Sui Tops $300M in TVL, Passes Bitcoin and Joins Upper Echelon of DeFi Protocols
–News Direct–
2000% increase in TVL and superior technology are causing builders to choose Sui, most recently, top lending protocol, Solend.
Sui, a leading Layer 1 blockchain created by the team that led Metas Diem stablecoin project, has surged past $300M in Total Value Locked (TVL) continuing to climb the ranks of DefiLlamas leaderboard. This sudden milestone underscores the ecosystems rapid ascent and further solidifies Suis position as a leader in the DeFi space, surpassing Bitcoin to make it the 13th-largest blockchain in terms of TVL. This achievement marks a more than 2000% increase in TVL since August.
"$300 million in TVL is a significant milestoneone in a string of achievements the Sui ecosystem has reached only months since mainnet launch, said Greg Siourounis, Managing Director of the Sui Foundation. "As market sentiment strengthens and focus turns to the fundamentals of the technology, it is extremely gratifying to see the work of the Sui community bear fruit and Suis ecosystem growth leading the industry forward.
Besides reaching this important TVL result so soon after launching its mainnet, other recent milestones achieved by Sui include surpassing $100 million in bridged USDC, handling the most transactions in a single day by any blockchain, and achieving a demonstrated TPS of 297,000 transactions per second all without any disruption of the network or a spike in feesclearly demonstrating the chains ability to scale.
The protocols contributing to Suis DeFi TVL are led by the Decentralized Exchange (DEX) Cetus with $62M locked in, followed by Navi Protocol ($60M, up 210% over the last 30 days), Scallop Lend ($54M), DeepBook ($33M), and FlowX Finance ($31M).
During the past few months, the Sui ecosystem has welcomed many new projects building on its blockchain. Solenda leading lending protocol on Solanajust announced its intention to expand to Sui as its first alternative ecosystem with its upcoming Suilend, while Bluefin, a leading derivatives trading protocol that began on Arbitrum, recently shuttered its Arbitrum implementation to devote the entirety of its resources to leveraging the uniquely performant Sui platform.
Sui has also achieved some remarkable technology and infrastructure breakthroughs. After the September launch of zkLoginwhich allows users to create and access Web3 wallets by simply using web2 social credentials like Google and FaceBookthe recent launch of zkSend represented a pioneering effort to make Web3 transactions as easy as sending an email.
Thanks to its object-centric model and powerful infrastructure, Suis unparalleled potential for mass adoption arises from its simplicity for developers, scalability, and rapid transaction processing for broader use cases.
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View source version on newsdirect.com: https://newsdirect.com/news/sui-tops-300m-in-tvl-passes-bitcoin-and-joins-upper-echelon-of-defi-protocols-899766410
Sui
COMTEX_446396902/2655/2024-01-16T09:00:02
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