The Sui Network (SUI) has achieved a remarkable milestone, temporarily surpassing a total value locked (TVL) of $1 billion, marking the highest level in its history. According to the DeFi data platform DefiLlama, this growth was recorded as of September 19. The Sui Network continues to attract the attention of investors with its noteworthy performance in the cryptocurrency market.
NAVI Protocol and Scallop Lend Shine in TVL Growth
Among the lending protocols operating on the Sui Network, NAVI Protocol has reached a TVL of $310.86 million, reflecting a weekly increase of 15.46%. NAVI Protocol stands out as one of the largest lending platforms in the Sui ecosystem, enabling users to securely lend various cryptocurrencies.
Scallop Lend has also recorded a significant growth of 20.83% this week, bringing its TVL to $140.55 million. This increase reflects the growing popularity of the protocol among users and its effectiveness in the lending market. Scallop Lend aims to attract more users on the Sui Network by offering innovative solutions to support lending activities.
Suilend and Continued Growth within the Ecosystem
The Suilend platform has also made significant strides, increasing its TVL to $134.39 million, which corresponds to a weekly growth rate of 15.14%. Suilend allows users to lend and borrow various cryptocurrencies, enhancing liquidity within the Sui Network. The platform attracts users with its flexible lending terms and broad asset support.
The rapid current growth in the Sui Network highlights the increase in the number of DeFi projects supporting the development of the cryptocurrency market and the expansion of its user base. The rising TVL values of lending protocols particularly reflect investors’ confidence in the DeFi ecosystem. With its dynamic structure, the Sui Network aims to attract more investors and continues to expand its ecosystem.
In addition to its TVL growth, SUI coin has seen a 14.02% increase in the last 24 hours, currently trading at $1.36.
