SUI has kicked off its first-ever global Hackathon, a move that’s poised to positively impact both its price and the projects within its ecosystem.
Historically, blockchain incentives like these tend to boost market sentiment and project development, and SUI appears to be following this trend.
#SUI has launched their first Hackathon, globally!
Every time a blockchain launches an incentive, it soon has a positive impact on both its price and the projects within it.
Let's wait and see what surprises will come to SUI 🚀https://t.co/SyPy3P4Ck4
— Sui Station (@Sui_Station) May 28, 2024
Amid the fluctuating market conditions, SUI’s Total Value Locked (TVL) has consistently grown, reaching a new milestone of over $1 billion. This steady increase underscores the network’s resilience and the attractiveness of its ecosystem to developers and investors alike.
Several top projects on SUI have been pivotal in driving this growth. Leading the pack is Navi Protocol, boasting a TVL of $261 million. Close behind are Scallop_io with $204 million and CetusProtocol with $164 million.Â
Other Notable SUI TBL ContributorsÂ
Other notable contributors include Suilend at $110 million, AftermathFi with $85.1 million, KriyaDEX at $51 million, FlowX_finance with $30.9 million, DeepBook at $29.3 million, HaedalProtocol at $27.7 million, and Turbos_finance with $26.6 million.
⚡️@SuiNetwork's TVL Exceeded $1 Billion@navi_protocol – $261M@Scallop_io – $204M@CetusProtocol – $164M
Suilend – $110M@AftermathFi – $85.1M@KriyaDEX – $51.0M@FlowX_finance – $30.9M
DeepBook – $29.3M@HaedalProtocol – $27.7M@Turbos_finance – $26.6M pic.twitter.com/oRpJ7kCSzi— CryptoRank.io (@CryptoRank_io) May 28, 2024
The success of these projects reflects the effectiveness of SUI’s incentive program. Over the past month, these projects have seen consistent increases in TVL, highlighting their growing popularity and the potential of SUI’s ecosystem.
Despite the relatively low capitalization of many projects within the SUI network, their TVL often surpasses these values multiple times over. This indicates significant investor confidence and substantial locked assets, suggesting that holding these tokens could be a lucrative strategy. The potential for price increases remains substantial, making them attractive for long-term investment.
SUI’s inaugural Hackathon is set to drive further innovation and development within its ecosystem. As the event unfolds, the positive impacts on SUI’s market dynamics and project growth are anticipated to continue, reinforcing the network’s position in the blockchain space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: itchaznong/123RF // Image Effects by Colorcinch
