Sui Network, the blockchain developed by former Meta members, has surpassed $300 million in TVL, growing 2.500% in the last 6 months.
Since August, Sui Network's total value locked or TVL has gone from approximately $12 million to currently $320 million, growing 2.500%, according to data from DeFi Llama.
The TVL indicates the amount of value that users have deposited in the smart contracts or liquidity pools of decentralized projects. This is a very relevant metric to measure the growth of a specific protocol and the trust that users have in it.
New all-time highs
Sui broke the $300 million barrier in TVL on January 12, setting a new milestone for its blockchain ecosystem.
Source: DeFi Llama
This blockchain, built by a group of former members of Facebook's company Meta, was created to provide a highly scalable and affordable blockchain infrastructure for everyone, in order to encourage the use and adoption of the crypto industry in general.
The network is capable of processing an average of 297.000 transactions per second, with an average cost of transaction fees of $0,005, making it one of the fastest, most scalable, and most accessible chains in the ecosystem.
To date, Sui Network has processed almost 70 million transactions, just a few months after launching its mainnet.
Karrier One partners with Sui Network
Sui has been expanding its blockchain ecosystem in recent months, closing several major partnerships in the crypto space. The latest has been with the decentralized wireless network platform Karrier One, with which it has secured an investment through the Sui Foundation, to support the development of Karrier's DePIN technology and its universal telephone number system (KNS). .
According to announced, the Karrier One network will be launched on Sui Network, representing a huge leap for both projects, boosting the capabilities and utility of both chain ecosystems.
The blockchain has also teamed up with Mysten Labs and NHN Corporation, to encourage the development of Web3 games and their adoption in the Asia-Pacific region. In September, it also integrated Web2 credential login to Web3, to simplify accessibility to the crypto industry's decentralized applications.
All this has made Sui Network one of the most important networks for the Web3 industry.
Its native cryptocurrency, SUI has seen impressive growth, rising over 250% since August. At the time of writing, SUI is trading at around $1,20, according to the CoinMarketCap platform.
Continue reading: Former Meta employees' Sui Network mainnet is live
