Sui Surpasses $300 Million in TVL, Passes Bitcoin and Joins the Upper Tier of DeFi Protocols

adminJanuary 16, 2024

Grand Cayman, Cayman Islands, January 16, 2024, Chainwire

A 2000% increase in TVL and superior technology led builders to choose Sui, most recently Solend, the leading lending protocol.

Sui, a leading layer 1 blockchain created by the team behind Meta’s Diem stablecoin project, continues to climb the ranks of DefiLlama’s leaderboard with its Total Value Locked (TVL) surging past $300 million. This sudden milestone highlights the rapid rise of the ecosystem and further solidifies Sui’s position as a leader in the DeFi space, surpassing Bitcoin to become the 13th largest blockchain in terms of TVL. This achievement represents an increase in TVL of over 2000% since August.

“TVL’s $300 million is a significant milestone, one in a series of achievements the Sui ecosystem has reached in just a few months since mainnet launch,” said Greg Siourounis, Executive Director of the Sui Foundation. “As market sentiment strengthens and the focus shifts to the fundamentals of the technology, it’s exciting to see the work of the Sui community come to fruition and the growth of Sui’s ecosystem drive the industry forward.”

In addition to achieving this significant TVL result shortly after mainnet launch, other recent milestones achieved by Sui include exceeding $100 million in bridged USDC, processing the highest number of transactions per day across any blockchain, and achieving a proven TPS of 297,000 per second. etc. It clearly demonstrates the chain’s ability to scale without network outages or fee spikes.

Protocols contributing to Sui’s DeFi TVL are led by decentralized exchange (DEX) Cetus, with $62 million secured, followed by Navi Protocol ($60 million, up 210% in the last 30 days), Scallop Lend ($54 million), and DeepBook. ($54 million) follows. ($33M), FlowX Finance ($31M).

Over the past few months, the Sui ecosystem has welcomed many new projects built on blockchain. Solend, Solana’s leading lending protocol, has announced its intention to expand to Sui as its first alternative ecosystem with the upcoming Suilend. Bluefin, a leading derivatives trading protocol originating from Arbitrum, recently discontinued its Arbitrum implementation and is the resource you need to leverage the unique capabilities of the Sui platform.

Sui has also achieved some remarkable technological and infrastructural innovations. Following the September launch of zkLogin, which allows users to create and access Web3 wallets using web2 social credentials like Google and FaceBook, the recent launch of zkSend represents a pioneering effort to make Web3 transactions as easy as sending an email. Pay it.

Thanks to its object-centric model and robust infrastructure, Sui’s potential for mass adoption comes from its simplicity for developers, scalability, and rapid transaction processing for a wide range of use cases.