Major SUI Token Unlock Today, $SUI Price Surges Over 7%

$SUI Sees Significant Token Unlock as Network Value Surges

Today, the Sui network is set to unlock approximately 64.19 million SUI tokens, valued at around $120 million, which represents about 0.642% of its total supply and 2.3% of its current circulating supply of 2.75 billion out of a total of 10 billion tokens. This unlock has coincided with a notable price increase, as SUI has surged over 7% in the past 24 hours, reaching a high of $1.8767 USDT.

Sui Network’s TVL Hits $1 Billion Landmark

In less than two years since its mainnet launch, the Sui network has reached a significant milestone with its total value locked (TVL) exceeding $1 billion. This growth is largely attributed to the ongoing Suitember activities, which have highlighted the performance of key DeFi protocols on the network. Among them, NAVI Protocol leads with a TVL of over $371 million, followed by Cetus Protocol at $174 million, Suilend close to $170 million, Scallop also at $170 million, and Aftermath Finance nearing $99 million.

DeepBook v2 and v3 Innovations Enhance Sui Network Usage

Further showcasing the network’s innovation, DeepBook v2 has been adopted by over 736,000 wallets, facilitating over 100 million transactions and managing a trade volume of over $5 billion. The DeepBook v3 testnet, launched just two weeks ago, has already seen usage from 120,000 wallets, processing over 1.3 million transaction blocks. This ongoing development and adoption underline Sui’s potential as a leading player in the blockchain space, pushing the boundaries of decentralized finance and blockchain usability.

With its expanding ecosystem and increasing utility, Sui’s position in the market continues to strengthen, promising more growth and wider adoption in the competitive blockchain landscape.

https://x.com/suinetwork/status/1840471482495095257?s=46&t=yfspNltYFRUkbaRqle_fpA

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