Sui Drops 1.89% Amid DeFi Surge, Key Partnerships

Sui's latest price was $3.93, down 1.892% in the last 24 hours. Sui has been making significant strides in the cryptocurrency and blockchain space, particularly with its focus on decentralized finance (DeFi) and real-world asset (RWA) tokenization. The network has seen a surge in activity, driven by increasing DeFi applications, stablecoin adoption, and innovative gaming and cross-chain partnerships.

One of the key developments for Sui is its integration with the Axelar Network. This partnership aims to enhance liquidity access and enable seamless cross-chain interoperability across major blockchains. By leveraging Axelar’s Interchain Token Service, developers can deploy smart contracts once and reach users across multiple networks using routers like Squid and wallets like Backpack and SlushWallet. This integration is a significant step forward for builders and institutions looking for scalable, secure multichain deployments.

Sui’s ecosystem has also witnessed rapid growth in its DeFi activities. The Total Value Locked (TVL) in Sui’s DeFi ecosystem has risen to $2.03 billion, reflecting a 12% increase in just the past week. This growth places Sui as the eighth-largest blockchain by on-chain activity, now accounting for 1.82% of total DEX transaction metrics. Rising stablecoin transactions and a sharp rise in decentralized exchange (DEX) volumes are fueling this expansion. The Sui network now hosts over $900 million in stablecoins and more than $654 million in DEX volume within the last 24 hours.

Key contributors to this performance include protocols such as Suilend, Sudo Finance, Cetus, Haedal, and Walrus, each experiencing over 90% growth in the past 30 days. These protocols are built on Sui’s object-centric Layer-1 blockchain, which leverages the Move programming language to offer streamlined integration for other blockchain protocols, delivering Web3 functionality with Web2-level ease.

Sui has also made significant inroads into digital collectibles and Web3 gaming. On May 7, Mysten Labs co-founder Adeniyi Abiodun announced Parasol on Sui, a new initiative focused on bringing rare cards and items fully on-chain, directly into users’ wallets under their complete control. This initiative aims to redefine digital ownership by allowing users to have full control over their digital collectibles.

One day prior, the flagship Sui gaming project XOCIETY revealed a collaboration with sportswear giant Adidas to launch ALTS by Adidas, a Web3 gaming studio dedicated to digital identity and creative expression at the intersection of blockchain and immersive content. This collaboration is set to bring innovative gaming experiences to the Sui ecosystem, leveraging the power of blockchain technology to create immersive and interactive gaming environments.

At the recently concluded Sui Basecamp conference, the network also introduced Game Dollar, a gaming-focused stablecoin designed to streamline player incentives across blockchain games. This stablecoin aims to provide a stable and reliable medium of exchange for players, enhancing the overall gaming experience on the Sui network. Additionally, the SuiPlay0X1, a pioneering handheld gaming console compatible with both PC and AAA Sui-native titles, is slated for release by September 2025. This console is set to revolutionize the gaming industry by providing a seamless and immersive gaming experience on the blockchain.

Sui’s zkLogin technology, which simplifies onboarding through a more user-friendly and secure authentication process, has also been integrated into the network. This technology builds on earlier partnerships with Circle (USDC issuer) and Mastercard, further enhancing the security and usability of the Sui network. The integration of zkLogin technology is expected to attract more users to the Sui ecosystem, making it easier for them to access and interact with decentralized applications and tokenized assets.

Overall, Sui’s focus on DeFi, RWA tokenization, and innovative gaming partnerships positions it as a leading player in the blockchain space. With its high-performance blockchain and user-friendly features, Sui is poised to continue its growth and attract more users and developers to its ecosystem. The network’s commitment to innovation and security makes it a promising platform for the future of decentralized finance and blockchain technology.