Sui Network (SUI) has reached a significant achievement by surpassing a total value locked (TVL) of $1 billion, marking a historic peak for the platform. This milestone was recorded on September 19, according to data from DefiLlama.
Growth of NAVI Protocol
NAVI Protocol, a prominent lending platform within the Sui Network, reported a TVL of $310.86 million, reflecting a weekly growth of 15.46%. This accomplishment underscores NAVI Protocol’s position as a leading player, offering users the facility to securely lend a variety of cryptocurrencies, thereby boosting its appeal among investors.
User Interest in Scallop Lend
Scallop Lend has experienced a notable increase of 20.83% in TVL this week, reaching $140.55 million. This growth signifies its rising popularity and effectiveness in the lending sector. By providing innovative lending solutions, Scallop Lend aims to draw more users to the Sui Network, enhancing its market position.
Significant Growth of Suilend
Suilend also demonstrates substantial growth, with its TVL rising to $134.39 million, marking a weekly increase of 15.14%. This platform offers flexible lending terms and broad asset support, augmenting liquidity on the Sui Network. Such growth is indicative of the expanding DeFi ecosystem and increasing investor confidence.
Key takeaways from Sui Network’s recent performance include exceeding $1 billion TVL, significant weekly growth of NAVI Protocol, a rise in TVL for Scallop Lend, and overall strengthening of the DeFi ecosystem. These developments have bolstered the value of the SUI coin, with its price rising by 14.02% in the past 24 hours, now trading at $1.36. The network’s continued growth trajectory is likely to further consolidate its standing in the DeFi space.
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