Sui entered the DeFi top 10 with TVL raising over $430M
Grand Cayman, Cayman Islands, January 30, 2024, Chainwire.
In the last four months, Sui TVL has jumped over 1000%, putting the network ahead of Baez, Cardano and Bitcoin in the meteoric rise of DeFi.
The leading Layer 1 blockchain, created by the team leading the MetaDeem Crypto Project, continues its vibrant DeFi growth, surpassing $430M in Total Value Locked (TVL) and entering the top 10 blockchains by that measure. Along with this dramatic rise in TVL, a movement on the chain also exploded. Since October, the weekly volume of DeFi has increased by over 1200%, showing the growth in demand that is driving the continuous flywheel effect, supporting the expansion of the entire Sui DeFi ecosystem.
“Less than a year after the launch of the mainnet, the growth of the Sui DeFi ecosystem has been nothing short of spectacular. This pace is a testament to the technology and commitment of the Sui community,” said Greg Sioronis, Managing Director of the Sui Foundation. Developers use Sue's building products to solve it. That flexibility creates the foundation for a sustainable decentralized network that lasts well into the future.
Due to its object-oriented model and horizontal scalability, Swi is exceptionally performant, scalable and secure. As a result, Sui is particularly well-suited to hosting scalable solutions. Sui's rapidly growing TVL is a direct result of the many Sui-specific protocols and applications that allow Sui's strengths to grow exponentially.
Based on the strengths of its technology as well as the top builders and developers already using the platform, Sui is rapidly amassing a complete ecosystem of applications that offer seamless integration. From liquid staking to decentralized exchanges (DEXs), advanced credit protocols, and the addition of DePIN and DeWi to the network, Sui boasts a technology stack that surpasses Layer 1 blockchains that have existed for years.
Sui now has four protocols over $50M TVL and nine protocols over $10M, demonstrating the depth of the ecosystem with many projects growing. Lender Protocol Scallop Loans topped the list at $96 million TVL, followed by Navi Protocol at over $91 million. The five decentralized exchanges (DEXes), include Cetus, Aftermath Finance and FlowX Finance.
Most recently, Sui Banxa, a leading payment infrastructure provider for the crypto-compatible economy, announced the addition of the SUI token to its platform. In the year Thanks to Banxa's suite of global and local payment methods, which has processed more than $3 billion in transactions since its launch in 2014, the merger will add access to the Sui blockchain. Additionally, it offers Mysten Labs' Sui Wallet. The opportunity for users to purchase SUI tokens through Banxa's fiat on-ramp solution and once fully integrated to use the off-ramp solution.
Sui also recently announced a partnership with Oracle Stork to provide developers with instant pricing data, providing real-time pricing information on Sui's developers, DEXs and lending protocols on Sui's blockchain. This integration provides speed and access to a unique index and benchmarks on Sui for developers and users of DeFi applications.
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