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Sui Rises to Become the 10th Largest Blockchain Network by TVL
Is there External Capital Flowing into the Sui Ecosystem?
Partnerships Driving Token Price Increase?
With the token price reaching new highs, the Total Value Locked (TVL) of Sui, a blockchain network built on the Move language, has reached $437 million. Surpassing Base by Coinbase and Cardano, it has become the 10th largest blockchain network by TVL.
However, does this mean that the Sui network has indeed attracted a significant amount of capital? In fact, when we change the unit of calculation for TVL to SUI tokens, we find that the TVL of the Sui network does not seem to have a significant difference from its peak in November last year. In other words, the growth of Sui’s TVL in terms of US dollars may be primarily due to the price of the SUI token itself, rather than external capital inflows.
Although there is no significant evidence of external capital flowing into the Sui ecosystem based on the data, recent strategic partnerships with well-known entities such as Alibaba Cloud and Solend seem to be the main driving force behind the token price increase.
According to previous official announcements, Mysten Labs, the development team behind Sui, recently announced a partnership with Alibaba Cloud, providing more resources for developers using the Move programming language. Additionally, Solend, a lending platform on Solana, also announced its expansion to the Sui network last month.
