Sui Leads in TVL Surge, Reaches Above $600 Million

• The Layer 1 blockchain landscape has seen a downtrend in January with declines in daily transactions, active addresses, and fees.
• Sui and Sei saw hikes in the Total Value Locked, surpassing leading players like Ethereum and Solana.
• Solana has seen an impressive surge in transaction activities, while Avalanche saw a deep decline in daily transactions.

One of the fastest-evolving Layer 1 blockchains, Sui, has exhibited a hike of 120% in TVL over the last month, surpassing leading platforms, including Ethereum, Solana, and Avalanche. Currently achieving a total value locked (TVL) of above $600 million, Sui surged 239mm in January.

In a recent X post, Sui announced the astounding hike in the TVL, pointing out that the L1 blockchain has surged past $600,000,000 just 10 days after it marked $500 million. In addition, Sui has also seen a surge in average daily volume over the past 7 days, hitting $100 million.

A recent report highlighted the TVL surge in Sui and Sei despite the overarching downtrend in the L1 landscape. TheBlockPro, a crypto analytics platform, wrote on X, “The Layer 1 landscape in January saw a dip post-December 2023’s hype.” Highlighting the appreciable journey of Sui and Sei, they asserted that these L1 blockchains have benefitted from “a preference shift towards integrated systems with parallel execution.”

Currently, Sei boasts a TVL of $18.02 million, marking a surge of 90%. At the same time, Ethereum’s TVL has only surged by less than 30%, reaching $42.995 billion. Similarly, Solana with a TVL of $1.981 billion, has surged below 30%.

The Layer 1 ecosystem has seen a decline in daily transactions, active user accounts, and fees due to the plummet in inscription activity. However, Solana saw hikes in transaction activities compared to Ethereum, Avalanche, and Tron.

Furthermore, the report shed light on the increase in the stablecoin supply on Layer 1 chains. The surge of $4 billion in stablecoin supply across the L1 chains signaled a “sustained on-chain user interest and optimism in the crypto sector.”