Sui Network TVL Hits Record Level, SUI Price Rises 30%

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The total value locked (TVL) on the Sui Network rose to a record $810.5 million on September 19, according to DefiLlama data. The SUI token also reported major gains, rising more than 30% in the past seven days, CoinGecko data shows.

The increase comes despite previous fluctuations in TVL during the broader market corrections, with an increase of about 283% year-to-date from about $211 million.

TVL, which indicates the amount deposited in DeFi protocols for activities such as lending and derivatives, highlights the growing interest in Sui’s offerings.

All three of the top DeFi protocols on the Sui blockchain posted gains over the past week. TVL of NAVI Protocol, a lending protocol on the Sui network, increased by 16.5% to USD 310 million.

Lending protocol Scallop Lend reached a TVL of $140.5 million, representing an increase of approximately 19.5% per week, while Suilend saw a weekly increase of 14.5% with over $134 million in TVL.

In addition to the TVL record, Sui recorded another achievement as its SUI token was among the best performing crypto assets for the past seven days. It has surpassed popular memecoins like PEPE and Aptos (APT) in terms of market cap and trading activity.

The SUI token rose from $0.6 to $1.04 following the launch of the Grayscale Sui Trust. The positive momentum was subsequently fueled by the announcement of Circle’s upcoming integration of USDC into the Sui network, which sent the price soaring to a new high of $1.18.

SUI is now trading at $1.3, up over 13% in the last 24 hours.

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