The Layer-1 blockchain Sui is kicking off another phase of its rally, nearing all-time highs as its network experiences significant growth.
At the moment, SUI has surged 140% over the past 30 days and has gained 266% since its yearly low in August.
As per data from the blockchain explorer Artemis, daily transactions on the Sui blockchain have more than doubled since the start of October, rising from 4.1 million to over 9 million as of now.
Early Monday morning, crypto exchange Bybit announced it would support Sui on its Launchpool platform, making it only the second chain available on the service after Mantle (MNT).
Emily Bao, head of spot and Web3 at Bybit, stated:
“In light of the recent robust development within the SUI ecosystem, we quickly listed the NAVI protocol, a prominent project in the SUI ecosystem, and initiated staking for the SUI token pool on our Launchpool. This represents Bybit’s inaugural mining pool beyond the Mantle ecosystem native tokens, and SUI is merely the beginning. Looking ahead, we aim to unveil additional ecosystem token pools in line with project characteristics and ecosystem growth, fostering greater development.”
Circle, the issuer of USDC, has recently declared that the Sui network will begin supporting the world’s second-largest stablecoin by market cap.
“SUI empowers developers to create applications for a broad range of uses, including DeFi, gaming, DePIN, and ecommerce. With the introduction of native USDC, developers can utilize the largest regulated dollar-backed stablecoin in the market.”
Macro expert Raoul Pal has also remarked that Sui could emerge as one of the “chosen ones” in the next cryptocurrency market rally.
At present, SUI is trading at $2.13, slightly below its new all-time highs with a market capitalization of $5.89 billion.
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Image Credit: Shutterstock/RODKARV/Natalia Siiatovskaia
