- Sui has seen a more than 44% spike in price in the past week and 65% in 30 days
- Gains come after the Grayscale Sui Trust opened for accredited investors
- The SUI network’s total value locked (TVL) has surpassed $1.34 billion
SUI’s price surges as its total value locked (TVL) jumps to $1.3 billion, rising 44% in the past week to trade above $1.67.
The gains include a more than 65% spike in the past 30 days. This sees the native token of the layer 1 blockchain platform reach highs last seen in early April.
What pushed the SUI price surge?
Sui experienced a notable surge in volume after Grayscale announced that its Sui Trust was open to accredited investors.
Daily volume for SUI skyrocketed after the news, with its price hitting levels above $1.
Sui’s price rally to above $1.67 has also coincided with a sharp increase in TVL in various decentralized finance (DeFi) protocols in the Sui ecosystem. OKX Ventures pointed to the Grayscale Sui Trust’s boost to SUI market credibility as institutional interest emerged.
Sui’s TVL hits $1.3 billion
The bullish sentiment around this outlook is showing in the on-chain activity that has the TVL hitting $1.34 billion.
According to DeFiLlama, Sui’s TVL rose from about $250 million at the start of 2024 to cross $1 billion in May. However, it dropped to $462 million on August 5 amid the cryptocurrency market crash that pushed Bitcoin’s price below $50k.
What’s notable, though, is the spike back to $1 billion and acceleration to $1.34 billion in less than a month. It means a more than 377% spike year-to-date and 47% month-to-date.
Sui’s growing DeFi ecosystem that’s behind this surge include increased adoption for protocols across lending, decentralized exchanges, real-world assets, derivatives, and yield.
Navi Protocol has seen its TVL increase 34% month-to-date to over $449 million.
Lending protocols Scallop and Suilend have respective TVL readings of $246 million and $203 million. It represents a 34% and 100% month-to-date spike respectively.