By
Svetlana Soroka
April 26th, 2024
The notable development and growth of the Sui network have been bolstered by the high demand for affordable and secure smart contracts from Web3 developers and users.
Sui (SUI), a fast-growing layer one blockchain that supports multi-chain Web3 protocols, has experienced significant growth in the past few months. The layer one blockchain is backed by reputable computer scientists who are responsible for the Diem blockchain and the Move programming language.
As a result, the Sui network has attracted notable attention from the Web3 ecosystem amid the mainstream adoption of smart contracts. Meanwhile, the heightened demand for Sui-based smart contracts has bolstered the bullish outlook of SUI price.
According to the latest market data, SUI price rallied more than 62% in the past four weeks to trade around $1.8 on Monday. As of this publication, the Sui network had a fully diluted valuation of about $18 billion and an average daily trading volume of around $233 million.
Sui Network Trumps Over Top-tier L1s
The layer one blockchain ecosystem has experienced heightened competition, thereby leading to a notable decrease in Ethereum dominance. Although Ethereum remains the undisputed champion in the web3 and smart contracts adoption, there are other layer-one blockchains that intend to dethrone its dominance.
Some of the layer-one blockchains with notable traction to dethrone Ethereum’s dominance include Solana (SOL), Tron (TRX), BSC, Cardano (ADA), Sui (SUI), and Aptos (APT), among many others.
In the Ethereum-killers section, competition has significantly spiked in the recent past, especially in the Total Value Locked (TVL). The Sui network has been one of the best performers, whereby its TVL grew from less than $20 million a year ago to around $594 million as of Monday. The Sui network has also registered notable growth in stablecoins market cap which stands at around $309 million.
According to an on-chain analysis provided by Wirmholescan, the Sui network has attracted more than $310 million from Ethereum’s web3 protocols in the past four weeks. Consequently, the Sui network has outshined its peers, including Aptos (APT), and Cardano (ADA). Worth noting that the Aptos network is based on the Move programming language, similar to the Sui network.
As of this report, the Aptos network had a TVL of about $216 million, while the Cardano network had a TVL of about $414 million. The low transaction fees, despite the heightened on-chain activity, have helped Sui gain more popularity among crypto investors and web3 developers. Some of the top-rated Web3 platforms on the Sui network include Scallop Lend, NAVI protocol, Cetus platform, and Aftermath Finance, among many others.
Sui DeFi is happening
— Suilend (@suilendprotocol) February 19, 2024
SUI Price Action and Bull Market Targets
Sui price is on the cusp of reaching its all-time high following a 63% rally in the past 30 days. The mid-cap altcoin is in the early stages of a bullish breakout as the weekly Relative Strength Index (RSI) just rallied above the 70 level for the first time in its history. As a fresh altcoin with tons of positive fundamentals, SUI price is well poised to rally exponentially in a similar fashion as Ethereum in its early years.