Sui Raises $300M in TVL, Overtakes Bitcoin and Joins the Upper Echelon of DeFi Protocols
Grand Cayman, Cayman Islands, January 16, 2024, Chainwire.
A 2000% increase in TVL and advanced technology are leading builders to choose Sui, the most recent high-end lending protocol, Solend.
The leading Layer 1 blockchain Sui Total Value Locked (TVL), created by the team behind Meta's Diem stablecoin project, has raised over $300M. This sudden milestone highlights the ecosystem's rapid ascent and further solidifies Sue's position as a leader in the Diff space, surpassing Bitcoin to make it the 13th largest blockchain in TVL. This achievement represents over 2000% growth in TVL since August.
“$300 million in TVL is a huge milestone for TVL – one in a series of achievements that comes just months after the launch of the main network of the Sui ecosystem,” said Sui Foundation Managing Director Greg Siouronis. It's exciting to see it come to fruition and to see Sue's ecosystem drive the industry forward.”
In addition to achieving this significant TVL result, since launching the mainnet, other recent achievements include passing over $100 million USD in Bridge USD, handling the largest single day transaction on any blockchain, and recording 297,000 TPS transactions per second. It clearly demonstrates the ability to scale the chain – without any network interruptions or fee increases.
Protocols contributing to Sui's DeFi TVL include decentralized exchange (DEX) Cetus with $62M, followed by Navi Protocol ($60M, up 210% in the last 30 days), Scallop Lending ($54M), DeepBook ($33M) and FlowX Finance ($31M). .
In the past few months, the Sui ecosystem has welcomed many new projects that build on the blockchain. Suilend – the leading lending protocol on Solana – has announced its intention to expand its ecosystem with the upcoming Suilend, as has Suilend, while Bluefin, the leading derivatives trading protocol launched on Arbitrum, recently shut down its Arbitrum implementation entirely. The resources to use the Sui platform with exceptional performance.
Sui has made some amazing technological and infrastructural breakthroughs. After the September launch of zkLogin—which lets users easily create and log in to Web3 wallets using Web2 social credentials like Google and Facebook—the recent launch of zkSend is a pioneering effort to make Web3 transactions as easy as sending an email.
Thanks to its object-oriented model and powerful infrastructure, Sui's unparalleled mass adoption potential stems from its ease of use for developers, scalability, and rapid commercialization of a wide range of applications.
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