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Sui is rapidly climbing the DeFi ranks, now boasting over $1.75 billion in TVL with growing stablecoin liquidity and rising adoption.
Since its launch, the layer 1 blockchain Sui has been on a strong upward trajectory, making waves in the decentralized finance space. Once a newcomer, the move language-powered network has solidified its place as a serious contender, recording explosive growth across the ecosystem.
According to DeFiLlama data, Sui has surged to over $1.75 billion in total value locked (TVL), edging closer to its $2 billion peak from earlier in the year. This positions the network among the top 10 largest chains by TVL, ranking 8th and surpassing competitors like Aptos, Cardano, and Polygon.
One key driver of the network’s growth is the rise in Bitcoin-pegged assets. Around 10% of Sui’s TVL is now held in assets like wBTC, LBTC, and stBTC. Additionally, the network has crossed a major liquidity milestone, with over $1 billion in stablecoins now circulating across its DeFi protocols, enabling deeper liquidity for builders and traders.
The blockchain’s native token, $SUI, has also contributed to the positive momentum. The token recently surged past $5 to set an all-time high during a market uptrend and, while it has since stabilized around $3.20, remains up significantly year-to-date.
Sui’s positive trajectory has garnered praise across the industry. In October 2024, Cardano founder Charles Hoskinson publicly praised the blockchain as innovative, describing it as a stronger alternative to Solana.
Bullish sentiment continues to build across the ecosystem, fueled by mounting whispers of a potential spot ETF approval for the native token. Should the current momentum hold, it could further solidify Sui’s place as one of the top-performing blockchains.