SUI beats AVAX, NEAR, HYPE in volume, yet traders exit: What’s going on?
Main Idea
SUI's trading volume surpassed competitors like AVAX, NEAR, and HYPE, driven by DeFi protocols and new liquidity avenues, but its price remained weak amid broader market corrections.
Key Points
1. SUI's monthly trading volume reached $44.59B, exceeding the combined volume of AVAX, HYPE, and NEAR by $8B.
2. The volume surge was fueled by DeFi protocols like Cetus and the launch of BTCfi, which enabled Bitcoin integration on SUI's DeepBook.
3. SUI's Total Value Locked (TVL) grew by over 480% since January, reaching $2.295B, with aggregate TVL hitting an all-time high of $3.48B.
4. Despite strong on-chain volume, SUI's price dropped 4% in 24 hours, reflecting broader crypto market sentiment after a brief rally.
5. Stablecoin activity on SUI remained robust, with a market cap of $1.036B and daily inflows of $2.36M, indicating steady capital movement.
Description
SUI's success in scalability drives its volume, but its price stays weak.
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