Sui outperformed Aptos and Cardano in terms of TVL after attracting 310 million USD in the month

Layer 1 blockchain Sui has seen strong inflows this month, a surge that has put it ahead of Cardano, Near and Aptos in terms of total value locked (TVL).

The network, built by former Meta (META) employees, currently has over $593 million in capital locked across various decentralized finance (DeFi) protocols, more than double its total capital at the time. point at the start of the year when it had $211 million, DefiLlama data shows.

Data published by wormholescan.io, which tracks the flow of funds through the Wormhole crosschain bridge, shows that $310 million has been transferred to Sui from Ethereum in the past 30 days.

Sui is often compared to Aptos because both are built using Move, a programming language originally developed at Meta to power the Diem blockchain.


Compare Blockchain layer 1. DefiLlama

Sui had a rocky start after launching on Binance's launchpad last May. SUI, as its native token, is down 68% in its first five months of trading. This came to a head in October when Sui's founders were accused of manipulating token supply, which they quickly denied.

However, Sui soon found his stride following a wave of inscription-related activity. First seen on Bitcoin during the recent NFT phase, inscriptions are a way of recording arbitrary data on the blockchain without the use of smart contracts.

On December 22, Sui generated 13.8 million blocks, with transactions per second (TPS) peaking at 6,000. In contrast to other layer 1s, like Ethereum, gas prices during this high traffic period decrease, according to a blog post by Sui. According to Suiexplorer, there are currently 106 validators operating 413 nodes to secure the Sui blockchain.


Sui's transaction block and gas price. Source: Sui

This bolstered the confidence of developers and investors as both SUI and TVL onchain token prices increased in the following weeks. The two largest protocols on Sui are Scallop Lend and Navi Protocol, two lending platforms that have seen TVL quadruple since the beginning of the year.

SUI is currently trading at $1.80, up 131% since January 1.


SUI price chart. Source: TradingView