Sui Network: What SUI’s surging metrics tell you

  • Sui’s TVL has hit a milestone of $117 million.
  • The token has continued to decline but maintained a bull trend.

Sui Network [SUI] has been recognized as one of the non-EVM blockchains with the most significant increase in Total Value Locked over the past seven days.

Sui’s TVL grows

On 9th November, according to CryptoRank, the Sui Network ranked third in Total Value Locked (TVL) among non-EVM platforms.

The post highlighted a notable growth of over 35% in its TVL over the past seven days. Non-EVM platforms refer to those that utilize virtual machines other than the Ethereum Virtual Machine (EVM). 

Additionally, smart contracts on these blockchains are usually written in platform-specific languages.

Sui Network, a Layer 1 blockchain, employs Move, a programming language based on Rust. The noteworthy growth in Total Value Locked (TVL) is particularly remarkable, considering the competitive landscape within the Layer 1 space.

Analyzing the Sui TVL and volume

An examination of Sui Network’s Total Value Locked (TVL) on DefiLlama revealed a substantial surge over the past 30 days.

The chart indicated a significant milestone as it reached the highest point since the platform’s inception. As of this writing, the TVL was around $117 million. This rise in TVL signifies a notable increase in locked liquidity. 

Sui Network TVL and volume

Source: DefiLlama

Additionally, the platform has experienced heightened daily volume, with recent figures marking the highest since its launch. On 5th November, the volume peaked at $30.5 million, establishing a record for Sui.

As of the latest update, the daily volume was over $13 million.

What the on-chain metrics are saying

An examination of Sui Network’s transactions on the scanner reveals a notable increase over the last 30 days. Transaction volume has surged by more than 76%, surpassing a total of 315.7 million as of the latest data. 

Sui Network active accounts

Source: Suiscan

Additionally, the platform has experienced substantial growth in new accounts, with a surge of over 400%. The total number of new accounts was over 2 million at the time of writing.

Despite these positive indicators, there is a discernible downtrend in the general trend. Furthermore, there has been a decline in the number of active accounts, which currently stands at around 81,000.

How much are 1,10,100 SUI worth today

An enthusiastic price trend?

A review of Sui Network on a daily timeframe chart revealed a less enthusiastic response compared to the Total Value Locked (TVL). At the time of writing, SUI was trading at around $0.5, reflecting a loss of over 1% in value.

This decline followed a previous trading session where it incurred a loss of over 3%. Despite these setbacks, it remained in a bullish trend, as evidenced by its upward-trending trend line.

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