Wow, Sui Price Has Increased 3x in the Last 3 Months, a Sign of Changing Guards in DeFi?

Bittime - Shocking news from Sui. The price has jumped 3x in the last three months. Actually, what is it? Read the latest news here.

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Alternative blockchains Sui, Sei, and Ronin are celebrating their success.

The value of the platform's native cryptocurrency has tripled in the past three months, outpacing the growth of all other layer-1 assets in the top 100 by market capitalization.

Meanwhile, market leaders such as bitcoin (BTC), ether (ETH), and binance coin (BNB) experienced increases of around 30% in the same period. Solana (SOL) and avalanche (AVAX) even nearly doubled their value.

While SUI, SEI, and RON are smaller cryptocurrencies with less liquid markets (they don't even make up a third of AVAX's market capitalization), this can lead to higher levels of volatility.

However, data shows that the network has seen increased usage over the past few months, especially when it comes to Sui and Ronin .

Source: Bittime Trade

At Bittime Trade , in the last week, Sui as a whole has experienced an increase in price, although there has been a decline along the way.

For now, on February 16 2024, with a one week chart setting, it appears that Sui has only experienced a decline of -0.90%, or is currently still valued at IDR 28,967.

Also read:

Source: https://blockworks.co/

Meanwhile, according to data compiled by Blockworks from Trading View, Sui is in the top three crypto rankings that have experienced an increase.

Sui is a delegated proof-of-stake network built by former Facebook/Meta engineers, which is considered a high-performance blockchain that can execute transactions in parallel with the expectation of faster results.

Sui's total value locked (TVL) has jumped from $90 million to $560 million in three months.

The SUI rally explains only a small portion of the increase - there was 73 million SUI staked in DeFi protocols at the end of October, but the number has surged to over 320 million now.

Peer-to-peer lending platform Scallop, liquidity protocol Navi, and decentralized exchange Cetus now dominate the Total Value Locked (TVL) on the network.

While some of the more established blockchains such as BNB Chain, Avalanche, and Polygon PoS saw TVL decline, even as the crypto market in general saw a significant recovery over the past year.

Source: https://blockworks.co/

Ronin, on the other hand, is an EVM blockchain aimed at the gaming community, developed by the team behind Axie Infinite, Sky Mavis.

The platform is perhaps best known for experiencing a hacking incident in 2022 related to a token bridge, where more than $650 million in crypto stored in the bridge's smart contracts was successfully hacked by parties associated with North Korea.

Three months ago, there were around 21,000 daily active users on Ronin. However, today, that number has risen to 615,000 - with contributions from decentralized identity service Web3 CARV and games Pixel and Apeiron.

It is important to note that the daily active user metric cannot always be considered an accurate indicator in the crypto space. This refers to the number of addresses that carry out at least one transaction in a day, which can be influenced by various factors including bots and other manipulative actions.

Also Read: STRK Airdrop: 1.3 Million Wallets Get Free Airdrop of $STRK Tokens

It is unclear whether daily active user figures have been artificially inflated for any of the networks mentioned in this article. Therefore, it is recommended to read carefully and consider other factors before drawing any conclusions.

Source: https://blockworks.co/

Sei, like Sui, is a network that promotes parallel processing. Sei Labs, based in San Francisco, claims it is one of the fastest layer-1s for trading, dedicated to decentralized exchanges and similar platforms.

Although adoption appears slow to date, with only $14.5 million of SEI locked in its DeFi platform currently.

Although there has been a more than threefold increase in the last three months, this is largely due to SEI price increases - by 450% in three months. However, the actual number of locked SEI tokens has fallen by more than a third since November.

On-chain volume on Sei also dropped below $1 million per day, according to DeFiLlama, down from a peak of $3.7 million in January.

How to Buy SUI on Bittime

You can buy and sell SUI coins in an easy and safe way via Bittime. 

Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. SUI (SUI) is available on Bittime with SUI/IDR pairing.

To be able to buy SUI/IDR coins on Bittime, make sure you have registered and completed identity verification. 

Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can purchase SUI (SUI) in the application. 

Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.