Sui (SUI) Layer-1 Network's Native Token Price Surges to a New All-Time High of $2.16

While the prices of most digital assets endured a significant correction over the past week Sui, a Layer-1 cryptocurrency network boasting high-performance and “infinite scaling” has seen the price of its native token surge to a new all-time high of $2.16.

The cryptocurrency market has seen varying fortunes this past week, with most digital assets enduring a significant price correction. However, Layer-1 cryptocurrency network Sui has bucked the trend, notching a new all-time high in the price of its native token.

According to market data, SUI's market capitalization currently stands at $19 billion, taking into account coins in smart contracts, escrow, and those held by team members and the protocol itself, as per data from CryptoCompare. Notably, over 52% of SUI's total supply is locked in smart contracts, while 10% is allocated to community reserves and 6% to early contributors.

Furthermore, Series A and Series B investors hold 7.14% and 6.95% of SUI tokens, respectively, and 1.64% are held by the Mysten Labs Treasury. As stated by CoinMarketCap, 7.24 billion SUI tokens are currently locked, with a gradual unlocking schedule in place.

The daily trading volume within the SUI ecosystem has consistently surpassed $6 billion, largely driven by the SUI and FDUSD tokens, with the majority of trading volume for the stablecoin occurring on leading cryptocurrency exchange Binance.

The ecosystem extends beyond the core SUI token and FDUSD, encompassing a wide range of projects such as decentralized exchanges (DEXs), meme coins, and lending protocols. Notably, SUI has witnessed a significant increase in open interest across major centralized cryptocurrency exchanges, indicating heightened activity among investors.

As of October 7, data reveals that exchanges including Binance, Bybit, Kraken, and OKX have reported a collective open interest of over $508 million for SUI.

This surge in open interest coincides with the upcoming launch of Circle's USDC stablecoin on the Sui network, which has bolstered market confidence and participation. Since the beginning of the year, SUI's open interest has surged by 495%, outpacing major assets like BNB and DOGE, according to CCData.