A leading DEX on the Sui ecosystem, Turbos Finance, has unveiled a new feature that adds liquidity provider (LP) locking to permanently lock all of their range of liquidity positions on our DEX.
This innovative approach enables LPs to continue earning transaction fees and incentives while their liquidity remains locked.
The primary aims of this feature are to prevent project “rugpulls” (a type of exit scam), lock tokens to reduce selling pressure, and enhance overall transparency and trust within the Sui ecosystem.
This development is expected to have far-reaching implications, potentially boosting the growth of Sui-based meme coins, GameFi projects, and other sectors within the ecosystem.
Turbos Finance’s Market Position and Impact
Turbos Finance has established itself as a key player in the Sui ecosystem, having exclusively supported multiple Sui-based meme currency projects including FUD, BLUB, and PIGU.
The platform’s current total value locked (TVL) stands at an impressive $30 million, with weekly transaction volumes exceeding $90 million.
Furthermore, Turbos Finance boasts a user base of nearly 500,000 active addresses, highlighting its significant role in the Sui ecosystem.
The introduction of the LP locking function is likely to further cement Turbos Finance’s position as a leading DEX and contribute to the overall growth and stability of the Sui network.
Sui Network Achieves Significant Milestone
Concurrent with Turbos Finance’s platform upgrade, the Sui Network has reached a remarkable milestone, surpassing 6 billion transactions.
SUI, the native token of the Sui Network, is currently trading at $2.05, representing a 4.59% increase over the past week. This positive price movement, coupled with the transaction milestone, indicates a robust and expanding ecosystem.
The market capitalization of SUI stands at $5.66 billion, showing a modest growth of 0.59%, which suggests a steady but cautious market sentiment towards the token.
Market Dynamics and Short-term Outlook
While the long-term indicators for both Turbos Finance and the Sui Network appear positive, there are signs of potential short-term volatility. Despite the overall positive trends, SUI’s 24-hour trading volume has experienced a significant drop of over 30%.
This decrease in trading activity could signal reduced short-term interest or a period of consolidation following recent gains.
As the ecosystem continues to evolve with developments like Turbos Finance’s platform upgrade, market participants will likely be watching closely for signs of how these improvements translate into user adoption and token performance.