Market Metrics and Price Fluctuations
The value of SUI increased by 10% to reach $4.01 on July 26 (Bitcoin price recovery), reflecting a weekly decline of 18.7% due to reduced excessive leverage (alternative coins' upward stumble). The token is still up 46.59% over the past 30 days, supported by the following:
- BTCfi Growth: 10% of Sui's total value is now linked to Bitcoin through protocols like tBTC and xBTC from OKX (BanklessHQ).
- Momentum of Exchange-Traded Funds: Nasdaq filed a 19b-4 application for the SUI exchange-traded fund from 21Shares on July 23, following Grayscale's launch of the SUI Trust (SEC Advances SUI exchange-traded fund).
2. Technical Developments
Mysticeti v2: Transaction expiration time has been reduced to 400 milliseconds (May 20) and productivity has been improved through parallel execution.
Virtual Machine 2.0: Execution times have been reduced by 30-65%, enhancing decentralized finance efficiency (Sui network upgrades).
Walrus Mainnet: The decentralized storage protocol has reached 725 terabytes (with 17.5% capacity utilization) since March, with the value of the $WAL token increasing by 66%.
