SUI Token Outperforms Bitcoin and Ether in 2022, Total Value Locked in DeFi Apps Surpasses $500 Million

According to Blockworks, the crypto market has remained relatively stable since the beginning of the year, with major cryptocurrencies like bitcoin and ether experiencing sideways movement. However, SUI, the native token of the layer-1 blockchain with the same name, has nearly doubled its price against bitcoin since January 1. The network, which is managed by former Meta employees who once focused on Diem and is considered a rival to Solana, has also recently surpassed $500 million in total value locked in its DeFi apps for the first time. SUI is among a small group of cryptocurrencies that have seen their bitcoin ratios increase year-to-date. Out of the 60 cryptocurrencies with a market cap of $1 billion or more, excluding stablecoins, wrapped assets, and liquid staking tokens, only 14 have outperformed bitcoin. Machine-learning marketplace token Bittensor (TAO) has seen its bitcoin price ratio increase by 60% this year, followed by modular data layer Celestia's TIA with a 46% increase. ASTR, the crypto at the core of public Polkadot parachain Astar, has also added nearly one-third to its bitcoin price ratio. Astar positions itself as a "smart contract hub" that facilitates asset movement between blockchains, including Ethereum and Cosmos. The team has a strong presence in Japan and is preparing to launch its own zkEVM based on Polygon's chain development kit. Bitcoin-powered memecoin ORDI, layer-1 token algorand (ALGO), and decentralized storage asset filecoin (FIL) have performed the worst against bitcoin so far this year, each down around 30%. However, ORDI had multiplied its bitcoin ratio over the past six months, leading TIA and TAO in bitcoin-denominated returns. In the past six months, legacy layer-1 cryptocurrencies Stellar (XLM), XRP, Litecoin (LTC), and Monero (XMR) have fared the worst against bitcoin, each losing about 40%.