TL;DR

New TVL Record : NAVI Protocol Hits an All-Time High of $255M in TVL Following the Launch of its Pro Version.
SUI Open Interest Rises : SUI open interest exceeds $256 million, with a notable increase in long positions.
Token Recovery : Grayscale products such as the SUI Trust have fueled the recovery in SUI’s price.

NAVI Protocol has reached a significant milestone in its development by surpassing the record for total value locked (TVL) with $255 million, an increase that came after the launch of its new Pro version.

This upgraded version of the protocol includes a revamped user interface, developer support, advanced decentralized finance (DeFi) strategies, and more efficient liquidity management.

The highlight of this release has been the improvement in performance, resulting in a notable increase in TVL, which had decreased to less than $108 million before the update.

The recent update to liquidity incentives has also played a crucial role in this growth.

With rewards increasing by 40%, the USDC pool has seen a dramatic increase in its annualized yield (APY), which skyrocketed from 7% to 25% in just a few days.

This increase has led to a massive influx of funds into the protocol, with the USDC pool reaching a record TVL of $103 million.

The inflow of nearly $35 million in a single day, with USDC accounting for the majority, underscores the protocol’s successful recovery.

On the other hand, SUI open interest has reached new levels, with a high near $256 million.

This increase has been accompanied by a strong upward trend in the price of the token, which has doubled in a single day.

SUI price is up 58% in the past week, trading at $0.94.

This market movement has been fueled in part by the recent launch of Grayscale’s SUI Trust product, which has contributed significantly to the token’s recovery.

The SUI (Sui) token is currently trading at $0.9485, having seen a drop of 11.38% over the past 24 hours, according to data from CoinMarketCap.

This significant decline in price suggests a major correction following recent market movements, which could reflect adjustments in investor confidence or changes in market conditions.

Since its launch, the product’s net value per share has increased from $7.96 to $15.14.

SUI and its role in the blockchain ecosystem

SUI stands out for its innovative approach to network construction, differentiating itself from other Layer 1 solutions by not being an EVM-compatible chain.

Instead of following the path of proof-of-work or staking- based chains, SUI adopts an architecture similar to Nano (NANO) or IOTA.

Despite its unique approach and over 410,000 daily active accounts, SUI has faced challenges in gaining popularity.

SUI’s total value locked remains relatively low at $617.38 million, and the network has struggled to attract users due to the need for a separate wallet.

However, SUI has managed to create a token ecosystem and a complete collection of DeFi projects.

Its goal is to become a chain capable of supporting DEX trading and gaming applications, as well as handling millions of NFTs and a daily circulation of between 10,000 and 20,000 items.

The SUI network is also facing additional pressures, such as the upcoming release of 64.19 million tokens on September 1, which will increase the circulating supply by 2.47%.

As SUI continues its unlocking process, it will be supported by major investors and funds, although some critics believe the current popularity on social media may be a reflection of paid promotion through discounted tokens.

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Filed under: News - @ August 13, 2024 3:48 pm