Sui Drops 2.417% Despite 40% Asset Lock Growth, Stablecoin Market Cap Surges 89.7%

Sui's latest price was $3.33, down 2.417% in the last 24 hours. Sui has emerged as one of the fastest-growing players in the crypto industry this year. The amount of assets locked in its decentralized exchange network has jumped by 40% in the last 30 days, reaching $2.45 billion. This growth has positioned Sui as the 9th biggest blockchain in the industry, surpassing popular networks like Avalanche, Polygon, and Cardano. The stablecoin market cap on the Sui blockchain has also surged to $897 million, indicating a high level of user interaction and engagement. The number of stablecoins in a blockchain network is a positive sign as it shows that users are actively interacting with it.

Further data reveals that decentralized exchange (DEX) protocols on the Sui blockchain are gaining significant traction among users. Cetus, Momentum, and Bluefin led the market share in this category. This surge in activity highlights the growing interest and adoption of the Sui blockchain within the decentralized finance (DeFi) ecosystem.

Sui's stablecoin market cap has jumped to $897 million, meaning that it may soon cross the $1 billion milestone. This growth in stablecoin usage indicates a strong demand for stable assets within the Sui ecosystem, which is crucial for facilitating transactions and providing liquidity.

Sui's decentralized exchange (DEX) protocols are seeing more traction among users. Cetus, Momentum, and Bluefin led the market share in this category. This surge in activity highlights the growing interest and adoption of the Sui blockchain within the decentralized finance (DeFi) ecosystem.

Sui's eight-hour funding rate has turned positive and is pointing upwards, signaling that the price of a perpetual contract is higher than the spot one. It is a bullish sign as it signals that more traders are betting on the price increase. This positive funding rate indicates a bullish sentiment among traders, who are optimistic about the future performance of the Sui token.

Jonathan Carter mentioned that the new mainnet launch on May 5 would come with major improvements such as near-zero fees and over 50,000+ TPS capability. This launch is expected to further enhance the scalability and efficiency of the Sui blockchain, making it more attractive to users and developers alike.

Claynosaurz, a Web3 animation and entertainment brand, has announced a partnership with Sui. Both parties are looking forward to the future of the entertainment industry. The announcement stated that Claynosaurz aims to integrate shows, mobile games, social media brands, NFT collections, or toy companies into one consumer-attracting experience. This goal is made possible by the technology provided by blockchain, smart contracts, and digital asset tokenization. In order to achieve this goal and compete with entertainment giants, existing products must have no flaws. Claynosaurz is at a crossroads of Web3, at the early stage of development from emerging technology curiosity to mainstream adoption and cultural integration. This technology must not add friction to the existing user experience and must be secure and reliable.

In previous news, Claynosaurz joined the Walrus ecosystem to drive on-chain animation and interactive experiences. This partnership with Sui further solidifies Claynosaurz's commitment to leveraging blockchain technology to create innovative and engaging entertainment experiences.