The Sui Blockchain is doing well, and developer and user interest continues to rise. The SUI token rose to a high of $1.1175 on Monday, its highest point since June 9, and 140% above its lowest point this month, making it one of the best-performing tokens in the market.
Data by DeFi Llama shows that Sui Blockchain’s 24-hour volume in the decentralized exchange (DEX) industry rose by over 23% to $62.87 million. This volume made it the ninth-biggest chain in the industry as the network flipped other popular chains like Avalanche, Mantle, TON, and Aptos.
Read more: SUI Crosses Critical $1.0 Mark: What Led to The 14% Price Boom?
Still, Sui Blockchain’s weekly volume of $427 million is slightly less than Avalanche’s $453 million.
Sui has done well in the past 12 months as the network has come from nowhere to become one of the biggest chains in the industry. It has become the 13th biggest chain in decentralized finance (DeFi), making it bigger than other popular chains like Optimism, TON, Mantle, Cronos, and Cardano.
Sui Blockchain’s top dApps are networks like NAVI Protocol, Scallop Lend, Cetus, Aftermath Finance, and Haedal Protocol. NAVI has over $249 million in staked assets, while Scallop is a leading lending platform with over $106 million. Suilend is another lending platform with more than $85 million in assets.
Sui has also attracted more developers lately. One of the top new platforms is Walrus Protocol, a platform offering a decentralized data storage network. It is a rival to other storage networks like Filecoin and Arweave, which use blockchain technology to provide storage solutions cheaply and reliably.
The other big news in the Sui ecosystem is that FanTV, a platform that lets users create, consume, and earn with artificial intelligence, has reached over 3 million wallets on the Sui Blockchain.
Analysts believe that Sui Blockchain could be the next big thing in the industry since it solves some of Ethereum and Solana’s top challenges. Ethereum, the industry leader, is known for its high costs and slow speed, while Solana has become highly congested because of the popularity of meme coins.
Sui Blockchain has substantially low transaction costs and can handle thousands of transactions each second. As such, many developers could switch to its blockchain in the next few months.
