Sui’s incredible DeFi growth continues into 2024 as TVL breaks the $500 million barrier.

adminFebruary 7, 2024

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

After Sui’s TVL soared more than 1500% in the last five months of 2023, its TVL has more than doubled since the start of 2024.

Sui, one of the fastest-growing layer 1 blockchains, continues its impressive DeFi growth, surpassing $500 million in total value locked (TVL) and ranking in the top 10 of the DeFi ecosystem.

Along with the rapid rise in TVL, on-chain activity has also exploded. Weekly DeFi trading volume reached $745 million, up 63% from the previous period, placing it in the top five most active ecosystems last week. Sui’s continued rise shows how important the underlying technology is to empowering developers to create products that solve real problems and to fuel the expansion of the best projects into the ecosystem.

Over the past few weeks, Sui has announced several partnerships and expansions with industry-leading architecture firms. Most recently, Sui announced that Ondo Finance, the third largest organization in the real asset DeFi sector, will introduce treasury-backed tokens, tokenized securities, and real assets to the ecosystem as the Sui ecosystem is set up. Get the first native stablecoin.

Sui also recently announced that Banxa, a leading payment infrastructure provider for cryptocurrency-compatible economies, will be adding the SUI token to its platform. Additionally, our recently announced partnership with Oracle Stork provides faster pricing data to builders and provides real-time pricing data across Sui’s developer ecosystem, DEX, and lending protocols built on Sui’s blockchain.

“The fact that Sui is now one of the best ecosystems in the cryptocurrency space is proof that Sui’s technology can attract the best developers and major projects,” said Greg Siourounis, Executive Director of the Sui Foundation. “Recent partnership and expansion announcements, along with surging metrics, indicate that Sui has real staying power. Sui is paving the way for widespread adoption and providing endless possibilities for innovation.”

Sui’s object-centric model, horizontal scalability, and Move Language position it to host the most scalable solution to emerge in the blockchain industry to date. The rapidly growing TVL is the result of several Sui-based protocols and applications leveraging the strengths of Sui.

Sui also saw two ecosystem protocols surpass $100 million TVL for the first time in the network’s history. Navi Protocol currently has a TVL of over $114 million (up 184% over the last 30 days), while Scallop Lend has surged to a TVL of over $116 million (up 258% over the last 30 days). Cetus ($72 million), Aftermath Finance ($58 million) and FlowX Finance ($49 million) round out the top five projects measured by TVL.