Sui Soars into DeFi’s Top 10 with TVL Surpassing $430M
Sui TVL has experienced an astonishing surge of over 1000% in the past four months, propelling the network ahead of Base, Cardano, and Bitcoin in its meteoric rise in the DeFi sector.
Sui, a prominent Layer 1 blockchain developed by the team behind Meta’s Diem crypto project, has continued its rapid growth in DeFi, surpassing $430 million in Total Value Locked (TVL) and securing a position in the top 10 blockchains based on this metric. In tandem with this impressive TVL growth, on-chain activity has also skyrocketed. Weekly DeFi volume has increased by more than 1200% since October, highlighting the growing demand that will fuel the sustained expansion of the entire Sui DeFi ecosystem.
Sui stands out due to its object-centric model and horizontal scaling, making it highly performant, scalable, and secure. Consequently, Sui is ideally suited to host solutions that can operate at scale. The significant increase in Sui’s TVL can be directly attributed to multiple protocols and applications built on Sui, leveraging its strengths to experience rapid growth.
Capitalizing on its technological strengths and the involvement of top builders and developers, Sui is rapidly accumulating a comprehensive array of ecosystem applications that offer seamless composability. From liquid staking to decentralized exchanges (DEXs), leading lending protocols, and the recent additions of DePIN and DeWi to the network, Sui boasts a technology stack that surpasses that of Layer 1 blockchains with much longer tenures.
The Sui network is now home to four protocols with over $50 million TVL and nine protocols with over $10 million, demonstrating the depth of the ecosystem where multiple projects are thriving. The Lending protocol Scallop Lend leads the pack with $96 million TVL, followed by Navi Protocol with over $91 million. The top five is completed by three decentralized exchanges (DEXes): Cetus, Aftermath Finance, and FlowX Finance.
Recently, Sui made an announcement regarding its partnership with Banxa, a leading payments infrastructure provider for the crypto-compatible economy. Banxa will add the SUI token to its platform, expanding access to the Sui blockchain for users worldwide. Banxa offers a suite of global and local payment methods that have processed over $3 billion in transactions since its launch in 2014. Furthermore, Sui Wallet, developed by Mysten Labs, will enable users to purchase SUI tokens through Banxa’s fiat on-ramp solution and, once fully integrated, utilize its off-ramp solution.
Sui has also forged a partnership with Oracle Stork to provide builders with faster pricing data. This integration will offer real-time pricing data across Sui’s ecosystem of developers, DEXs, and lending protocols, enhancing speed and access to unique index and mark prices for builders and users of DeFi applications on Sui’s blockchain.
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