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Sui Rises to Become the Tenth Largest Blockchain Network by TVL
Is External Capital Flowing into the Sui Ecosystem?
Partnerships Driving Token Price Increase?
With the token price breaking new highs, the total value locked (TVL) of the blockchain network Sui, built on the Move language, has reached $437 million. Surpassing Coinbase’s Base and Cardano, it has become the tenth largest blockchain network by TVL.
However, does this mean that there is really a large influx of funds into the Sui network? In fact, when we change the unit of TVL calculation to SUI tokens, we find that the TVL of the Sui network does not seem to significantly differ from the peak in November last year. In other words, the growth of Sui’s TVL priced in USD may mainly come from the price of the SUI token itself, rather than external capital inflows.
Although there doesn’t seem to be significant external capital inflows into the Sui ecosystem based on the data, recent strategic partnerships with well-known entities such as Aliyun and Solend appear to be the main driver behind the token price increase.
According to a previous official announcement, Mysten Labs, the development team behind Sui, recently announced a partnership with Aliyun to provide more resources for developers using the Move programming language. Furthermore, the lending platform Solend on Solana also announced last month its expansion to the Sui network.