Sui network grows rapidly with low fees, strong Web3 adoption, and rising SUI price, challenging Ethereum dominance - IcoHolder.

The Sui network, a rapidly expanding layer one blockchain catering to multi-chain Web3 protocols, has witnessed remarkable growth in recent months. Fueled by the rising demand for cost-effective and secure smart contracts, Sui has emerged as a formidable contender in the competitive blockchain ecosystem.

Backed by prominent computer scientists responsible for the Diem blockchain and Move programming language, the Sui network has garnered significant attention within the Web3 ecosystem. This surge in interest comes amidst the widespread adoption of smart contracts, further propelling the bullish trajectory of SUI price.

Recent market data reveals an impressive 62% surge in SUI price over the past four weeks, with the cryptocurrency trading around $1.8 as of the latest update. The network boasts a fully diluted valuation of approximately $18 billion and an average daily trading volume of around $233 million, underlining its growing prominence in the blockchain landscape.

In the competitive arena of layer one blockchains, where Ethereum dominance faces challenges, Sui has emerged as a standout performer. Despite Ethereum's continued dominance, Sui, along with other layer-one blockchains like Solana, Tron, BSC, and Cardano, aims to disrupt the status quo.

Sui's remarkable performance is evidenced by its Total Value Locked (TVL), which has surged from under $20 million a year ago to approximately $594 million. Moreover, the network has witnessed substantial growth in stablecoin market capitalization, reaching around $309 million.

On-chain analysis provided by Wirmholescan highlights Sui's appeal to Ethereum's web3 protocols, attracting over $310 million in the past four weeks alone. This surge in activity has positioned Sui ahead of its peers, including Aptos and Cardano, despite similar offerings.

Key to Sui's popularity is its low transaction fees, which remain competitive even amidst heightened on-chain activity. This has endeared Sui to crypto investors and web3 developers alike, fostering a thriving ecosystem of decentralized finance (DeFi) applications on the network.

Leading Web3 platforms on the Sui network, such as Scallop Lend, NAVI protocol, Cetus platform, and Aftermath Finance, underscore the network's growing relevance and potential in shaping the future of blockchain technology.

As demand for affordable and secure smart contracts continues to rise, the Sui network stands poised to further solidify its position as a leading challenger to Ethereum, offering innovative solutions to meet the evolving needs of the Web3 ecosystem.