Sui, a rising star in the cryptocurrency market, has achieved a significant milestone today, with its token price reaching a new monthly high of $1.65, as reported by TradingView.
As of press time, SUI is trading around $1.6, showcasing a robust 11% increase in the past 24 hours. Parallel to this price surge, the total value locked (TVL) on Sui has witnessed a dramatic 98% increase month-to-date, soaring from approximately $208 million to $436 million, according to data from DeFiLlama.
This surge in TVL has propelled Sui past two major competitors in the market: Coinbase’s Base and Cardano. Base has experienced a 9.5% downturn, with its TVL dropping to around $397 million, while Cardano has seen a nearly 15% decline, falling to $340 million over the last month.
The growth of Sui's ecosystem is attributed to recent strategic partnerships with prominent entities, notably Alibaba Cloud and Solend.
Mysten Labs, the innovative team behind Sui, announced a significant partnership with Alibaba Cloud. This collaboration is set to provide more resources for developers using the Move programming language, a move expected to enrich the Sui ecosystem further.
In addition, Solend, a lending and borrowing platform originally on the Solana network, expanded its operations to the Sui network last month, indicating growing confidence in Sui’s potential.
https://twitter.com/solendprotocol/status/1737537938765094936?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1737537938765094936%7Ctwgr%5Ed8146675271748b1a13f48eb320bf83f2a3046ad%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcryptobriefing.com%2Fsui-hits-new-all-time-high-tvl-surges-98%2F
The Sui Foundation is also contributing to the ecosystem's growth by encouraging projects to integrate with Sui. The foundation employs infrastructure-friendly tokenomics, utilizing SUI tokens to incentivize both projects and users within the network. This approach has proven effective in fostering a vibrant and active community around Sui.
In terms of market capitalization, Sui has seen a significant uptick, with its market cap reaching approximately $1.5 billion, an increase of over 80% in the past month, as per Token Terminal’s statistics.
