Sui Soars into DeFi Top 10 with TVL Surpassing $430 Million

GRAND CAYMAN, Cayman Islands, January 30, 2024, Chainwire

In just four months, Sui's TVL has surged by over 1000%, propelling the network beyond Base, Cardano, and Bitcoin in a stunning rise through the DeFi ranks.

Sui, a prominent Layer 1 blockchain developed by the team behind Meta's Diem initiative, has continued its explosive growth in the DeFi sector, crossing the $430 million mark in Total Value Locked (TVL) and breaking into the top ten blockchains by this measure. This rapid growth in TVL has been matched by a massive increase in on-chain activities, with weekly DeFi transaction volumes soaring by more than 1200% since October, indicating a growing demand that promises to establish a self-sustaining cycle, enhancing the broader Sui DeFi landscape.   

“In less than a year since the launch of its mainnet, the evolution of the Sui DeFi ecosystem has been nothing short of extraordinary. This momentum reflects the robust technology and passionate commitment of the Sui community,” remarked Greg Siourounis, Managing Director of the Sui Foundation. “Perhaps most importantly, these statistics indicate that creators on Sui are developing tools designed to tackle real-world issues. This dynamic is essential for establishing a decentralized network that can thrive well into the future.”  

Thanks to its unique object-oriented architecture and horizontal scalability, Sui offers exceptional performance, rapid scalability, and robust security. This makes Sui particularly adept at accommodating large-scale solutions. The impressive growth of Sui's TVL can be attributed to numerous protocols and applications built on Sui that effectively capitalize on its inherent advantages.

Drawing on its technological strengths and the leading builders utilizing its platform, Sui is quickly curating a diverse ecosystem of applications for seamless integration. Covering a wide array of sectors—from liquid staking and decentralized exchanges (DEXs) to top lending protocols, as well as the emerging DePIN and DeWi applications—Sui boasts a technological foundation that is already outpacing Layer 1 blockchains that have existed for much longer.

Sui currently hosts four protocols with over $50 million in TVL and nine protocols exceeding $10 million, highlighting the thriving ecosystem where numerous projects are advancing. Leading the charge is the lending platform Scallop Lend, boasting an impressive $96 million in TVL, followed closely by Navi Protocol with more than $91 million. The top five also includes three DEXes: Cetus, Aftermath Finance, and FlowX Finance.

In its latest announcement, Sui disclosed that Banxa, an influential provider of payment infrastructure for the crypto-friendly economy, will incorporate the SUI token into its platform. This integration aims to broaden worldwide access to the Sui blockchain, leveraging a range of Banxa’s global and local payment solutions, which have facilitated transactions exceeding $3 billion since its establishment in 2014. Additionally, Mysten Labs’ Sui Wallet will enable users to purchase SUI tokens via Banxa’s fiat on-ramp system, which will eventually include an off-ramp solution once fully integrated. 

Sui has also recently formed a partnership with Oracle Stork to equip developers with faster access to pricing information, providing real-time pricing data across Sui’s developer ecosystem, DEXs, and lending protocols. This collaboration is set to enhance both speed and access to unique index and mark prices critical for DeFi application developers and users within Sui's environment.

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Sui Foundation