A rival to the leading smart contract platform in volume soars as the protocol’s total value locked (TVL) hits a new all-time high.
In a new announcement, Ethereum (ETH) competitor and layer-1 blockchain Sui Network (SUI) says its TVL rose by 500% in the last three months and by a whopping 1350% in the last six months.
According to new data from market information platform Defi Llama, SUI’s TVL is currently to sit at $283.5 million. On August 1, that figure was just over $13 million.
The spike in TVL over the past six months also had an impact on the price of digital assets, as SUI shot up to $1.18 at the time of writing, a gain of 18.7% in the past 24 hours and an increase of 100% since December 18, when it traded at $0.59.
Recently SUI announced a new partnership with crypto-based telecom company Karrier One. In an accompanying blog post, Karrier One says collaboration will strengthen its decentralized physical infrastructure networks (DePIN), its universal telephone number system (KNS) and its decentralized wireless (DeWi) technology.
“In association with [the] Sui Foundation, Karrier One is extremely proud to announce a monumental partnership that represents a significant step forward in the integration of advanced telecommunications with Web3 capabilities. We have received a significant investment from Sui Foundation to further develop our DePIN technology, and more specifically, KNS…
Karrier One DeWi will be powered by the Sui blockchain. This also applies to the future KONE token, which can be earned through various activities on our network.”
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Featured image: Shutterstock/Marinamiltusova2250/Sensvector