Posted: Jan 30, 2024 3:06 PM Updated: Jan 30, 2024 3:06 PM
GRAND CAYMAN, Cayman Islands, January 30, 2024, Chainwire
Over the past four months, Sui TVL has jumped more than 1000%, outperforming networks and beating Base, Cardano, and Bitcoin on the DeFi rise.
Sui, a leading layer 1 blockchain created by the team behind Meta’s Diem crypto project, continues its explosive growth in DeFi, surpassing $430 million in total value locked (TVL) and entering the top 10 blockchains by that metric. I did. Along with the rapid rise in TVL, on-chain activity has also exploded. Weekly DeFi volume has increased by over 1200% since October, demonstrating growing demand that will drive a continued flywheel effect supporting future expansion of the entire Sui DeFi ecosystem.
“In less than a year since the mainnet was launched, the growth of the Sui DeFi ecosystem has been remarkable. This momentum is a testament to both the skill and dedication of the Sui community,” said Greg Siourounis, Executive Director of the Sui Foundation. “Most importantly, what we’re seeing in these numbers are developers of Sui building products that people are using to solve real problems. “This dynamic will form the basis for a sustainable, decentralized network that will last well into the future.”
Due to its object-centric model and horizontal scaling, Sui offers unique performance, scalability, and security. As a result, Sui is particularly suitable for hosted solutions that can operate at scale. Sui’s fast-growing TVL is a direct result of several Sui-based protocols and applications leveraging Sui’s strengths and growing at a very rapid pace.
Building on the strength of its technology and the best builders and developers starting to leverage its platform, Sui is quickly amassing a complete set of ecosystem applications that provide seamless composability. From liquid staking to decentralized exchanges (DEXs), leading lending protocols, and the addition of DePIN and DeWi to the network, Sui boasts a technology stack that surpasses layer 1 blockchains that have been around for years.
Sui now has four protocols with TVLs exceeding $50 million and nine protocols with TVLs exceeding $10 million, demonstrating the depth of the ecosystem where multiple projects are thriving. Lending protocol Scallop Lend took first place with TVL of $96 million, followed by Navi Protocol with over $91 million. The top five include three decentralized exchanges (DEXs): Cetus, Aftermath Finance, and FlowX Finance.
Most recently, Sui announced that Banxa, a leading payment infrastructure provider for cryptocurrency-compatible economies, will be adding the SUI token to its platform. This integration will increase access to the Sui blockchain for users around the world thanks to Banxa’s global and local payment methods, which have processed more than $3 billion in transactions since launching in 2014. Additionally, Mysten Labs’ Sui Wallet offers: Users will have the opportunity to purchase SUI tokens through Banxa’s fiat onramp solution and utilize the offramp solution once fully integrated.
Sui also recently announced a partnership with Oracle Stork to provide faster pricing data to builders and real-time pricing data across Sui’s developer ecosystem, DEX, and lending protocols built on Sui’s blockchain. This integration improves speed and access to proprietary indices and market average prices for Sui’s DeFi application builders and users.
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