- Sui Network's Record TVL Figures
- NAVI Protocol’s Success and NAVX Token Surge
- Impact of USDC Integration on Sui Network's Success
Sui Network, a layer-1 blockchain platform, has recently shown significant growth in total value locked (TVL), reaching a new all-time high amid the recovering crypto market.
Sui Network's Record TVL Figures
According to DefiLlama, the total value locked in the L1 network rose to $897.61 million, marking a new all-time high. The increase in TVL is linked to growing interest and developer activity. The blockchain has a stablecoin market cap of $408.78 million.
NAVI Protocol’s Success and NAVX Token Surge
The leading protocol on the Sui network is NAVI Protocol, a modular DeFi platform offering crypto lending services. NAVI’s TVL jumped 34.31% in the past week, including a 7.22% rise in the last 24 hours. The protocol’s native token, NAVX, saw a significant 94.19% increase in the past week, outperforming most cryptocurrencies according to CoinMarketCap data.
Impact of USDC Integration on Sui Network's Success
The surge in Sui Network’s TVL can partly be attributed to the recent announcement from USDC issuer Circle about the integration of USDC into the Sui network. This event has contributed to heightened interest and usage of the platform.
The sharp rise in Sui Network’s TVL demonstrates growing interest and trust in the platform among developers and investors. The success of individual protocols such as NAVI showcases the potential and prospects for the network's further development.
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