Sui surges in weekly DEX volume, enters top 10 overall blockchains

adminMarch 29, 2024

Grand Cayman, Cayman Islands, March 28, 2024, Chainwire

Sui’s March DEX trading volume was more than $2.88 billion, up more than 49% from February, led by decentralized exchange Cetus and wholesale liquidity layer DeepBook.

Sui, a fast-rising layer 1 blockchain with industry-leading performance and infinite scalability, has exploded in DeFi by most recently registering over $830 million in transactions, cementing its place in the top 10 of all chains by weekly DeFi transaction volume. It continued to show growth. DeFiLlama has 7 days of data available, with $224 million worth of data available in the last 24 hours.

The chain has amassed several DeFi milestones since the start of the year, including surging its Total Value Locked (TVL) past $700 million earlier this week (up over 1900% since October) and dominating Ethereum outflows via Wormhole during the period. As a result, an increase in volume occurred. There are several seven-day periods this year. Sui is also setting the standard for network reliability during periods of high network traffic. In the first four months of mainnet, Sui completed 65.8 million transactions per day. This is the highest number of any blockchain in history. At the same time, the network has never experienced any outages or performance degradation during its existence.

These milestones demonstrate that Sui’s foundational technology, featuring an object-centric model, horizontal scalability, the increasingly popular developer-friendly Move programming language, and recent innovations such as zkLogin and zkSend, helps developers create products that solve real-world problems. It reflects how it can be created. On a large scale.

Sui’s technology is also attracting more and more projects and developers based on Sui. Most recently, Solana’s largest lending protocol, Suilend, a protocol developed by the Solend team, released its first extension outside of the Solana ecosystem. Ondo Finance’s treasury-backed assets also recently entered the ecosystem, while decentralized derivatives exchange Bluefin left Arbitrum for Sui.

DeepBook, Sui’s fully on-chain order book and part of the Sui Protocol, experienced significant volume growth in March as DeFi on the network continued to grow. CLOB continues to provide deep liquidity to all DeFi protocols and traders on Sui with very low and predictable trading costs, recording over $940 million in trading volume since the beginning of the month and over $289 million in the past week alone. . And finality of less than 1 second.

“From the Move language to the object-centric architecture, Sui’s technology is unrivaled in the industry and enables a level of innovation that attracts partnerships, protocol expansions, and independent developers – all to build solutions that leverage the Sui Network,” said Greg Siourounis. , Executive Director of Sui Foundation. “Sui’s surging metrics in DeFi are currently surging and clearly indicate that Sui is increasingly becoming the platform of choice for an industry ripe with cutting-edge technology and practical real-world applications.”