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Key takeaways:
- Sui Network has entered the top 10 decentralized finance (DeFi) rankings by total value locked (TVL) just 9 months after launching its mainnet. It currently has over $500 million in TVL
- Sui's native token SUI has seen tremendous growth, surging 109% in January alone. This indicates strong demand amid Sui's parabolic TVL growth
- Compared to other layer 1 blockchains like Solana and Avalanche, Sui has progressed very rapidly up the TVL charts given its age.
- Sui integrated with fiat gateway Banxa to improve mainstream accessibility by enabling easy fiat-to-SUI token ramps directly in Sui Wallet.
Sui Network, a layer 1 blockchain created by the team behind Meta’s former Diem project, has entered the top 10 decentralized finance (DeFi) rankings by total value locked (TVL) just 9 months after launching its mainnet.
According to DeFi Llama, Sui Network surpassed $500 million in TVL at this time, making it the 10th largest blockchain in terms of value deposited into its DeFi applications. This represents over a 1000% increase in TVL for Sui Network in just the last 4 months.
SUI positioning as No. 9 among the top 10 Defi ranking by Total Value Locked (TVL), Image Source: Defi Liama
Sui Network utilizes a delegated proof-of-stake consensus mechanism. Its native token SUI is used for staking, paying gas fees, and governing the network. Sui launched its mainnet in May 2022 and has since built an ecosystem of 22 DeFi protocols, including lending and borrowing, decentralized exchanges, staking, and more.
SUI TVL Chart, Image Source: Defi Liama
Two of the most popular protocols on Sui Network, SuiSwap and SuiStake, have each attracted over $100 million in TVL. Another four dApps have surpassed $40 million TVL, demonstrating strong adoption from developers and users leveraging Sui's high performance, low fees, and focus on usability.
Moreover, Sui's native token SUI has also seen tremendous growth, surging 109% in January alone to hit a new all-time high price of $1.55.
As a utility token, SUI allows holders to participate in staking and governance. Its recent price appreciation indicates strong demand amid Sui's parabolic TVL growth.
Also, compared to other layer 1 blockchains, Sui has progressed rapidly up the TVL charts given its age. For example, it took over 2 years from launch for Solana to reach top 10 DeFi TVL status. Avalanche needed over 1 year. However, Sui has achieved this feat in less than 9 months, showcasing the capabilities of its core technology.
SUI Partnership with Banxa
Sui's rise up the leaderboard comes just after the project announced integration with Banxa last week. Banxa is a fiat-to-crypto gateway that is set to provide Sui users with seamless on-ramps and off-ramps between fiat currencies and SUI, improving accessibility for mainstream users.
Additionally, Sui Wallet developed by Mysten Labs in 2022 provides users with an intuitive and secure way to store and transfer tokens on the Sui Network. With this integration, Sui Wallet will utilizes Banxa's fiat gateways, showcasing the synergy being created among products and services within the Sui ecosystem.
As developer and user activity continue accelerating on Sui Network, all signs point toward a leading layer 1 blockchain for DeFi. The pace at which Sui has climbed into the top 10 TVL rankings demonstrates its promise of becoming a dominant platform for financial applications. While still early days, Sui appears poised to challenge other DeFi incumbents as it continues its rapid growth trajectory.
Bottom Line
In less than a year, Sui Network has shown that its unique technical design enables DeFi developers to build better user experiences, leading to unprecedented adoption and growth. Sui is still in the early phases of showcasing how it will open up decentralized finance to millions more potential users through a new type of financial infrastructure.
Learn more about the Sui Network and how to trade its token here!