Sui Network TVL Soars to Record High, SUI Price Up 30%

The total value locked (TVL) on the Sui Network surged to a record $810.5 million on September 19, according to DefiLlama data. The SUI token has also seen significant gains, up more than 30% over the past seven days, according to CoinGecko data. Despite previous TVL fluctuations during broader market corrections, the year-to-date gains have been around 283% from around $211 million.

TVL, which indicates the amount deposited into DeFi protocols for activities like lending and derivatives, highlights the growing interest in Sui’s offerings. All three leading DeFi protocols on the Sui blockchain have seen gains over the past week. The TVL of NAVI, a lending protocol on the Sui network, has increased 16.5% to $310 million. Lending protocol Scallop Lend has reached $140.5 million in TVL, representing a roughly 19.5% weekly increase, while Suilend has seen a 14.5% weekly gain with over $134 million in TVL.

In addition to its record TVL, Sui has achieved another milestone: its SUI token has been among the best-performing crypto assets over the past seven days. It has surpassed popular meme coins like PEPE and Aptos (APT) in terms of market cap and trading activity. The SUI token has surged from $0.6 to $1.04 following the launch of Grayscale Sui Trust. The positive momentum was later reinforced by Circle’s announcement of USDC’s upcoming integration into the Sui Network, sending the price soaring to a new high of $1.18. At the time of writing, SUI is trading at $1.3, up over 13% in the past 24 hours.

Image: Forkast News

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