Sui Network's TVL exceeds $600 million

• On February 19, Sui Network’s TVL exceeded $600 million.
• Since the beginning of the year, this figure has grown by more than $300 million.
• Sui has surpassed the Aptos network in terms of total value locked.

Sui Network saw significant inflow of funds in January and February 2024. On February 19, the number of locked assets in smart contracts reached $607 million, according to DeFi Llama.

For comparison, Sui Network’s TVL stood at $26 million in September.. Thus, in less than six months, this figure has increased 23 times.

Some experts compare Sui to Aptos since both projects were created using the Move programming language. However, Aptos’ TVL is approximately 2.8 times smaller and amounts to about $215 million.

At the time of publication, the price of the SUI token was $1.77, according to TradingView. Since the beginning of 2024, the cryptocurrency has grown by approximately 130%.

. Источник: TradingView.” class=”wp-image-206987″ srcset=”https://incrypted.com/wp-content/uploads/2024/02/sui-2.jpg 1518w, https://incrypted.com/wp-content/uploads/2024/02/sui-2-300×158.jpg 300w, https://incrypted.com/wp-content/uploads/2024/02/sui-2-1024×538.jpg 1024w, https://incrypted.com/wp-content/uploads/2024/02/sui-2-768×403.jpg 768w” sizes=”(max-width: 1518px) 100vw, 1518px”>Hourly chart of SUI/USDT on the stock exchange Binance. Source: TradingView

TVL Sui Network’s growth is not an isolated case of influx of funds. A recent study from crypto exchange Binance showed that the total TVL volume in the decentralized finance (DeFi) sector reached $72.7 billion, up 11.9% from last week. The main reason for the surge in activity was the renewed interest of institutional investors in the market.

Let us remind you that the developers launched the Sui Network mainnet in May 2023. In October, the Sui Foundation came under the radar of the regulator in South Korea. Meanwhile, this did not prevent the project from increasing volumes and setting a new historical maximum TVL.