SUI TVL notches double-digit gains, eyes return to $2B as ETF whispers grow

The layer-1 blockchain Sui is gaining fresh momentum, edging closer to reclaiming its $2 billion total value locked (TVL) milestone as positive developments ripple through the ecosystem.

According to DeFiLlama data on June 10, 2025, the total value locked on the Sui now sits at $1.96 billion. This marks an approximate 10% increase from the $1.77 range it maintained over the past week, bringing the protocol closer to regaining the $2 billion milestone achieved earlier this year.

SUI’s TVL growth comes as talks of a potential SUI exchange-traded fund (ETF) launch gain steam across the industry. As recently announced, Nasdaq has filed a 19b-4 with the Securities and Exchange Commission to list the 21Shares SUI ETF.

This filing follows 21Shares’ S-1 registration in April, formally initiating the regulatory review process for a spot ETF based on the SUI token. Market analysts have also placed odds for a SUI ETF approval in 2025 at 60%, fueling the positive sentiment.

Kevin Boon, the president of Sui’s founding team Mysten Labs, praised the development stating, “Looking back at our mainnet only two years ago, the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI.”

Beyond the ETF speculation, multiple ecosystem-wide developments are also contributing to Sui’s rising TVL. For one, the network has seen an increase in Bitcoin-pegged assets, with around 10% of its locked value now held in tokens such as wBTC, LBTC, and stBTC. 

Additionally, Sui recently crossed a major liquidity threshold, with over $1 billion in stablecoins now circulating across its DeFi applications.

Meanwhile, the native token of the protocol SUI (SUI) has been on a modest climb all week. At press time, it trades around $3.47, reflecting a 2% gain over the past 24 hours and approximately 7% over the last week.