Sui tops $300m in defi TVL, surpasses Bitcoin

Grand Cayman, Cayman Islands, Jan. 16, 2024, Chainwire

Sui, a layer-1 blockchain created by the team that led Meta’s Diem stablecoin project, has surged past $300 million in total value locked (TVL) continuing to climb the ranks of DefiLlama’s leaderboard.

This milestone underscores the ecosystem’s ascent and further solidifies Sui’s position as a leader in defi, surpassing Bitcoin to make it the 13th-largest blockchain in TVL. This achievement marks a more than 2000% increase in TVL since August.

“$300 million in TVL is a significant milestone—one 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 Sui’s ecosystem growth leading the industry forward.”

Since launching, Sui has achieved several significant milestones, including surpassing $300 million in TVL, reaching $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 (TPS).

These achievements demonstrate Sui’s ability to scale and handle a high volume of transactions effectively.

Sui’s defi TVL is primarily driven by decentralized exchange (DEX) Cetus, followed by Navi Protocol, Scallop Lend, DeepBook, and FlowX Finance.

In addition to these notable milestones, Sui has attracted new projects like Solend and Bluefin, which have chosen to build on its blockchain due to its unique performance and scalability.

Sui has also made significant technological advancements, such as the launch of zkLogin and zkSend.

zkLogin enables users to create and access web3 wallets using web2 social credentials, while zkSend simplifies web3 transactions to the point of making them as easy as sending an email.

With its object-centric model and infrastructure, Sui has the potential for widespread adoption due to its ease of use for developers, scalability, and high transaction processing speeds, making it suitable for a variety of use cases.

Contact

Sui Foundation
[email protected]