---
title: What's Driving Token Prices? May 3, 2023
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving SUI, BLUR, & AXL token prices in the digital asset ecosystem.
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

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# What's Driving Token Prices? May 3, 2023

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 May 3, 2023

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **[SUI](https://sui.io/) (-70%) **-** **Sui, the layer-1 blockchain using the MOVE programming language, launched its mainnet today and listed its token SUI on Binance. The launch has been highly anticipated after Mysten Labs, the group behind Sui, raised $300M at a $2B valuation last fall. However, the project disappointed the community by opting to hold a public sale instead of an airdrop. Sui began trading this morning above $1 but has since decreased 37%, settling at $1.35 representing a fully diluted valuation of over $13B.
- **BLUR (-12%)** - NFT marketplace Blur announced on Monday that it was launching Blend, an NFT lending protocol with perpetual collateral. The new product does not use price oracles and has no expirations, which allows positions to stay open indefinitely. The process is facilitated through Blur but is peer-to-peer, with lenders setting the interest rate. Borrowers can repay the loan at any time and lenders can choose to unwind the loan by activating a Dutch auction. Blend has a built-in fee switch which can be turned on after 180 days. The lending protocol is available for certain NFT collections only at this time and has seen $25M in loan volume since launch, while other lending marketplaces have done about $6.8M in aggregate volume during that time.
- **[AXL ](https://axelar.network/)(+15%)** - Crosschain bridging project, Axelar, announced yesterday it would support general message passing between EVM and Cosmos chains, allowing composability between the two. The main projects on Axelar already provide bridging services, but this new release also allows messaging. Cosmos-based projects Osmosis, Neutron, Persistence, Saga, Secret, Squid, Stride, and Umee are all already building in the new feature.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

 

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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