The SUI network continues its ascent in the world of decentralized finance (DeFi), now boasting an impressive Total Locked Value (TVL) of $1 billion. Despite its recent arrival on the DeFi scene, SUI has significantly expanded its range of projects over the past year, managing to increase its TVL to $745 million. This sustained growth is attributable in particular to increased visibility on social networks.
Currently, SUI houses stablecoins valued at $423.7 million, resources potentially investable in its decentralized initiatives. Among these initiatives, Cetus DEX stands out with a 30% increase in value last month, while the NAVI protocol remains the network's flagship project, with $173 million raised. Another major player, DeepBook, also contributed to the influx of cash. Shortly after the launch of SUI, DEX was introduced, supporting both market and limit orders.
Adoption strategies and prospects
In its quest for mass adoption, SUI aims to become an essential reference for digital property. One notable innovation is the absence of a starting phrase for portfolio creation, replaced by a secure, simplified account creation process. The latter is comparable to registering information on the web.
The SUI network continues to build the essential infrastructure to establish itself as an influential L1 network, with the introduction of a new mobile wallet by Mysten Labs. Until recently, the native Suiet wallet was the main method of accessing the network, but today SUI is also accessible via mobile apps such as SUI Wallet, Nightly, and Surf Wallet.
The increase in the number of daily active users on SUI has seen vertical growth, with over 1.3 million daily active wallets in May, rivaling TRON and far surpassing Ethereum in terms of daily activity. This spike comes shortly after SUI passed the one million daily active user mark, marking a new record for the network.
Engagement with Developers
Specifically targeting developers, SUI strives to broaden its contributor base and recently organized a hackathon. In addition, the SUI team holds regular meetings with developers and provides educational resources, notably around Move, a programming language designed for smart contracts, promoted by Sam Blackshear of Mysten Labs. This language focuses on preventing exploits and is also aimed at novice developers.
Although SUI is not yet compatible with the Ethereum ecosystem as a non-EMV network, it is following a similar development trajectory to Solana, relying on a loyal community and passionate developers. Like Solana, SUI aims to facilitate fast, cost-effective transactions, while reducing consensus times.
SUI Token projection and evolution
The SUI token, which saw significant traction during the 2024 bull market, is hoping to capitalize on this momentum. After peaking at $1.96 in March, following a rapid recovery from a low of $0.38 during the bear market, the token is looking to rebound from current lows, having recently reached $1.10.
