The post Why Is Sui Network Gaining Traction? appeared on BitcoinEthereumNews.com.

Sui Network, a prominent Layer 1 blockchain noted for its competition with Solana, is experiencing a notable uptick in interest within the decentralized finance (DeFi) sector. This heightened curiosity has driven the native token, SUI, to impressive gains, with its price surging over 60% in the past month, currently hovering around $1.60. The burgeoning demand reflects the network’s growing appeal in the cryptocurrency market. How High Can the SUI Price Climb? The SUI token reached a record high of over $2.08 in March but faced a sharp decline to below $0.50 due to market corrections in subsequent months. However, starting June, the token has embarked on a strong recovery trajectory. In recent trading, SUI exhibited significant upward momentum, achieving approximately $1.60, further bolstered by a market capitalization of $4.2 billion and surging daily trading volumes. Technical assessments indicate that the SUI/USDT pair is overcoming significant resistance levels. What Drives Sui Network’s DeFi Engagement? This surge in activity can be attributed to Sui Network’s expanding DeFi engagements, which have propelled increased network operations. Recent data highlight a substantial boost in the platform’s total value locked (TVL), positioning it among top blockchain contenders. Sui Network representatives remarked that the escalation of TVL is a testament to the crypto community’s confidence in their network. The platform’s parallel transaction processing and horizontal scaling approach promise enhanced scalability, optimizing transaction times with lower latency. Furthermore, its object-based storage model streamlines state management, appealing to decentralized applications and DeFi platforms. Sui Network’s appeal is further amplified by strategic partnerships, such as Circle’s decision to introduce the USDC stablecoin on the platform, marking a notable expansion in its blockchain capabilities. This progression underscores the network’s role as a formidable player in the cryptocurrency landscape. Key conclusions drawn from Sui Network’s progress include: Increase in DeFi activity driving…

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Filed under: News - @ September 23, 2024 8:18 am