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SUI has merely displaced LTC by a single spot as they both currently sit comfortably at the 20th and 21st spots.
Key Notes
Sui surpasses $1 billion in TVL, integrating USDC and Cross-Chain Transfer Protocol.Sui’s growth highlights its strong liquidity and expanding cross-chain capabilities.Layer 1 blockchain network Sui has continued its impressive growth after its native token, SUI SUI $1.90 24h volatility: 9.6% Market cap: $5.25 B Vol. 24h: $981.46 M , officially surpassed Litecoin LTC $68.21 24h volatility: 1.7% Market cap: $5.12 B Vol. 24h: $294.73 M in terms of market capitalization. The move was enough to help the token secure a spot in the top 25 cryptocurrencies.
Notably, SUI has merely displaced LTC by a single spot as they both currently sit comfortably at the 20th and 21st spots with respective market caps of 5.21 billion and 5.13 billion.
Sui Network’s Growing Achievements
It is interesting to note that this new milestone is one of many recent achievements by the network. Its fast rise and growth were recently brought to light when reports filtered that its total value locked (TVL) had exceeded $1 billion.
Achieving this feat was particularly noteworthy, considering the fact that it took the network less than two years to do so. Furthermore, barely 24 hours ago, the network topped all other chains in daily net inflows. While that shows strong investor confidence and liquidity, all the positive sentiments around the network ultimately point to the fact that Sui has an undoubtable strong presence in the decentralized finance (DeFi) space.
Key Innovations and Growing Popularity
SUI’s recent rise can be linked to some focused moves and strategic integrations being done by its chain. One of these is the integration of Circle’s USDC stablecoin and the Cross-Chain Transfer Protocol (CCTP).
As Coinspeaker reported some two weeks ago, the integration was meant to improve liquidity across the network and also facilitate stress-free cross-chain transactions.
Since USDC USDC $1.00 24h volatility: 0.0% Market cap: $35.33 B Vol. 24h: $7.27 B , one of the most widely used stablecoins, is now available on Sui, the network is in the proper place to attract even more users and developers. Therefore, the recent boost to its ecosystem does not exactly come as a surprise.
The Cross-Chain Transfer Protocol (CCTP) is another big deal for Sui. By enabling efficient transfers between different blockchains, CCTP helps the Sui network to expand its reach, which also gives room for better interoperability.
Essentially, it might be safe to say that these integrations are the driving forces behind Sui’s recent success.
With more projects being built on the Sui blockchain and liquidity continuing to flow into the network, there are more positive expectations about the network, its SUI token, and its ecosystem at large.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
