SUI Has Picked Up Some Momentum After Its Being Fully Integrated with Backpack

With this update, users are able to use Backpack Wallet and Exchange to trade, lend, swap assets, or handle decentralized applications (dApps).

DeFi protocols on the Sui blockchain have collectively amassed a total value locked (TVL) of $2.088 billion, according to DeFi Llama. This figure is a slight decrease from the previous high of $2.1 billion.

However, despite the minor setback, the current TVL is notably 17% higher than it was in early May, indicating a persistent inflow of capital into the Sui network. Moreover, the TVL in Sui-based lending protocols has undergone a substantial increase, gaining approximately 79% over the past month.

As the new generation blockchain attempts to expand its footprint in the DeFi landscape, it is encountering a surge in interest from both retail and institutional investors. To foster engagement and encourage participation, Backpack is launching an incentive program that will provide over $200k in cryptocurrency and NFT prizes.

The post Sui Network Encounters Decrement In TVL As Interest In Token Futures Soars To New Highs appeared first on More Bitcoins.

DeFi protocols on the Sui blockchain have collectively amassed a total value locked (TVL) of $2.088 billion, according to data from DeFi Llama. This figure represents a slight decrease from the previous high of $2.1 billion.

However, despite the minor setback, the current TVL is notably 17% higher than what it was in early May, which is an indicator of continued inflow of capital into the network. In addition, the TVL in Sui-based lending protocols has increased significantly, with the gain of about 79% over the past month.

This development comes as Backpack, a multi-functional decentralized finance (DeFi) platform, has completed the full integration of its services with SUI. This integration aims to simplify the essential DeFi operations and make them easily accessible to both retail and institutional users.

The updated Backpack offers a streamlined experience for trading, lending, and swapping assets, or interacting with decentralized applications (dApps). It also provides cross-chain bridging capabilities, further expanding the reach and versatility of the Sui network.

To encourage user participation and drive up engagement, Backpack will be rolling out an initiative to award more than $200k in cryptocurrency and NFT prizes.

The updated Backpack platform combines its Exchange and Wallet functionalities to offer a comprehensive suite of DeFi services. Users can seamlessly trade cryptocurrencies, lend and borrow digital assets, and participate in dApps directly through the Backpack interface.

The platform also facilitates cross-chain asset transfer, enabling users to move cryptocurrencies between different blockchains. This capability is crucial for expanding the liquidity and investment opportunities available to users of the Sui network.

As part of its efforts to expand the ecosystem and foster community involvement, Backpack is launching an initiative to reward early adopters and active participants. The program will offer a total prize pool of over $200k, including cryptocurrency and NFTs.

The initiative will feature various tiers of rewards based on user activity and engagement levels. Users who complete specific tasks, such as performing trades, providing liquidity, or interacting with dApps, will earn points towards higher reward tiers.

The updated Backpack platform is designed to be user-friendly and intuitive, catering to both novice and experienced cryptocurrency users. The platform’s integration with leading DeFi protocols on the Sui network provides users with a wide range of options for investing, trading, and managing their digital assets.

The post Sui Network Encounters Decrement In TVL As Interest In Token Futures Soars To New Highs appeared first on More Bitcoins.