The Layer-1 network has witnessed exponential growth, reaching a total value locked (TVL) of $137.8 million owing to the launch of novel DeFi applications on Sui blockchain.
November saw remarkable surges in the prices of two relatively new Layer-1 blockchain networks, Sui (SUI), and Aptos (APT), with SUI’s native token, $SUI, gaining substantial traction due to the influx of new decentralized apps on the network.
Impressive Trading Volumes and Market Evaluation Insights
In the last day, SUI traded with a volume of $99,113,468, while APT saw a trading volume of $97,493,984. Despite SUI’s market valuation being four times lower than its competitor Layer-1, the exponential growth hints at the company’s vast potential for expansion.
SUI Shows Swift DeFi Expansion
Bluefin’s recent launch of a decentralized exchange (DEX) on SUI’s blockchain marked a significant milestone in the rapid expansion of SUI’s DeFi initiatives. The introduction of Bluefin DEX, enabling wallet-less cryptocurrency trading and sub-second trades, has widened accessibility to DEX trading, attracting a broader range of users.
Moreover, Ribbon Finance’s Aevo decentralized exchange, specializing in a diverse array of futures trading, now operates on SUI’s Layer-1 blockchain technology. The increased interest from long-term investors has propelled SUI’s blockchain ahead of Aptos in trading volume.
On-Chain Indicators and DeFi Ecosystem Expansion
The soaring TVL of $137.8 million within the Layer-1 network, primarily driven by the newly introduced DeFi applications on Sui’s blockchain, solidifies the robust expansion of Sui’s DeFi ecosystem.
Notably, all top 20 decentralized applications on SUI have witnessed double-digit growth since last week, affirming the platform’s remarkable progress.
However, Aptos (APT), despite having $39.47 million of its $63.99 million TVL originating from on-chain stablecoins, maintains a larger market share. Aptos achieved an all-time high market capitalization of $2.93 billion on January 27, 2023. It is currently holding a market capitalization of $2,035,326,295, which is approximately four times more than SUI’s.
Lastly, despite TVL data potentially misleading market analysis, Aptos continues to dominate the market despite SUI’s impressive growth trajectory.
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