- Bitcoin, Ethereum, and Solana see gains; Sui leads with a 70% weekly increase.
- Grayscale’s announcement of single-asset funds for Sui boosts its price as Raoul Pal praises Sui’s market strength.
- Despite competition from Solana, Sui’s recent surge in TVL signals growing user trust and ecosystem vitality.
Major cryptos, like Bitcoin, Ethereum and Solana, have posted gains over the past 24 hours, while some have shown double-digit gains. Sui is one of the top performers having gained a solid 70% in the past week.
Related: US Solana ETFs ‘Inevitable’ Following Brazilian Approval, Say Several Industry Experts
Sui’s price has been on the rise following an announcement by Grayscale that Sui and Bittensor are getting their own crypto funds. Both assets will be able to be traded in single-asset funds – Grayscale is a trailblazer when it comes to crypto funds and offers several altcoin trust funds, including Solana, Cardano and others.
Veteran commentator, Raoul Pal recently highlighted Sui’s strength in a post on X, when he said most investors will be left without owning any Sui. However, Pal also acknowledged that Sui needs to outperform Solana, and that’s not in the cards just yet, according to the former Goldman Sachs manager.
Pal also dispelled FUD by a fellow X user, who cautioned that an upcoming coin unlock event could cause trouble for Sui. Buyers should be aware of unlock events as they increase supply and can potentially lead to price swings.
However, Pal and user Jorn agreed that a 2.5% increase in supply was hardly a ground-shaking unlock.
What is Sui Anyway and What’s The Fuss?
Sui is an innovative layer-1 blockchain platform built to facilitate global adoption through a “secure, robust, and scalable development environment”. According to the whitepaper Sui wants to be the “most accessible smart contract platform”, with a scalable, low gas fee network.
NFT analyst StarPlatinum wrote on X about the Sui Network saying it “addresses key challenges in the blockchain space”, such as congestion and adoption issues. And Sui is fast, possibly the fastest Layer-1 right now.
Related: Thailand SEC Launches Digital Asset Sandbox to Propel Crypto Innovation
And while Sui’s biggest competitor, Solana, is working on Firedancer, which would make it a lot faster – with speeds up to a theoretical 1 million transactions per second (TPS) – Sui is also working on improvements.
Also, there’s another metric that is quite bullish for Sui. After a drop in total value locked (TVL) since May, recently the TVL on Sui has surged as data from DeFiLlama shows.
TVL is a metric worth paying attention to, as it helps traders and investors gauge the scale, security, and attractiveness of a DeFi platform – increasing TVL indicates user trust, ecosystem growth and a potential increase in sentiment.
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