SUI Staking Reward Hits $496.7 Million As Price Soars 135% in 30 days - Insights
By Reel Coverage Oct 12, 2024
As SUI price reclaims gains it shaded in Q2, staking rewards hit fresh heights, surpassing TIA and DOT.
With market experts predicting that SUI can climb as high as $7 at year end, staking rewards could hit an astounding $1.7 billion.
At A Glance
● SUI staking rewards doubled in value from Q2 lows reaching $496.7 million.
● Soaring by 135% in the last 30 days, SUI’s price spike tested a FDV of $20.4 billion.
● Expert predictions expect a rally as high as $7, setting a trajectory for $1.7 billion in staking rewards.
● Industry sentiments place SUI as the Solana killer, setting the stage for growth in memecoins on SUI.
→ The Report
The price of SUI, the native token of the SUI Blockchain, grew by 135% in the last 30 days, pushing the digital asset into the top #22 of crypto assets based on market capitalization and it's staking rewards into heights surpassing blockchains like Celestia(TIA) and Polkadot(DOT).
The SUI blockchain has recently emerged as a top competing and performing Layer 1(L1) blockchain now rivaling Solana as the most advanced scaling tech enabling developers to build powerful and scalable DApps and users smooth experience navigating web3.
Built by ex developers at Facebook DIEM, a now sunsetted permissionless blockchain and stablecoin project due to regulatory hurdles, SUI’s recent price gains has drawn vast industry attention to the scaling tech enabled by Mysticeti, a Byzantine Fault Tolerant consensus protocol, based on a directed acyclic graph (DAG) and built upon the Narwhal-Tusk consensus algorithm.
Now dubbed the Solana-killer and the first internet-scale programmable blockchain, SUI witnessed an explosive growth in total value locked(TVL), reaching $1.06 billion according data by Defillama.
SUI’s Staking Reward Double In Q4
Following the surge of SUI’s token price, the staking incentives or rewards emitted by the SUI blockchain saw a value upswing, hitting $496.7 million, with potentials to reach a high of $1.7 billion at year end or Q1 of 2025 as expert analysis predict SUI’s market value being on the trajectory to hit a high of $7.
According to data from stakingrewards, SUI’s reward rate or return on investment(ROI) sits at 3.19% with an up trending performance despite SUI’S declining inflation.
The layer 1 blockchain boasts of a fully diluted value(marketcap) of $20.4 billion, setting it on track to climb into the top 10 crypto assets in market capitalization.
As SUI hits fresh numbers, industry's sentiment has greatly shifted, leading to the launch of memecoins on the layer 1 blockchain, in an attempt to build fresh narratives that rival popular memecoin communities on other L1 blockchains including Ethereum, Solana and TON.
With a unique scaling tech claimed to be able to handle 297,000 transactions per second(TPS), SUI blockchain has attracted speculators, investors and critics, all curious of the potential of SUI to break into the top leagues of L1 blockchains.
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