The SUI blockchain has been experiencing rapid growth since the beginning of 2024, surpassing major players in the decentralized finance (DeFi) space such as Bitcoin and Aptos. The total value locked (TVL) on the SUI network has exploded in the last year, crossing the $360 million mark. While still behind Ethereum and BSC in terms of TVL, SUI has overtaken Bitcoin, Aptos, Kava, Near, and Metis to become the 13th-largest DeFi network.
The DeFi market is making a comeback in 2024 after a period of poor performance. DeFiLlama data shows that after peaking at almost $245 billion in 2022, the market dropped by more than 50%, staying below $70 billion for most of 2023. However, with the improved sentiment in the crypto market, the DeFi TVL has grown from lows of $47 billion in October 2023 to over $72 billion in 2024. This growth is attributed in part to the increased adoption of networks like SUI and the rise in token prices.
Ethereum continues to dominate the majority of the DeFi TVL, with a current TVL of $43.743 billion. Tron and BSC follow as the second and third-largest networks with TVLs of $8.14 billion and $5.41 billion, respectively. SUI’s surge in TVL is a promising sign for the network as it establishes itself as a significant player in the DeFi space. The rise of SUI signals a shift in the dynamics of the DeFi market as smaller networks begin to gain traction and challenge the dominance of established players.
The price of SUI is currently at $0.125, according to data from Tradingview.com. As SUI continues to gain momentum and increase its TVL, its token price is likely to see further growth. The blockchain industry is dynamic and constantly evolving, with newer networks like SUI disrupting the traditional landscape and offering innovative solutions to decentralized finance. With a focus on scalability, security, and user experience, SUI is positioned to attract more users and investors in the DeFi space.
Overall, the rise of SUI in the DeFi market highlights the potential for newer blockchain networks to challenge established players and carve out their own niche. As the industry continues to evolve, networks like SUI will play a crucial role in shaping the future of decentralized finance and driving innovation in the blockchain space. With its rapidly growing TVL and increasing token price, SUI is poised to make a significant impact in the DeFi landscape and capture the interest of investors looking for innovative opportunities in the crypto market.
