Sui has exceeded $150M in TVL, which shows the sparkling speed of DeFi
Grand Cayman, Cayman Islands, November 30, 2023, Chainwire.
The pioneering Layer 1 blockchain and smart contract platform created by the tech team from the MetaDIM blockchain project has surpassed $150 million in total value locked (TVL) more than six months after its mainnet launch, surpassing expectations. DeFi collector Defillama presiding. This key milestone, which currently places Suyun in the top 20 blockchains in TVL, showcases the growing DeFi ecosystem with developer talent and a community that is growing stronger by the day.
In addition to its more than 500% TVL trajectory since the beginning of September, the Sui network has surpassed $100 million in Bridged stablecoins. Sui has surpassed Bitcoin in total historical on-chain transaction volume, proving its scalability and efficiency, and highlighting the blockchain's ability to facilitate seamless, secure, and lightning-fast transactions.
Diffie's ability to process large volumes of transactions while maintaining high network performance has fueled this growth, as Sui recently set a new record for the most transactions performed by any blockchain in a single day.
“Sui's rapid ascension reflects Sui's unique, indigenous technology and an active community's desire to drive the growth and adoption of the Sui network,” said Sui Foundation Managing Director Greg Sioronis. Environment is a very good indicator.”
This level of development is underpinned by a strong network of independent DFI projects of value and utility to the community. For example, Cetus, a leading DEX and intensive liquidity protocol in the Sui ecosystem, recently achieved great success by surpassing $1 billion in total transaction volume. This achievement emphasizes the depth and decentralization of Sui Network's DeFi landscape.
Developers on Sui are prioritizing connections and collaborations around the world, as evidenced by a recent partnership announcement with technology incubator Hub71. Based in Abu Dhabi, the capital of the UAE, and with a large investment base, Hub71 supports more than 260 startups, and is committed to promoting UAE-based startups to the Sui ecosystem.
Sui's promotion makes Sui a rising force in the industry as Web3 braces itself for what many expect to be a period of high growth. With its object-oriented model and unparalleled scalability, Sue's potential for mass adoption stems from its ease of use for developers and rapid time-to-market for a wide range of use cases.
Builders, users and organizations can learn more about the network by visiting it.
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