Sui Overtakes Cardano, Near And Aptos In TVL As Inflows Surge In The Past Month

Updated: 19 February 2024

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Sui overtook Cardano, Near and Aptos in terms of Total Value Locked (TVL) after it experienced a drastic increase in inflows this month.

The Layer 1 network, which was built by former Meta employees, currently has over $592 million in funds locked across various decentralized finance protocols, according to data from DefiLlama. This is more than double its $211 million TVL recorded at the start of the year.

Data from wormholescan.io also shows that $310 million has been bridged from Ethereum to Sui throughout the past 30 days.

Sui Initially Battled To Gain Traction In The Market

Sui experienced a turbulent start following its debut on Binance’s launchpad in May 2023. In its first five months of trading, the blockchain’s native token, SUI, saw its value plummet 68%, according to data from CoinMarketCap.

Sui’s founders were then accused of manipulating token supply, claims that were quickly dismissed by the team. The project has since recovered and has been gradually making a name for itself in the crypto space.

A Blockchain Game Caused A Surge In Transactions

In July 2023, the Sui ecosystem introduced Sui 8192, which is an on-chain puzzle game. In the game, players slide tiles using the arrow keys on their devices. The objective of the game is to reach tile number 8192. This is very similar to the browser-based puzzle game 2048, which was trending in 2014.

The blockchain game caused exponential growth in daily transactions for the Sui network. This surge in transactional activity led certain data platforms, such as Artemis, to speculate that the network could potentially compete with Solana in terms of network activity.

BREAKING: @SuiNetwork FLIPS @solana IN DAILY TRANSACTIONS pic.twitter.com/JMAuE8JEZ0

— DEGEN NEWS 🗞️ (@DegenerateNews) July 15, 2023

On-chain data showed that more than 20 million transactions took place on the Sui network at the time. This was a remarkable 4 million transactions more than Solana witnessed during the same period.

On Dec. 22 last year, the network also produced 13.8 million blocks and reached a peak transaction per second (TPS) rate of 6,000, said a blog post by the project’s team.