aptos in terms of assets under custody (total value locked: TVL).
TVL has more than doubled since the beginning of the year.
Built by former Meta employees, Sui Network currently holds $593 million in TVL across various decentralized finance (DeFi) protocols. This is more than double the amount compared to $211 million at the beginning of the year. This was revealed using DefiLlama data.
According to data released by wormholescan.io, which tracks the flow of funds through the cross-chain bridge ‘wormhole’, it can be seen that a bridge worth $310 million (approximately 100 billion won) was completed.
Sui was built using Move, a programming language originally developed by Meta to support the Diem blockchain, and is often compared to Aptos, which also uses this language.
SUI recovers from severe decline
Sui got off to a rough start after launching on Binance Launchpad in May last year. Its native token, SUI, plummeted 68% in its first five months of trading. The steepest decline occurred in October, when Sui’s founders were accused of manipulating the token supply (which they quickly denied).
However, Sui made rapid progress as his inscription-related activities increased. Inscriptions are a technology first used in Bitcoin as a type of NFT.
On December 22, Sui generated 13.8 million blocks and hit a peak of 6,000 transactions per second (TPS). According to Sui’s blog post, unlike other layer 1 blockchains like Ethereum, gas prices dropped during high traffic stages. According to Suiexplorer, there are currently 106 validators running 413 nodes to secure the Sui blockchain.
This strengthened developer and investor confidence, causing both the SUI price and on-chain TVL to rise in the following weeks. The two main protocols on the Sui blockchain are the lending platform Scallop Lend and Navi Protocol, both of which have seen their TVL increase four-fold since the beginning of the year.
SUI is currently trading at $1.80, up 131% since January 1st. This figure surpasses the 10% rise of the CoinDesk 20 index, which measures the performance of the entire cryptocurrency market, over the same period.
｜Translation and Editing: Rinan Hayashi ｜Image: DefiLlama ｜Original Article: Sui Overtakes Aptos, Cardano in Value Locked; $310 million inflow confirmed in 30 days
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