Users and developers on Sui will benefit from a more seamless experience with USDC.
Sui Network, a layer-1 blockchain, has announced it will soon integrate native USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $67.42 B Vol. 24h: $21.40 B and the Cross-Chain Transfer Protocol (CCTP).
This upgrade is set to improve liquidity and expand cross-chain transaction capabilities for the network.
Integration of USDC and CCTP
As of September 17, Sui Network will introduce native USDC into its ecosystem. This integration is designed to facilitate various digital dollar-backed applications across decentralized finance (DeFi), gaming, and e-commerce. Users and developers on Sui will benefit from a more seamless experience with USDC. The process will involve gradually shifting liquidity from the bridged version of USDC to the native form, while Wormhole’s Portal bridge will continue to function as usual.
Before the full integration of native USDC, the Ethereum-bridged USDC will be rebranded as “wUSDC” on block explorers. Circle’s Chief Product Officer, Nikhil Chandhok, expressed enthusiasm about the collaboration, highlighting Circle’s commitment to supporting the development of blockchain-based applications and improving payment experiences across various platforms.
Recent Developments and Market Performance
This announcement follows Grayscale’s recent launch of the Sui Trust, which provides investors with exposure to Sui and other cryptocurrencies. Sui Network, which is currently ranked 32nd by market capitalization at $2.9 billion, has shown notable recovery in its total value locked (TVL).
After falling from over $1 billion in May 2024 to $516 million in early August, Sui’s TVL has climbed back to over $700 million, making it the 10th largest chain by TVL, according to data from DefiLlama. In the futures market, Sui’s open interest has surged to $230 million. This increase indicates strong demand among futures traders.
Ecosystem Growth and Applications
Sui Network’s growth is also evident in its DeFi sector. The TVL in Sui’s DeFi protocols has risen by over 15% in the last 30 days. Major protocols driving this growth include NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance. Additionally, Sui’s stablecoin volume has increased to over $360 million, and the volume on its decentralized exchange (DEX) platforms has grown by over 32% in the past week, nearing $300 million.
Outside the crypto sphere, Sui is also making strides in other industries. For instance, 3DOS, a 3D printing device manufacturer, has adopted Sui for its high transaction speeds and low costs.
Technical Analysis
Recent technical indicators for Sui show a mixed picture. The Relative Strength Index (RSI) and MACD suggest a generally neutral to positive trend, while other indicators like the Commodity Channel Index (CCI) and Momentum suggest potential selling. Most moving averages are signaling buy opportunities, although the 200-period simple moving average indicates some resistance.
Overall, Sui Network’s upcoming integration of USDC and CCTP, combined with its recent performance and ecosystem developments, positions it as a significant player in the blockchain space.
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