- Sui’s TVL Reaches Record Highs: Sui blockchain’s total value locked (TVL) hit $2.1 billion before slipping slightly to $2.088 billion, driven by a 78.86% spike in lending protocols led by NAVI Protocol, whose token NAVX recently listed on Binance Alpha.
- Mojito Loyalty Expands Sui’s Real-World Applications: Mojito, a Web3 commerce platform, launched Mojito Loyalty, a gamified on-chain rewards program built on Sui. Early partners like Cur8 have seen over 1,400 users complete missions, highlighting Sui’s expanding real-world use cases.
- SUI Price Lags Despite Ecosystem Growth: While Sui’s DeFi and Web3 traction is gaining momentum, SUI’s price has only increased by 0.86% in the last 24 hours, currently trading at $4.00, suggesting the market may be slow to react to the ecosystem’s developments.
Sui TVL Surges to $2.1B – What’s Driving It?
According to DefiLlama, Sui’s total value locked (TVL) hit a record $2.1 billion, though it’s slipped slightly to $2.088 billion as of now. Still, that’s a 17% surge from early May, and the momentum’s showing no signs of slowing.
Lending protocols have been a big part of that growth – up 78.86% over the past month. NAVI Protocol, Sui’s top lending and borrowing platform, has been leading the charge. Its token, NAVX, just got listed on Binance Alpha after its OKX debut.
NAVX’s listing on Binance Alpha could be a game changer. Binance even teased some exclusive SUI asset airdrops for active traders on the new SUI Chain. NAVI’s ambassador chimed in, saying that low slippage on Binance makes NAVX prime for Alpha farming.
Real-World Use Cases: Mojito Loyalty
Sui’s DeFi ecosystem isn’t the only thing heating up. Mojito, a Web3 infrastructure provider known for building NFT platforms for luxury brands like Sotheby’s and Mercedes-Benz, just launched Mojito Loyalty – a gamified loyalty platform built entirely on Sui.
Mojito Loyalty is all about on-chain missions, rewards, and user engagement – all without the need for separate wallets or third-party dashboards. Mysten Labs’ Product Director, Lola Oyelayo-Pearson, said the project is a ‘perfect example of what Web3 infrastructure can do when it’s designed with the user in mind.’
Meanwhile, Mojito CEO Neil Mullins thinks the loyalty market is ripe for disruption. He’s aiming to take a chunk out of the $155 billion market by 2029, positioning Mojito Loyalty as a sleek, customizable alternative to old-school CRM tools.
Early adopters like Cur8 are already seeing results, with over 1,400 users completing missions and racking up rewards in just a few weeks.
SUI Price Action: Growth Lags Behind TVL Surge
Despite the DeFi and real-world traction, SUI’s price hasn’t exactly taken off. It’s up just 0.86% in the past 24 hours, sitting at $4.00. But with its TVL pushing higher and new projects gaining traction, some are wondering if the price action is just lagging behind the fundamentals.
Sui’s rise isn’t just about DeFi anymore – it’s about building real-world use cases that could bring the next wave of adoption. And if Mojito Loyalty is any indicator, the Sui ecosystem might just be getting started.
