One of the fastest-evolving Layer 1 blockchains, Sui, has exhibited a hike of 120% in TVL over the last month, surpassing leading platforms, including Ethereum, Solana, and Avalanche. Currently achieving a total value locked (TVL) of above $600 million, Sui surged 239mm in January.
In a recent X post, Sui announced the astounding hike in the TVL, pointing out that the L1 blockchain has surged past $600,000,000 just 10 days after it marked $500 million. In addition, Sui has also seen a surge in average daily volume over the past 7 days, hitting $100 million.
🎉Today, Sui has over $600,000,000 in Total Value Locked, less than 10 days after achieving the $500M milestone.
Sui also hit $100,000,000 in average daily volume over a 7-day period!
💪Shout out to the strong Sui community for making this happen! pic.twitter.com/El7BvkSSeQ
— Sui (@SuiNetwork) February 14, 2024
A recent report highlighted the TVL surge in Sui and Sei despite the overarching downtrend in the L1 landscape. TheBlockPro, a crypto analytics platform, wrote on X, “The Layer 1 landscape in January saw a dip post-December 2023’s hype.” Highlighting the appreciable journey of Sui and Sei, they asserted that these L1 blockchains have benefitted from “a preference shift towards integrated systems with parallel execution.”
1/ The Layer 1 landscape in January saw a dip post-December 2023’s hype. Sui and Sei however, saw valuation and TVL spikes, benefiting from a preference shift towards integrated systems with parallel execution. pic.twitter.com/AHWXc8lFcV
— The Block Pro (@TheBlockPro__) February 14, 2024
Currently, Sei boasts a TVL of $18.02 million, marking a surge of 90%. At the same time, Ethereum’s TVL has only surged by less than 30%, reaching $42.995 billion. Similarly, Solana with a TVL of $1.981 billion, has surged below 30%.
Source: TheBlockPro
The Layer 1 ecosystem has seen a decline in daily transactions, active user accounts, and fees due to the plummet in inscription activity. However, Solana saw hikes in transaction activities compared to Ethereum, Avalanche, and Tron.
Source: TheBlockPro
Furthermore, the report shed light on the increase in the stablecoin supply on Layer 1 chains. The surge of $4 billion in stablecoin supply across the L1 chains signaled a “sustained on-chain user interest and optimism in the crypto sector.”
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