The Sui Network, a prominent Layer-1 blockchain, is set to integrate USD Coin (USDC) and the Cross-Chain Transfer Protocol (CCTP), aiming to boost its liquidity and enhance cross-chain transaction capabilities. This pivotal move is scheduled for September 17, signaling an important step in the network’s evolution. The integration facilitates Sui’s engagement with decentralized finance (DeFi), gaming, and e-commerce sectors, promising smoother interactions for both users and developers.
What Does the Integration Mean for Sui?
The introduction of local USDC is expected to foster various dollar-based applications within the Sui ecosystem. This transition will involve converting bridged USDC liquidity to the local USDC, all while maintaining the Wormhole’s Portal bridge operations. According to Nikhil Chandhok, Product Manager at Circle, the collaboration with Sui is a testament to Circle’s dedication to advancing blockchain-based applications and refining payment experiences across diverse platforms.
How Is Sui Network Performing in the Market?
In recent developments, Sui Network’s market presence has been solidified with Grayscale’s launch of the Sui Trust, allowing broader investor access to Sui and other cryptocurrencies. Currently, Sui holds a market cap of $2.9 billion, placing it at 32nd in market cap rankings. The network has also demonstrated significant recovery in its total value locked (TVL), which rebounded to over $700 million, making it the 10th largest blockchain in terms of TVL.
Key Metrics and Insights
Several key metrics underscore Sui Network’s promising trajectory:
- The TVL in Sui’s DeFi protocols witnessed a 15% rise over the past month.
- Sui’s stablecoin volume surpassed $360 million.
- The trading volume on decentralized exchanges increased by 32%, nearing $300 million.
- Open interest in Sui’s futures market reached $230 million, indicating growing interest.
Sui’s influence extends beyond cryptocurrency, as demonstrated by 3D printer manufacturer 3DOS adopting Sui for its rapid transaction speeds and low costs. These advancements suggest that Sui Network is poised for substantial influence within the blockchain sector, driven by growth in DeFi and acceptance across various industries.
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-integrates-usdc-and-cctp