SUI Rebound Imminent, Despite Negative Press
Another project set for significant short-term gains is SUI. This project by former Meta employees is one of the most promising in terms of tech on the market. Recently, Sui has seen bullish momentum, as traders are excited over recent developments.
Still, the token suffered a notable correction, in line with recent market performance. Notably, SUI dropped from an all-time high of $5.35 to its current price of $3.69. What is more, the token recently gained some negative press. Recently, blockchain investigator ZachXBT revealed details about a theft of $29 million SUI tokens from a major holder. Apparently, the hackers compromised the victim’s wallet address.
Once the victim discovered the theft, they transferred the remaining funds to a secure wallet. This case reveals the importance of security and transparency for the network. Notably, ZachXBT also explained that the limitations of SUI block explorers make the theft difficult to track.
Despite this case affecting sentiment, there is little that SUI did wrong in this case. For that reason, market sentiment will likely change soon, bringing SUI back to its all-time high and beyond.
TON Undervalued Despite Major Bombshells
Telegram’s Toncoin (TON) could just be one of the most undervalued among the major crypto assets. The token is set for major ecosystem expansion, as its recent announcements are set to give its token more utility than ever.
For one, Telegram recently announced it would only enable Toncoin payments for its mini-app ecosystem. This means that any developers who want to monetize their mini-apps will have to use Toncoin. This is big news for TON, as it will bring its token much more utility.
What is more, TON is also gearing up for its expansion in the United States. The new TON Foundation President will make US expansion one of his primary goals. This is to take advantage of the changing regulatory environment in the country.
TON is also seeing a significant expansion of its DeFi ecosystem. Notably, a liquid staking protocol KTON is set to launch on the chain in February. This protocol is just one of the projects that aims to unlock liquidity for the chain.
Elluminex Races To Capture TON DeFi Space
Another major DeFi development for TON is the launch of Elluminex (ELX). This is a protocol that is taking a different approach to unlocking liquidity for the TON ecosystem. In addition to offering staking rewards, Elluminex will also connect TON to over 40 major chains.
Thanks to a network of cross-chain bridges, Elluminex DEX will offer quick and cheap cross-chain swaps for users. In addition to convenience, this process will also bring substantial liquidity to both TON and Elluminex.
For one, this will help stabilize asset prices on TON, which have been in decline since their June peak. At the same time, more liquidity will also mean less slippage on Elluminex. This will help make trading more efficient and bring in more traders to the TON ecosystem.
The race for dominance in TON’s nascent DeFi ecosystem is heating up. Any project that wins this race will likely be set for major gains, as TON becomes one of the biggest players in DeFi.
For more information about Elluminex (ELX) visit the links below:
Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex
