Ethereum Rival Soars Over 40% in a Week As the Crypto Project’s Total Value Locked Hits Record High

A rival of the leading smart contract platform by volume is soaring as the protocol’s total value locked (TVL) hits a new all-time high.

In a new announcement, Ethereum (ETH) competitor and layer-1 blockchain Sui Network (SUI) says that its TVL has surged by 500% during the last three months and a staggering 1350% during the last six months.

According to new data from market intelligence platform Defi Llama, the TVL of SUI is currently sitting at $283.5 million. On August 1st, that figure was just over $13 million.

The spike in TVL over the last six months also had an impact on the digital asset’s price, as SUI shot up to $1.18 at time of writing, an 18.7% gain during the last 24 hours and a 100% increase since December 18th, when it was moving for $0.59.

Recently, SUI announced a new partnership with crypto-based telecom firm Karrier One. In an accompanying blog post, Karrier One says that collaboration will strengthen its decentralized physical infrastructure networks (DePIN), its universal phone number system (KNS), and its decentralized wireless (DeWi) technology.

“In collaboration with [the] Sui Foundation, Karrier One is extremely proud to announce a monumental partnership that marks a significant leap in integrating advance telecommunications with Web3 capabilities. We have received a significant investment from Sui Foundation to propel the development of our DePIN technology, and more specifically, KNS…

Karrier One DeWi will be powered by the Sui blockchain. This includes the future KONE token, which will be able to be earned through various activities on our network.”

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Featured Image: Shutterstock/Marinamiltusova2250/Sensvector