SUI Surges 140% as Backpack Integration Boosts DeFi Ecosystem

SUI, a prominent player in the decentralized finance (DeFi) space, has recently gained significant traction following the complete integration of the Sui network with Backpack. This integration has expanded the DeFi features available to users, allowing them to engage in trading, lending, and swapping assets, as well as explore decentralized applications through the Backpack Wallet and Exchange. Additionally, the integration includes cross-chain bridging capabilities, further enhancing the functionality of the Sui ecosystem.

To drive user engagement, Backpack has launched an incentive campaign offering over $200,000 in rewards. This initiative is designed to encourage users to explore the new features and benefits provided by the integration, fostering a more active and engaged user base within the Sui network.

The integration of Backpack into the Sui ecosystem has significantly improved the platform's functionality, making it easier for both retail and institutional users to interact with the network. This enhancement is expected to attract more users to the growing Sui community, further solidifying its position in the DeFi landscape.

SUI's price has shown remarkable growth, increasing by more than 140% since its April 7 low of $1.9, reaching $4.20 on May 11. This surge marks the first time the token has regained the $4 level since January, indicating a strong recovery and growing investor confidence. The rally gained momentum after SUI broke out of the $2.80–$3.10 range in April, coinciding with a DEX volume all-time high.

At the time of reporting, SUI is consolidating within the $3.85-$4.15 range. A daily close above $4.35 is anticipated to confirm the continuation of the breakout, with the $5.30 all-time high of December 2024 potentially coming back into focus.

According to data, Sui's total value locked (TVL) recently peaked at $2.1 billion, although it has since decreased slightly to $2.088 billion. Despite this minor decline, the TVL remains 17% higher than it was in early May, demonstrating consistent capital inflow into the system. Additionally, Sui-based lending protocols have experienced substantial growth, with TVL increasing by 78.86% within a month, driven by the NAVI protocol's growing activity.

SUI futures markets have also witnessed rapid growth, with open interest surging from around $600 million in March to $1.86 billion on May 14. This significant increase indicates a rise in leveraged demand at key trading points and high confidence among traders. The alignment of technical strength, ecosystem growth, and market interest suggests that SUI is poised to achieve new highs in the coming weeks.