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Sui Network, a Layer 1 blockchain known as a competitor to Solana 
$174, is experiencing a surge in demand within the decentralized finance (DeFi) market. This increased interest has led to a significant rise in the price of its native token, SUI, which has gained over 60% in the past month, reaching levels around $1.60.
SUI Price Approaches New Heights
In March, SUI’s price soared above $2.08, setting a new record, but it subsequently fell below $0.50 due to market sell-offs in the following months. Since hitting these lower levels in June, SUI has exhibited a robust recovery, moving closer to its previous peaks.
In the last 24 hours, SUI has shown remarkable growth, climbing to around $1.60. Its market capitalization has reached $4.2 billion, coupled with a notable increase in daily trading volume. According to technical analysis, the SUI/USDT trading pair is breaking through critical resistance levels.
Sui Network Sees Increase in DeFi TVL
Sui Network is witnessing increased activity on its platform, leading to a rise in network activity fueled by growing DeFi engagements. Official figures show that this Layer 1 blockchain has recorded significant growth in total value locked (TVL), positioning it among the top blockchain networks. Representatives from Sui Network stated, “This increase in our TVL reflects the crypto community’s trust in our network.”
Sui Network offers a unique approach with its parallel transaction processing feature, enhancing scalability through a horizontal scaling method. Its object-based storage model enables more efficient state management, reducing transaction times and providing lower latency for decentralized applications and DeFi platforms.
Furthermore, Sui Network continues to forge significant partnerships in the cryptocurrency market. Recently, Circle announced its decision to launch the USDC stablecoin on the Sui Network, marking a strategic expansion of its blockchain support.
The rapid growth of Sui Network’s DeFi ecosystem and its technical advantages are contributing to the increasing value of the SUI token. The network’s innovative approaches to scalability and efficiency continue to capture the interest of the crypto community.
