SUI has been one of the best ‘big cap’ performers in recent times, up more than 40% in two weeks, and its on-chain activity is exploding, fuelled by Circle’s moves to launch a new native USDC token and ONE Championship announces a new SUI partnership.
Layer-1 (L1) blockchain, Sui ($SUI),
Price Trading volume in 24h Last 7d price movement , is everywhere in the news right now. This has led to the price of SUI increasing by over 42% in the past 14 days, per CoinGecko.
The Sui blockchain is a L1 blockchain designed for scalability, low latency, and high throughput. It is a smart contract platform developed by Mysten Labs and was founded by former Meta (Facebook) engineers.
Today, we take a look at three recent developments for the project that seem to be driving this ‘SUI Szn’.
Circle To Launch A Native USDC Token For The Emerging L1 Blockhain
Excited to partner with our friends at @circle. USDC is coming to @SuiNetwork ! pic.twitter.com/0aUDrUxoNV
— evan.sui (@EvanWeb3) September 17, 2024
Co-founder and CEO of Mysten Labs, Evan Cheng, made a post on his X account today (September 17), announcing a partnership between USDC & SUI. The post included a photo of Circle’s CEO, Jeremy Allaire, speaking at an event, with a screen showing USDC and SUI logos in the background. Circle is the issuer of the USDC stablecoin, similar to Tether being the issuer of USDT.
USDC is the second largest stablecoin by marketcap, behind USDT. A native USDC token on the SUI network is a huge milestone in its push to become a leading layer-1 blockchain. Allaire has seemingly confirmed the news since he has reposted many tweets from the SUI community speaking on the partnership.
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ONE Championship Announces SUI As Official Blockchain Partner
We’re amped to enter the circle – Sui is now the official blockchain technology partner of @ONEChampionship!
The world’s largest martial arts organization is gearing up to launch ONE Fight Arena, built on Sui! This highly anticipated mobile game is a joint product between… pic.twitter.com/s8cBAxkHth
— Sui (@SuiNetwork) September 17, 2024
On the marketing front, SUI has today announced a deal with leading Mixed Martial Arts (MMA) promotion, ONE Championship, to become its official blockchain partner. The deal will see their work alongside ONE and leading Web3 gaming firm Animoca Brands to create a mobile game called ‘ONE Fight Arena,’ built on the SUI blockchain.
In addition, Sui will be working with ONE Championship to create a comic/manga series about ONE athletes. It will include a free-to-play pick’em game where users can earn a variety of rewards and digital and physical collectibles.
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SUI Breaks Into Top 10 Chain By Total Value Locked (TVL)
All of these recent developments and partnership announcements from the team have gone hand-in-hand with its rise in on-chain activity. Over the past month, the Sui network has seen a 20.44% increase in TVL, representing the largest growth of any chain inside the top-10.
Second to is Avalanche (AVAX), at 5.52%. Sui is taking good advantage of the ongoing lull on Ethereum, which has seen its TVL drop nearly 12% in the last month.
Another metric of note on the DefiLlama platform is Sui’s TVL relative to more established blockchains that have been around for much longer. Sui is less than 18 months old, launching in May 2023 and already has over $711 million in TVL.
Compare this to Avalanche ($898 million) and Polygon ($874 million), with those blockchains being 4 and 7 years old respectively.
The native token is ranked number 32 by marketcap on CoinGecko and is up 156% over the past year. It has a circulating market cap of $3.064 billion and a fully-diluted value (FDV) marketcap of $11.4 billion.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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