Sui Network (SUI) has reached a significant achievement by surpassing a total value locked (TVL) of $1 billion, marking a historic peak for the platform. This milestone was recorded on September 19, according to data from DefiLlama. The impressive performance of the Sui Network has captured the attention of investors in the cryptocurrency market.
What Drives NAVI Protocol’s Growth?
NAVI Protocol, a prominent lending platform within the Sui Network, reported a TVL of $310.86 million, reflecting a weekly growth of 15.46%. This accomplishment underscores NAVI Protocol’s position as a leading player, offering users the facility to securely lend a variety of cryptocurrencies, thereby boosting its appeal among investors.
How Is Scallop Lend Attracting Users?
Scallop Lend has experienced a notable increase of 20.83% in TVL this week, reaching $140.55 million. This growth signifies its rising popularity and effectiveness in the lending sector. By providing innovative lending solutions, Scallop Lend aims to draw more users to the Sui Network, enhancing its market position.
Suilend also demonstrates substantial growth, with its TVL rising to $134.39 million, marking a weekly increase of 15.14%. This platform offers flexible lending terms and broad asset support, augmenting liquidity on the Sui Network. Such growth is indicative of the expanding DeFi ecosystem and increasing investor confidence. The dynamic environment of Sui Network continues to attract investors, aiming for further ecosystem expansion.
Key takeaways from the Sui Network’s recent performance include:
- Sui Network’s TVL exceeding $1 billion, reaching an all-time high.
- NAVI Protocol’s significant weekly growth of 15.46% in TVL.
- Scallop Lend’s 20.83% rise in TVL, reflecting growing market interest.
- Expansion driven by a dynamic DeFi ecosystem and increased investor trust.
These developments have bolstered the value of the SUI coin, with its price rising by 14.02% in the past 24 hours, now trading at $1.36. This reflects the growing optimism among investors in the potential of the Sui Network. The network’s continued growth trajectory is likely to further consolidate its standing in the DeFi space.
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/how-does-sui-network-achieve-record-tvl