Sui surpasses $150m in TVL, defi momentum rising

Grand Cayman, Cayman Islands, Nov. 30, 2023, Chainwire

Sui, the layer-1 and smart contract platform developed by the technology team originating from Meta’s Diem project, now has a total value locked (TVL) of over $150 million, six months after launching.

This places Sui among the top 20 blockchains in TVL, pointing to a robust decentralized finance (defi) ecosystem supported by a community of developers and growing user base.

Alongside its TVL trajectory, which has increased by over 500% since September, the Sui Network has surpassed $100 million in bridged stablecoins. Additionally, Sui has outperformed Bitcoin (BTC) in total historical on-chain transaction count, highlighting its scalability, efficiency, and capability to facilitate secure and swift transactions.

The blockchain’s ability to handle a high volume of transactions while maintaining peak performance has contributed to its growth, recently setting a new record for the highest number of transactions processed in a single day by any blockchain to date.

“Sui’s rapid ascension reflects both the growing demand for its unique, native technology and a vibrant community that is fueling the growth and adoption of the Sui Network,” said Greg Siourounis, managing director of the Sui Foundation. “To reach this level of adoption within months of the network’s mainnet launch is remarkable and bodes extremely well for the future of this burgeoning defi ecosystem.”

This growth is further supported by a network of independent defi projects adding value and utility for the community. For example, Cetus, a decentralized exchange (DEX) and concentrated liquidity protocol, also recently surpassed $1 billion in total transaction volume.

This accomplishment points to the depth and decentralization of the Sui Network’s defi landscape.

Builders on Sui are also prioritizing relationships and collaborations across the globe, as evidenced by the recent partnership announcement with technology incubator Hub71. With roots in Abu Dhabi, the UAE’s capital, and a large investment base, Hub71 supports over 260 startups, and has committed to introducing UAE-based startups to the Sui ecosystem.

Sui offers a object-centric approach and scalability in web3, enabling fast transaction processing for a variety of applications.

Builders, users, and organizations can learn more from https://sui.io.

Contact

Sui Foundation
[email protected]