Sui's TVL overtakes Aptos and Cardano - $310 million inflow in 30 days | CoinDesk JAPAN

Sui's TVL increased to $593 million from $211 million at the beginning of the year.
SUI rose 131% over the same period.
Sui overtook Aptos, Cardano, and Near in TVL.

Layer 1 blockchain Sui has seen a surge in inflows this month, overtaking Cardano, Near, and Aptos in terms of assets under custody (Total Value Locked: TVL).

TVL is more than double what it was at the beginning of the year

Sui Network, built by former Meta employees, currently has a TVL of $593 million across various decentralized finance (DeFi) protocols. That's more than double what it was at the beginning of the year, which was $211 million. This was revealed using DefiLlama data.

According to data published by wormholescan.io, which tracks the flow of funds through the cross-chain bridge “Wormhole,” $310 million (approx. You can see that the yen) has been bridged.

Sui is built using Move, a programming language originally developed at Meta to power the Diem blockchain, and is often compared to Aptos, which also uses this language.

SUI recovers from significant decline

Sui got off to a rocky start after being launched on Binance’s Launchpad in May last year. The native token, SUI, plunged 68% in the first five months of trading. The steepest decline occurred in October when Sui founders were accused of manipulating the token supply (which they quickly denied).

However, Sui quickly made progress as inscription-related activity increased. Inscriptions are a technology that was first used in Bitcoin as a kind of NFT.

On December 22, Sui generated 13.8 million blocks and reached a peak of 6,000 transactions per second (TPS). According to Sui's blog post, gas prices fell during this high-traffic phase, in contrast to other layer 1 blockchains such as Ethereum. According to Suiexplorer, 106 validators are currently operating 413 nodes to secure the Sui blockchain.

This strengthened the confidence of developers and investors, causing both SUI price and on-chain TVL to rise in the weeks that followed. The two major protocols on the Sui blockchain are lending platforms Scallop Lend and Navi Protocol, both of which have quadrupled their TVL since the beginning of the year.

SUI is currently trading at $1.80, up 131% since January 1st. This is outpacing the 10% increase in the CoinDesk 20 index, which measures the overall crypto market performance, over the same period.

｜Translation and editing: Rinan Hayashi
｜Image: DefiLlama
｜Original text: Sui Overtakes Aptos, Cardano in Value Locked; Sees $310M Inflow in 30 Days