Amid market-wide corrections, SUI has emerged as a standout, posting a 7.7% increase in total value locked (TVL) while many Layer 1 chains face downward pressure.
With SUI’s recent TVL gain of 3.3% over the past week, it is a notable performer, even as crypto markets experienced a downturn since the recent peak on October 29.
📉 With the exception of Sui (+3.3% in 7 days) and a few minor gainers like Zeebu (+1.4%), crypto markets have corrected significantly since its price top last Tuesday (Oct. 29th).
Except for any potential bounce to only begin once clarity on the US presidential election starts… pic.twitter.com/L8HNEgjjFm
— Santiment (@santimentfeed) November 4, 2024
This performance has positioned SUI just behind other strong chains such as Avalanche (1.15% increase) and Polygon (1.43% increase), with SUI now boasting $978 million in TVL across 43 protocols—a promising start with potential for substantial growth. Some analysts predict it could climb to $10 billion in TVL in the months ahead.
$SUI TVL is behind Avalanche(1.15%),Polygone(1.43%), No user l2(2.66%), Bald chain(2.8%) and many more.🤝
SUI currently have 978 Million doller in TVL which has potential to reach 10 Billion in coming months with currently having 43 protocols.👏
I think $SUI will be in the top… pic.twitter.com/P6FMjvTTy5
— Ghenghis khaan (@Ghenghiskhaan) November 5, 2024
Elsewhere, Polygon and Hyperliquid’s TVLs have also shown resilience despite broader market pressures. In a positive development, SuiLend recently launched a liquid staking solution, and Tether has expanded its presence by bringing native USDT to Aptos, highlighting continued network development and expansion despite current market conditions.
This period of correction may continue until there is more clarity on the U.S. presidential election, with market sentiment potentially driving a fresh wave of activity. As election results unfold, it’s expected that the market’s reaction will hinge more on perceived impacts than the actual economic implications—regardless of whether the outcome is considered favorable for crypto.
With SUI’s steady TVL growth amid uncertain market conditions, it demonstrates the strength of promising Layer 1 ecosystems and their ability to attract engagement even during corrections.
These developments underscore the resilience of certain platforms as they continue to build out infrastructure and attract capital in anticipation of future growth.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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