Sui Blasts into DeFi Top 10 as TVL Surges Above $430M
GRAND CAYMAN, Cayman Islands, January 30th, 2024, Chainwireare
In the past four months, Sui TVL has jumped by more than 1000%, vaulting the network past Base, Cardano, and Bitcoin in its meteoric DeFi rise
Sui, a leading Layer 1 blockchain that was created by the team that led Meta’s Diem crypto project, continued its blistering DeFi growth, surpassing $430M in Total Value Locked (TVL) and moving into the top 10 blockchains by that metric. Alongside this torrid ascent of TVL, on-chain activity has exploded as well. Weekly DeFi volume 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."
Because of its object-centric model and horizontal scaling, Sui is uniquely performant, scalable, and secure. As a result, Sui is particularly well-suited to host solutions that can operate at scale. 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.
Based on the strengths of its technology as well as the top builders and developers that have begun leveraging its platform, 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 Scallop Lend tops the list with $96M TVL, followed by Navi Protocol at over $91M. The top five are rounded out with three decentralized exchanges (DEXes), Cetus, Aftermath Finance, and FlowX Finance.
Most recently, 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 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 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.
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