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Sui’s token price has broken a new monthly high, reaching $1.65 earlier today, according to data from CoinGecko. At press time, SUI is trading around $1.6, up 15% in the past 24 hours. The total value locked (TVL) on Sui surged 98% month-to-date, increasing from around $208 million to $436 million, according to data from DeFiLlama.
With this surge, Sui has surpassed Coinbase’s Base and Cardano in TVL, with Base experiencing a 9.5% downturn to around $397 million, and Cardano witnessing a nearly 15% decline to $340 million over the last month. This surge is attributed to the growth of the Sui ecosystem, fueled by recent strategic partnerships with prominent entities like Alibaba Cloud and Solend.
Mysten Labs, the team behind Sui, recently announced its partnership with Alibaba Cloud to provide more resources for developers using the Move programming language. Additionally, Solend, a lending and borrowing platform on Solana, announced last month its expansion onto the Sui network.
Solend is expanding to Sui with the launch of a new project, @suilendprotocol!
Solend is and will always be the most trusted place to lend and borrow on Solana.
Soon, Suilend will be the most trusted place to lend and borrow on Sui! https://t.co/0Kj66QpTT5
— Solend (@solendprotocol) December 20, 2023
In addition to these collaborations, the Sui Foundation motivates projects to participate in the Sui ecosystem with infrastructure-friendly tokenomics that use SUI tokens to incentivize projects and users within the Sui network.
Sui’s market cap reached approximately $1.5 billion, up over 80% in the past month, according to Token Terminal’s statistics.