SUI TVL passes $1.7B amid lending platform rivalry – What’s next?
The post SUI TVL passes $1.7B amid lending platform rivalry – What’s next? appeared on BitcoinEthereumNews.com.
Journalist Posted: December 16, 2024 Sui’s TVL recently hit an all-time high. Its native token’s price also set a new price record recently. Sui Network’s [SUI] decentralized finance (DeFi) landscape recently achieved a significant milestone in its total value locked (TVL). The surge in TVL highlighted the growing adoption and investment in SUI’s ecosystem, with Suilend and NAVI Lending emerging as key contributors. Analyzing SUI’s lending platform dominance AMBCrypto’s at the TVL chart underscored SUI’s exponential growth over the past year. It has consistently climbed from modest beginnings, reflecting heightened activity. Analysis of the TVL, per DefiLlama’s chart, showed that the TVL was $1.79 billion at press time. Further analysis showed it hit its all-time high on the 12th of December, when it reached $1.8 billion. Source: DefilLama This growth has been driven largely by lending platforms like Suilend and NAVI Lending, which have captured significant market share. These platforms account for 58% of the network’s total locked assets. As of this writing, Suilend’s TVL was $552.5 million, while NAVI’s was $491.23 million. Volume spike confirms activity Analysis of the Sui volume showed a convergence in volume and TVL. As of this writing, the volume was about $168 million. However, further analysis showed that the network saw its highest volume on the 12th of December, spiking to over $551 million. The spike coincided with the TVL hitting its ATH. SUI’s bullish momentum faces consolidation SUI’s price has mirrored its DeFi ecosystem’s growth, rallying significantly over the past months. Trading at $4.38 at press time, SUI remained above its key 50-day moving average, suggesting that bullish sentiment persisted. The RSI at 61.65 indicated that the asset was approaching overbought territory, but still had room for further upside. Source: TradingView Volume analysis showed a steady increase in trading activity, supporting the upward…
Filed under: News - @ December 16, 2024 5:05 am