Sui defi ecosystem rises to top 10 as TVL spikes above $430m

GRAND CAYMAN, Cayman Islands, Jan. 30, 2024, Chainwire

Sui is a new blockchain protocol developed by former Meta employees who worked on the Diem project. Since launching in October 2022, Sui has seen rapid growth in decentralized finance (DeFi) activity. Its total value locked – a metric tracking assets deposited in defi protocols – recently surpassed $430 million, placing it in the top 10 blockchains by this measure. Weekly on-chain transaction volume on Sui is also up over 1,200% since October.  

Greg Siourounis, managing director of the Sui Foundation, said:

“Less than a year since the launch of its mainnet, the growth of the Sui DeFi ecosystem has been nothing short of remarkable. This momentum validates both the technology and dedication of the Sui community. Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”  

Sui is a new blockchain protocol that uses an object-oriented architecture. According to its developers, this design provides performance, scalability, and security benefits.

As a result, Sui aims to support decentralized applications at scale. Since launch, developers have built multiple defi protocols and products on Sui. Total value locked has quickly risen to over $430 million.

Sui now hosts lending, trading, staking, and other defi services. Leading protocols include Scallop Lend, Navi, Cetus, Aftermath Finance, and FlowX Finance.

Recently, Sui integrated with Banxa for fiat on-ramps and off-ramps. It has also partnered with Oracle Stork to provide real-time price feeds to defi applications.

These additions aim to improve usability and access.

Contact

Sui Foundation
[email protected]