Sui Is On The Ascent. What’s Driving Interest?
L1 network Sui is in the flush of a bullish trend. Its native SUI token has delivered gains of more than 50% for the month-to-date, making it one of the best performers amongst top-10 tokens. In one 24-hour period this week, trading volumes surged by more than 30%.
What’s rekindled investor interest? Recent events like the soft launch of a Bitcoin-linked Sui asset called sBTC may have helped. Asset manager 21 Shares also announced this week that it plans to launch a SUI ETF – just days after Grayscale unveiled its Sui Trust for accredited investors. Sui’s May token unlock also breaks today, releasing 88.3 million SUI tokens worth an estimated $317 million.
Underpinning everything, however, is Sui’s unique approach to decentralized applications (dApps). The L1’s architecture allows developers to blend the benefits of Web3 with the simplicity of Web2, weaving in familiar ecommerce onboarding steps that make DeFi services easier to use.
Five dApps account for the lion’s share of network TVL, but investors are betting Sui’s competitive advantage will make it bigger than the sum of its parts. These are the dApps Sui users are currently flocking to.
Suilend
Sui’s number one dApp by TVL is Suilend, a crypto …
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