In a significant milestone, Sui Network’s Layer 1 Total Value Locked (TVL) has surged to an all-time high of $160.2 million, as reported by the crypto aggregator DropsTab. This achievement solidifies Sui’s position in the blockchain space, reflecting the total value of assets secured within its smart contracts.
Cetus Protocol maintains its dominance among third-party network projects, commanding a substantial 30.2% share and a TVL of $48.4 million, as depicted in the accompanying infographic sourced from DeFiLlama. However, the DeFiLlama chart provides a distinct TVL figure, hinting at potential disparities in asset evaluation methodologies.
This disparity brings about an insightful analysis that reveals that Dropstab’s data may not encompass assets from certain protocols, including the decentralized exchange Aftermath Finance and the profitability aggregator Sui Pearl. This omission may explain discrepancies in reported TVL figures.
Despite these achievements, Sui Network faces challenges, exemplified by the October dip in the SUI token price to $0.36, marking an 82.4% drop from its all-time high. The Foundation recently undertook a strategic initiative, reclaiming 117 million SUI tokens from external market makers. Redirecting these tokens aims to bolster Sui Network’s development and support various growth initiatives without impacting the circulating supply.
A recent tweet by Sui Network on November 2 announced the surpassing of $80 million in TVL, a feat achieved just four days after surpassing the previous $70 million ATH. Continuing the momentum, on November 4, Sui hit another substantial TVL milestone, locking in approximately $84 million on-chain.
However, the surge in TVL isn’t the sole narrative for Sui Network. Reports from August indicate that the network broke the record for the highest number of transactions in a 24-hour period, boasting 937.57 million total transactions and 65.8 million transactions in a single day.
Additionally, the Sui Liquid Staking Hackathon concluded with hundreds of projects competing for a prize pool of 25 million in delegated staked SUI and $125,000 USD in SUI tokens. Sui Network’s global footprint expanded with community events in seven Sui Builder Houses around the world.
These developments align with Sui Network’s diversified portfolio, including the launch of zkLogin for frictionless onboarding to Web3 and the Play Beyond hub, positioned as the gateway to gaming on the Sui platform.
