Sui Blockchain Rockets to DeFi Top 10 by TVL, Beating Base, Cardano, and Bitcoin with 1000% Increase
Sui, a leading Layer 1 blockchain that was created by the team that led Meta’s Diem crypto project, has achieved a remarkable feat in the DeFi space. In the past four months, Sui’s Total Value Locked (TVL) has jumped by more than 1000%, vaulting the network past Base, Cardano, and Bitcoin in its meteoric DeFi rise.
TVL is a key metric that measures the amount of assets locked in smart contracts on a blockchain. It reflects the level of activity and trust in a network, as well as the demand for its services. Sui’s TVL has surpassed $440M, making it one of the top 10 blockchains by that metric, according to DefilLama.
Sui’s impressive growth is not only driven by its TVL, but also by its on-chain activity. Weekly DeFi volume on Sui is up more than 1200% since October, demonstrating the growth in demand that will drive a sustained flywheel effect that supports the future expansion of the entire Sui DeFi ecosystem.
“Less than a year since the launch of its mainnet, the growth of the Sui DeFi ecosystem has been nothing short of remarkable. This momentum validates both the technology and dedication of the Sui community,” said Greg Siourounis, Managing Director of the Sui Foundation. “Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”
Sui’s success is largely attributed to its unique technology and its vibrant developer community. Sui is based on an object-centric model and horizontal scaling, which make it highly performant, scalable, and secure. As a result, Sui is particularly well-suited to host solutions that can operate at scale, such as DeFi applications.
Sui’s fast-rising TVL is a direct result of multiple Sui-based protocols and applications leveraging the strengths of Sui to grow at an extremely rapid rate. Sui is quickly amassing a complete set of ecosystem applications offering seamless composability. From liquid staking to decentralized exchanges (DEXs), to top lending protocols, and the additions of DePIN and DeWi to the network, Sui boasts a technology stack that exceeds Layer 1 blockchains that have been around for years longer.
Sui is now home to four protocols at over $50M TVL and nine protocols at over $10M, showcasing the depth of the ecosystem where multiple projects are flourishing. The Lending protocol Navi Protocol tops the list with $138M TVL, followed by Scallop Lend at over $102M. The top five is rounded out with three decentralized exchanges (DEXes), Cetus, Aftermath Finance, and FlowX Finance.
Sui is also expanding its reach and accessibility to users around the world, thanks to its recent partnerships and integrations. Sui announced that Banxa, a leading payments infrastructure provider for the crypto-compatible economy, will add the SUI token to its platform. The integration will increase access to the Sui blockchain for users around the world, thanks to a suite of Banxa’s global and local payment methods, which have processed over $3 billion in transactions since its launch in 2014. Additionally, Mysten Labs’ Sui Wallet will provide users the opportunity to purchase SUI tokens through Banxa’s fiat on-ramp solution and once fully integrated, to utilize its off-ramp solution.
Sui also announced a partnership with Oracle Stork to provide builders with faster pricing data, offering real-time pricing data across Sui’s ecosystem of developers, DEXs, and lending protocols building on Sui’s blockchain. This integration will enhance speed and access to unique index and mark prices for builders and users of DeFi applications on Sui.
- Sui Token Surges 20% After Mysten Labs Announces Expanded Partnership With Alibaba Cloud
- Sui (SUI) Price Could Increase By 50% In The Near Future, Here’s Why?
- NAVI Protocol Acquires Volo To Offer The First Combined DeFi And Liquid Staking Solution On Sui