The Sui Network has achieved a groundbreaking milestone in the realm of decentralized finance, with its total value locked (TVL) reaching a new peak. According to data from DeFiLlama, the TVL climbed to an unprecedented $1.192 billion by September 26. This notable growth is largely credited to the lending protocols active on the network, which have demonstrated substantial performance improvements.
How Do Lending Protocols Contribute?
The lending protocols on the Sui Network, such as NAVI Protocol, have seen remarkable growth, significantly contributing to the network’s overall TVL. NAVI Protocol alone amassed a TVL of $454 million, representing a 14.16% increase over the week. Similarly, Scallop Lend experienced a substantial rise of 16.01%, reaching $245 million.
The Suilend protocol stands out with a striking 26.8% increase, bringing its TVL to $208 million. These protocols are pivotal in enhancing Sui Network’s financial metrics, driving it towards record-breaking achievements.
What Does This Mean for the DeFi Market?
The surge in Sui Network’s TVL underscores its expanding influence in the DeFi sector. This growth reflects the increasing trust and interest users and investors have in the network’s deployed protocols. The total value of stablecoins on the network has reached $420.19 million, bolstered by a 24-hour trading volume of $84.11 million.
The following conclusions can be drawn from the data:
- Sui Network’s TVL growth is primarily driven by lending protocols.
- Increased user and investor trust is evident in the rising stablecoin market value.
- The network’s success may encourage further protocol developments within the ecosystem.
Sui Network’s ongoing success and increasing TVL are expected to influence the broader DeFi market. As new protocols emerge, the network’s position continues to solidify, and the value of its main asset, SUI coin, is on an upward trajectory. Despite a recent 3.53% drop in SUI coin’s price to $1.68, analysts view this as a potential buying opportunity following its significant gains in the past month. Observers suggest that these fluctuations are part of a healthy market correction.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/sui-network-surpasses-previous-defi-records