GRAND CAYMAN, Cayman Islands, January 30, 2024, Chainwire
In the past four months, Sui TVL is up over 1000%, helping the network leapfrog Base, Cardano and Bitcoin in its meteoric DeFi rise
Sui, a leading Layer 1 blockchain created by the team leading Meta’s Diem crypto project, continued its blistering DeFi growth, surpassing $430 million in Total Value Locked (TVL) and entering the top 10 by that metric of blockchains. In addition to this torrid climb of TVL, activity on the chain has also exploded. Weekly DeFi volume has increased by over 1200% since October, demonstrating the demand growth that will create a continued flywheel effect that supports the future expansion of the entire Sui DeFi ecosystem.
“Less than a year since the mainnet launched, the growth of the Sui DeFi ecosystem has been nothing short of remarkable. This momentum validates both the technology and the dedication of the Sui community,” said Greg Siourounis, Managing Director of the Sui Foundation. “Most importantly, in these numbers we see that Sui developers are building products that people use to solve real-world challenges. This dynamic will form the basis of a sustainable decentralized network that will last well into the future.”
Because of the object-centric model and horizontal scaling, Sui is uniquely performant, scalable and secure. As a result, Sui is particularly suitable for hosting solutions that can operate at scale. Sui’s rapidly rising TVL is a direct result of multiple Sui-based protocols and applications leveraging Sui’s strengths to grow at an extremely fast pace.
Based on the strengths of its technology and the top builders and developers who have begun to leverage its platform, Sui is quickly assembling a complete set of ecosystem applications that provide seamless composability. From liquid staking to decentralized exchanges (DEXs), to top lending protocols and the additions of DePIN and DeWi to the network, Sui has a technology stack that surpasses the Layer 1 blockchains that have been around for years longer.
Sui is now home to four protocols with a TVL of over $50 million and nine protocols with a value of over $10 million, demonstrating the depth of the ecosystem where multiple projects are flourishing. Lending protocol Scallop Lend tops the list with $96M TVL, followed by Navi Protocol with over $91M. The top five is completed by three decentralized exchanges (DEXs), Cetus, Aftermath Finance and FlowX Finance.
Recently, Sui announced that Banxa, a leading payment infrastructure provider for the crypto-enabled economy, will add the SUI token to its platform. The integration will expand access to the Sui blockchain for users around the world, thanks to a range of global and local payment methods from Banxa, which have processed more than $3 billion in transactions since its launch in 2014. Additionally, Mysten Labs’ Sui Wallet will provide users with the ability to purchase SUI tokens through Banxa’s fiat on-ramp solution and, once fully integrated, use the off-ramp solution.
Sui also recently 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 that build on Sui’s blockchain. This integration improves speed and access to unique index and markup prices for builders and users of DeFi applications on Sui.
Contact
Sui Foundation
media@sui.io