Sui Reaches $300 Million in Total Value Locked, Surpassing Bitcoin and Ascending to a Premier Status Among DeFi Protocols.

Grand Cayman, Cayman Islands, January 16, 2024 – Chainwire

The remarkable 2000% surge in Total Value Locked (TVL) and its advanced technology are prompting builders to gravitate toward Sui, most recently evidenced by the leading lending protocol, Solend.

Sui, a prominent Layer 1 blockchain developed by the team behind Meta's Diem stablecoin initiative, has recently eclipsed $300 million in Total Value Locked (TVL), continuing its ascent in DefiLlama's rankings. This swift achievement highlights the ecosystem's accelerated growth and continues to establish Sui as a frontrunner within the DeFi landscape, overtaking Bitcoin to secure the position of the 13th largest blockchain by TVL. This milestone signifies an exceptional increase exceeding 2000% since August. 

"Reaching $300 million in TVL is a pivotal milestone—one of many successes the Sui ecosystem has accomplished in just a few months since the launch of its mainnet,\" stated Greg Siourounis, Managing Director of the Sui Foundation. \"As market optimism deepens and attention shifts toward the underlying technology, it’s incredibly rewarding to see the efforts of the Sui community yield significant results, propelling growth in the DeFi sector forward.\"

In addition to this notable TVL accomplishment just after its mainnet debut, Sui has also achieved several other significant benchmarks, including exceeding $100 million in bridged USDC, recording the highest number of transactions in a single day by any blockchain, and demonstrating an impressive throughput of 297,000 transactions per second—all accomplished without any network disruptions or fee surges, showcasing the chain's robust scalability.

The various protocols contributing to Sui’s DeFi Total Value Locked are led by the Decentralized Exchange (DEX) Cetus, with $62 million locked in, followed by Navi Protocol at $60 million—an increase of 210% over the last month—Scallop Lend at $54 million, DeepBook at $33 million, and FlowX Finance at $31 million.

Over the last few months, the Sui ecosystem has seen a flurry of new projects establishing themselves on its blockchain. Solend, a preeminent lending protocol from Solana, recently announced its plans to branch out to Sui, marking its first move into an alternative ecosystem with the forthcoming launch of Suilend. Meanwhile, Bluefin, a distinguished derivatives trading protocol that initially launched on Arbitrum, has recently closed its Arbitrum operations to focus entirely on leveraging the exceptional capabilities of the Sui platform.

Sui has also made significant strides in technological and infrastructural advancements. Following the rollout of zkLogin in September, which allows users to generate and access Web3 wallets using regular web2 social credentials like Google and Facebook, the subsequent introduction of zkSend represents a groundbreaking initiative aimed at simplifying Web3 transactions, making them as effortless as sending an email.

Thanks to its innovative object-centric framework and robust infrastructure, Sui stands out with unmatched potential for widespread adoption due to its ease of development, scalability, and rapid processing capabilities suited for various applications.

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Sui Foundation