The DeFi ecosystem went agog after the news of Sui network’s (SUI) record-breaking transaction volume hit the internet. Notably, Sui Network’s October statistics reveals that the network’s monthly TV has already surpassed the 6 billion mark, following a progressive increment since August 2023 when it logged approximately 1 billion transactions.
Meanwhile, this latest milestone has attracted a lot of interest not only in the Sui network, but the broader DeFi sector. For instance, Chainlink (LINK) whales seeking solace amidst LINK’s extended consolidation are now looking towards the DeFi sector, with presale stars like Lunex Network (LNEX) enjoying quite a lot of attention. Here is why.
Lunex Network’s Instant Cross-Chain Swapping Feature Fills DeFi Shortcomings
The Lunex Network (LNEX) is an interesting DeFi protocol based on the Ethereum Network, whose primary goal is to facilitate instant cross-chain crypto swapping completely anonymously. Considering its unique approach to achieving this goal, Lunex Network has raised over $1.2 million through its fourth presale stage where the native $LNEX token is selling at a modest price of $0.0017.
While that’s not the main highlight of the project, Lunex’smain allure lies within its ecosystem. Essentially, the Lunex ecosystem houses a multi-chain DEX designed to solve most issues involved with swapping cryptocurrencies across on-chain networks. Precisely, the DeFi platform allows users to trade over 50K digital assets in an interconnected exchange without the need for KYC or third-party wallets.
Meanwhile, Lunex Network also offers a B2B merchant payment gateway, enabling businesses to accept crypto payments and convert to fiat and vice-versa. This feature is also accompanied by its 65+ RPC nodes that aids free Web3 development. Additionally, the DeFi platform adopts a unique revenue share model that buys back tokens in the open market and redistributes part of it to LNEX token holders, setting it apart as a community-centric DeFi protocol.
Sui Network Registers Record-Breaking Transaction Volume
Sui Network (SUI) has recorded substantial growth this year, from its fully-recovering SUI price to its progressively increasing transaction volume. Just recently, the DeFi network made headlines after registering a record 6 billion transaction volume. While this follows a progressive increase from the previous year, its impact is also evident in SUI price.
Currently trading within a monthly range of $1.32 and $2.07, SUI price reflects over 55% increase in the past month despite noticeable fluctuations along the way. This surge contributes significantly to SUI price’s year-to-date increase of over 460% which marks a full recovery from the critical decline it faced earlier in the year.
For context, after reaching as high as $2.08 in March from an entry price of $0.38, SUI token lost most of its gain, facing a progressive decline up to three months after. However, SUI price picked up momentum later in June, and has since continued an uptrend that sent it to its year-to-date peak level at $2.33 before settling within a weekly range of $2.03 and $2.08.
Chainlink Token Faces Extended Price Consolidation Amidst Market Recovery
Despite noticeable uptrend in the crypto market, Chainlink (LINK) price has been trapped within a consolidation zone in the past month. LINK token has particularly traded below the $12 resistance level in the past weeks after it was hit by a noticeable decline from its monthly peak price of $12.94.
Currently trading within a weekly price range of $10.99 and $11.37, LINK price reflects a modest +3% increase which contributed to its monthly gain which has only recovered by less than 2%. Meanwhile, this sluggish momentum has also slowed down LINK token’s YTD growth as it has only managed to register a 54% increase so far.
However, while LINK’s long term moving averages signal a sell, its short term suggests otherwise. This uncertainty has forced token holders to diversify their holdings with promising projects like Lunex Network in order to take advantage of the broader bullish market.
Can Lunex Network Mirror The Success of Sui Network?
While Sui Network is a relatively new decentralized protocol, it has already established itself as a mainstay in the DeFI ecosystem with its latest transaction milestone setting it up for more success. However, Lunex Network’s approach to multi-chain swapping is a disruptive one, and could potentially help it achieve greater success than Sui Network with more adoption.
You can find more information about Lunex Network (LNEX) here:
Website: https://lunexnetwork.com
Socials: https://linktr.ee/lunexnetwork
