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Sui Network (SUI) has reached a significant milestone in the decentralized finance market. According to DeFiLlama data, the total value locked (TVL) in the network surged to $1.192 billion as of September 26, marking its highest level to date. This increase is attributed mainly to the performance of lending protocols deployed on the network.
Rise of Lending Protocols on Sui Network
Recently, the lending protocols launched on Sui Network have exhibited notable growth. The NAVI Protocol has reached a TVL of $454 million, reflecting a weekly increase of 14.16%. Similarly, Scallop Lend saw a 16.01% rise, reaching $245 million.
The most remarkable increase occurred in the Suilend protocol, which saw a 26.8% rise, hitting $208 million. These protocols have played a crucial role in boosting the TVL of Sui Network.
Sui Network and the DeFi Market
Sui Network continues to accelerate its growth in the DeFi market. The heightened interest from users and investors has pushed the network’s TVL to record levels. This situation signifies an increase in the reliability and potential of the protocols deployed on the network.
According to DeFiLlama, the total market value of stablecoins on the network reached $420.19 million, with a 24-hour trading volume registered at $84.11 million.
This success of Sui Network serves as an important reference point for other projects in the DeFi market. It is expected that the network’s TVL will continue to grow, with new protocols joining the ecosystem. These developments are strengthening Sui Network’s position in the DeFi space, while the price of its main asset, SUI coin, is also rising.
According to data provided by CoinMarketCap, the SUI coin was trading at $1.68, reflecting a 3.53% decrease in the past 24 hours at the time of this report. Market observers are describing this pullback as a healthy correction, considering that the altcoin has gained over 85% in value over the last month, suggesting that the dip may present a buying opportunity at some point.
