Sui ends January with new ATH and soaring DeFi metrics
Sui is eyeing further growth with the development of "internet-less" blockchain network transactions.
Layer1 blockchain network Sui is ending the month as one of the best-performing digital assets, according to CryptoSlate’s top gainers list.
According to the list, SUI gained around 75% during the past 30 days to post a new all-time high of $1.64 on Jan. 30, surpassing its previous high of $1.43 . However, its value has declined 3.5% to $1.58 as of press time.
This price performance reflects the overall improvements the network has enjoyed since the beginning of the year, allowing it to outperform major cryptocurrencies like Bitcoin and Ethereum during the reporting period.
Sui DeFi metrics improve.
The improved price follows Sui’s brief entrance into the top 10 decentralized finance (DeFi) projects in terms of the total value of assets locked (TVL).
According to a Jan. 30 statement shared with CryptoSlate, SUI’s TVL surged past the $430 million milestone less than a year after its mainnet launch. The rapid increase in Sui’s TVL is attributed to various protocols and applications leveraging its strength, including liquid staking platforms, decentralized exchanges, and lending protocols like Scallop Lend, Navi Protocol, and Cetus.
Greg Siourounis, Managing Director of the Sui Foundation, said:
“What we are seeing in these numbers is developers on Sui [are] building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”
Sui
Blockchain DeFi TVL (Source: DeFillama)
The TVL has now risen to $444m as of press time, but it now sits as the eleventh largest DeFi blockchain network, per DeFiLlama data.
In addition to the TVL growth, the network’s on-chain activities have exploded, with weekly DeFi volume rising 1,200% since October 2023.
Despite these achievements, the protocol is poised for further development with co-founder Adeniyi Abiodun revealing that the network aims to introduce internet-less transactions before the end of the year.
Notably, Abiodun’s disclosure aligns with a similar prediction made by Mysten Lab’s co-founder, Kostas Chalkias, who stated:
“I predict that Sui will support internet-less transactions in the next 12 months.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Wintermute’s Aggressive Liquidations Trigger Panic: 5 Cryptos Worth Risking Before Buyers Return to the Market
Once the Federal Reserve starts the rate hike cycle, is "three consecutive hikes" a reasonable expectation?
BMO expects consecutive rate hikes in October and December, with a total of three increases potentially wiping out all rate cut gains for 2025. Vanguard believes "three consecutive hikes" is a reasonable starting point, but the actual number could be as high as six. There are historical exceptions: in 1997, the Federal Reserve raised rates only once and took no further action for the following 18 months. Meanwhile, trillion-dollar debt financing by AI giants, private credit exposure in the insurance industry, and the 10-year U.S. Treasury yield approaching 5% are the most dangerous pressure points in this rate hike cycle.
Goldman Sachs Also Changes Its Tune: The Fed Will Raise Interest Rates Next Week!
Goldman Sachs has shifted from predicting a rate hold to betting on a 25 basis point hike next week, stating that this change is not due to particularly bad inflation data—the August CPI was not perfect, but it wasn’t alarming either. The real key is that hawkish comments from Waller have already shaped market expectations: "If the inflation data isn’t perfect, there will be a rate hike." If the Federal Reserve backs down now, its credibility will suffer a serious blow and long-term interest rates could react sharply and immediately.
Crypto prices
More
