Sui's impressive DeFi trajectory carries on into 2024, with its TVL achieving a new milestone by exceeding $500 million.

Grand Cayman, Cayman Islands, February 5th, 2024, Chainwire

Following an eye-popping TVL increase of more than 1500% during the last five months of 2023, Sui's TVL has also more than doubled as we enter 2024.

Sui Recognized as one of the most rapidly advancing Layer 1 blockchains, Sui has solidified its DeFi position not only by exceeding $500 million in Total Value Locked but also by earning a spot within the top 10 DeFi ecosystems.

Concurrent with this impressive rise in TVL, on-chain activity has also skyrocketed, with weekly DeFi trading volume witnessing a 63% increase, currently touching $745 million. This surge places Sui among the top five most active ecosystems over the past week. Sui's ongoing success underscores the importance of its innovative technology, which empowers developers to build solutions for real-world issues and encourages leading projects to expand within its ecosystem.

In the past few weeks, Sui has unveiled several strategic partnerships and expansions that consolidate its standing with prominent players in the industry. Noteworthy is the announcement that Ondo Finance—ranking third among organizations in the real-world asset DeFi space—is integrating its treasury-backed tokens and securities into the Sui ecosystem, heralding the introduction of the first native stablecoin.

Additionally, Sui recently shared news of partnering with Banxa, a leading provider of payments infrastructure suitable for the crypto economy, which will now support the SUI token. Furthermore, a partnership with Oracle Stork has been established, delivering builders access to quick pricing data and offering instantaneous funding information throughout Sui’s array of developers, decentralized exchanges (DEXs), and lending protocols operating on its blockchain.

"Sui's emergence among the leading ecosystems in crypto speaks volumes about our technology's capacity to attract elite developers and premier projects,\" stated Greg Siourounis, Managing Director of the Sui Foundation. \"The recent collaborations and the surge in metrics highlight Sui's enduring presence and its potential for widespread acceptance and innovation across the board.\"

Sui's innovative object-centric approach, along with its capacity for horizontal scalability and the unique Move Language, positions it strongly to deliver some of the most effective solutions to date in the blockchain landscape. The swift rise in its TVL can be attributed to numerous protocols and applications built on Sui that are taking full advantage of its strengths.

For the first time in the network's journey, two protocols within the Sui ecosystem have broken the $100 million TVL barrier. Navi Protocol has achieved a TVL of over $114 million, marking a 184% rise in just 30 days, while Scallop Lend has skyrocketed to over $116 million, reflecting an impressive 258% growth over the same period. Other notable projects include Cetus ($72 million), Aftermath Finance ($58 million), and FlowX Finance ($49 million), rounding out the top five based on TVL.

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