The SUI blockchain has been gaining traction since early 2024, and a natural consequence of this rapid growth is that it has now surpassed some of the major players in the decentralized finance (DeFi) space. This puts it ahead of strong players like Bitcoin and Aptos as SUI begins to make its mark on the market.
TVL of SUI network exceeded 360 million dollars
The Total Value Locked (TVL) on the SUI network has increased dramatically over the past year. In mid-2024, the total value recorded on the blockchain was less than $12 million. But now, less than a month into 2024, TVL has already crossed the $360 million mark.
While this figure is still far from the likes of Ethereum and BSC, which continue to dominate DeFi TVL, it is ahead of some of the strong players in the game. For example, Bitcoin's TVL is currently $298.8 million, which means SUI's TVL is much higher than Bitcoin's.
Again, another network that is currently lagging behind SUI is Aptos TVL. Launched to much fanfare back in 2022, the Aptos blockchain is valued at $133 million. This means that SUI's TVL is more than 2 times higher than Aptos'.
Other DeFi networks that SUI has outperformed include Kava with a TVL of $251 million, Near with a TVL of $94 million, and Metis with a TVL of $124 million. Based on TVL metrics, SUI is now the 13th largest DeFi network.
SUI price is $0.125 |Source: SUIUSD on Tradingview.com.
DeFi is back
After a long period of poor performance, the DeFi market looks set to make a comeback in 2024. After peaking at nearly $245 billion in TVL in 2022, the market has fallen more than 50%, spending most of 2023 below $70 billion, DeFiLlama data shows.
However, as sentiment in the cryptocurrency market improved, so did DeFi TVL. TVL has risen from an October 2023 low of $47 billion to more than $72 billion in 2024. This is a result of cryptocurrencies such as SUI becoming more widespread and their token prices rising as well.
As expected, Ethereum dominates most of this TVL, with its value currently standing at $43.743 billion. The Tron and BSC networks are the second and third largest with TVL of $8.14 billion and $5.41 billion respectively.