HomeNewsSui Soars and Outshines Aptos and Cardano: Unlocking the Future with 6,000...

Sui Soars and Outshines Aptos and Cardano: Unlocking the Future with 6,000 TPS – Is This the Next Big Thing in Blockchain?

- Advertisement -
  • Sui’s TVL has surpassed $593 million, outperforming major competitors like Cardano and Aptos.
  • Despite initial challenges, Sui’s innovative approach and strong performance have made it a rising star in the DeFi space.

In a remarkable turn of events, the Layer 1 blockchain Sui has seen an unprecedented influx of capital this month, marking its position as a formidable player in the decentralized finance (DeFi) space.

Surpassing heavyweights like Cardano, Near, and Aptos in terms of total value locked (TVL), Sui has now secured over $593 million across its various DeFi protocols. This significant growth represents more than a double increase from its TVL at the start of the year, which was recorded at $211 million, according to data from DefiLlama.

Source: DefiLlama

A Creation of Former Meta Employees

Developed by a team of former Meta (META) employees, Sui’s innovative design and infrastructure have quickly drawn attention and capital within the blockchain community.

Its surge in popularity and adoption can be attributed to its robust technology and the strategic implementation of the Move programming language, initially developed for Meta’s Diem blockchain. This shared foundation has often led to comparisons between Sui and Aptos, another blockchain utilizing the Move language.

Source: DefiLlama

Despite a rocky start that saw its native token, SUI, plummet by 68% in the first five months following its launch on Binance’s launchpad, Sui has managed to turn the tide. The blockchain was embroiled in controversy in October when founders were accused of manipulating the token supply, allegations that were promptly dismissed by the team.

A pivotal moment for Sui came with the adoption of inscription-related activities, a novel approach to recording data on the blockchain without employing smart contracts.

This innovation, along with a surge in network activity that saw 13.8 million blocks produced and transactions per second (TPS) peaking at 6,000, underscored this token potential for high scalability and efficiency. Dive deeper into this development via this YouTube video.

A Paradigm Shift in DeFi

The Sui network’s unique ability to lower gas prices even amidst high traffic volumes sets it apart from other Layer 1 blockchains like Ethereum. Currently, the Sui blockchain is secured by 106 validators operating 413 nodes, reflecting a robust and secure network infrastructure.

This technical prowess, coupled with a significant increase in both the SUI token price and on-chain TVL, has bolstered confidence among developers and investors alike. The leading protocols on Sui, namely Scallop Lend and Navi Protocol, have both witnessed a quadruple increase in TVL since the beginning of the year.

SUI Token’s Impressive Performance

The financial metrics are equally impressive, with the SUI token currently trading at $1.80, marking a remarkable 131% increase since January 1. This performance significantly outpaces the CoinDesk 20 index, which saw a 10% increase in the same period, highlighting the growing investor interest and market confidence in Sui.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628