In November, two relatively new Layer-1 blockchain networks, Sui (SUI) and Aptos (APT), started double-digit price increases. The appearance of new decentralized apps on the network ignites the exponential growth of Sui Foundation’s native $SUI.
Over the past day, SUI has traded with a volume of $99,113,468 and APT with a volume of $97,493,984. Given that SUI’s market valuation is about four times lower than that of its competitor, Layer 1, this is a trigger for estimating the company’s growth potential.
This past week, Bluefin launched a decentralized exchange (DEX) on the SUI blockchain, demonstrating the swift expansion of SUI’s DeFi initiatives. A wider range of users may now access DEX trading thanks to Bluefin DEX’s new capabilities, which include wallet-less cryptocurrency trading and sub-second trades.
Additionally, Ribbon Finance’s Aevo decentralized exchange, which provides a wide variety of futures trading, is now housed on SUI Layer-1 blockchain technology. Long-term investors’ desire drove SUI’s blockchain to surpass rival Aptos in trading volume.
The Layer-1 network has reached $137.8 million in total value locked (TVL) because of the newly released DeFi applications on Sui’s blockchain. Given that every one of the top 20 decentralized applications on SUI has experienced double-digit growth since last week, this on-chain indicator confirms the robust expansion of Sui’s DeFi ecosystem.
In contrast, the rival Layer-1 altcoin Aptos (APT) now has $39.47 million of its $63.99 million total locked value originating from on-chain stablecoins. Even though the SUI blockchain raised $368 million at its debut, its market capitalization remains at $565 million globally.
However, on January 27, 2023, Aptos achieved an all-time high market capitalization of $2.93 billion. With a current market capitalization of $2,035,326,295 and a market share that is approximately 4 times more than SUI’s, Aptos (APT) continues to dominate the market despite TVL’s misleading analysis.
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