SUI Rallies to All-time High

Layer 1 blockchain Sui is setting all-time highs in terms of token price and total value locked (TVL) after announcing its upcoming integration with Phantom Wallet.

SUI is up 12% in the last 24 hours, and the chain’s TVL has been on a parabolic rise this year, eclipsing $1.8 billion today after opening 2024 at $220 million. The rally brings SUI’s fully diluted valuation (FDV) up to $41 billion, making it a top 10 cryptocurrency by that measure.

Phantom, currently the fourth most popular app in the Apple App Store’s “Utility” section, previously only supported Solana and Ethereum until it added the Base chain on Nov 25. After the integration, bridge inflows to Base increased by 27% to $5.1 billion from $4 billion.

The adoption of the Layer 1 network is also increasing at the institutional level. Digital asset management firm Grayscale launched its Sui Trust in August, and investment firm VanEck launched its own Sui-backed product, allowing traditional market investors to gain exposure to the token without holding it directly.