Sui Rises to become the 10th Largest Blockchain Network by TVL
Is there External Capital Inflow into the Sui Ecosystem?
Are Partnership Collaborations Driving Token Price Increase?
With the token price reaching new highs, the Total Value Locked (TVL) of the Sui blockchain network, built on the Move programming language, has reached $437 million. Surpassing Coinbase’s Base and Cardano, it has become the 10th largest blockchain network by TVL.
However, does this mean that the Sui network is indeed experiencing a significant inflow of capital? In fact, when we change the unit of calculation for TVL to the SUI token, we find that the TVL of the Sui network does not seem to significantly differ from its peak in November last year. In other words, the growth of Sui’s TVL in terms of US dollars is likely driven by the price of the SUI token itself rather than external capital inflow.
Despite the lack of significant external capital inflow evident from the data, recent strategic partnerships with well-known entities such as Alibaba Cloud and Solend seem to be the main drivers of the token price increase within the Sui ecosystem.
According to previous official announcements, Mysten Labs, the development team behind Sui, recently announced a collaboration with Alibaba Cloud to provide more resources for developers using the Move programming language. Additionally, Solend, a lending platform on Solana, also announced expansion into the Sui network last month.
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