Sui joins DeFi leader by surpassing $100 million in bridge USDC

adminDecember 7, 2023

GRAND CAYMAN, Cayman Islands, December 7, 2023, Chainwire

Just seven months after the network launch, Sui is connecting more USDC liquidity than several native chains.

Sui, a groundbreaking layer 1 blockchain created by the technology experts who led Meta’s Diem blockchain initiative and created the Move smart contract language, continues its explosive rise in decentralized finance (DeFi). This week bridged USDC surpassed $100 million.

This latest data confirms Sui’s position among the top DeFi protocols globally and builds on its most recent milestone of surpassing $175 million in Total Value Locked (TVL). Sui Network currently consistently ranks within the top 25 blockchains by daily transaction volume and within the top 15 blockchains by weekly transaction volume.

“Bridge stablecoin surpassing $100 million marks another significant moment for Sui in DeFi and highlights the incredible success of the Sui community’s efforts to build a versatile and accessible ecosystem,” said Greg Siourounis, Executive Director of the Sui Foundation. “It clearly shows that we have achieved success.” . “Combined with the network’s recent TVL surge and performance measurements that show Sui is operating at the forefront of Web3 technology, this milestone positions Sui as a driving force in the next generation of DeFi.”

The network’s decentralized ecosystem and independent builders are fueling this growth, with seven projects exceeding $10 million in TVL and 11 projects exceeding $2 million.

In another strategic move to strengthen the security and reliability of the ecosystem, Sui last week announced ecosystem investments with leading Web3 security companies OtterSec and Zellic. This provides independent ecosystem projects essential access to advanced audit services and puts Sui’s builders on the path to success.

Likewise, in November alone, $500,000 in new Sui grants were awarded to network-building projects. These grants are dedicated to Sui and the project team ready to drive adoption of the growing DeFi ecosystem.

For more information about the Sui Network, visit sui.io.