Sui’s total value locked (TVL) soared above $2.6 billion, setting a new record high, as decentralized finance (DeFi) activity surges in October.

The development comes as the SUI token continues to face market challenges. However, market analysts are optimistic that the asset can stage a notable breakout.

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Sui Shatters TVL Records In October

According to data from DefiLama, Sui’s DeFi ecosystem hit new records, with total value locked climbing to over $2.6 billion this week.

“TVL is above $2.6 billion now, 12.82% increase over the past week. Defi activities are heating up with Cetus, Bluefin and suilend leading,” an analyst posted.

Sui’s soaring TVL reflects more than just a bullish phase — it signals a lasting shift in DeFi market share. According to a blog from the Sui Foundation, the network’s total value locked climbed from under $250 million at the start of 2024 to over $1.75 billion by year-end. Now, with TVL surpassing $2.6 billion, Sui has recorded more than a tenfold increase in less than two years.

Furthermore, the network has also surpassed its peers in stablecoin dominance. As of October 7, SUI’s Go to Source to See Full Article
Author: Kamina Bashir