In a remarkable ascent over just under two years, SuiNetwork has surged past the $1 billion mark in Total Value Locked (TVL), solidifying its place as a formidable player in the decentralized finance (DeFi) arena.
Anchored by a thriving ecosystem, SuiNetwork boasts several standout projects driving its success:
🔥 The #DeFi world has a new heavyweight contender!
In just under two years, @SuiNetwork has skyrocketed to over $1 billion in Total Value Locked (TVL)
Reshaping the blockchain landscape.How did this Layer-1 platform rise so quickly
And what makes it so special?Let's dive… pic.twitter.com/sWOWZnyY5W
— Haley (@DefiHaley) October 21, 2024
Leading the charge are @navi_protocol with over $371 million TVL, @CetusProtocol with $174 million TVL, @suilendprotocol and @Scallop_io each surpassing $170 million TVL, and @AftermathFi with over $99 million TVL. These projects highlight Sui’s prowess in reshaping the blockchain landscape.
Founded in September 2021, Mysten Labs, the force behind SuiNetwork, secured a significant Series B funding round of $300 million led by Coinbase Ventures, Jump Crypto, and Binance Labs. This funding underscores confidence in Sui’s innovative approach and robust growth trajectory.
Key metrics reveal Sui’s rapid expansion, with over 18.19 million active accounts and more than 309 million transactions processed. SuiNetwork’s unique selling point lies in its scalability, handling an impressive 297,000 transactions per second (TPS), far outpacing Ethereum and Solana.
SUI LAUNCHES 'INCUBATOR' HUB IN DUBAI FOR SOLUTION ENGINEERING
– @SuiNetwork, a L1 blockchain designed to enhance transaction processing, has newly launched an 'incubator' hub in Dubai.
– The project states that the hub is the first in a series of hubs that it wants to… https://t.co/LzsIPEDFb5 pic.twitter.com/ZpTNIlOLv8
— BSCN (@BSCNews) October 21, 2024
In addition to its DeFi dominance, SuiNetwork has fostered a vibrant memecoin scene, featuring projects like @hippo_cto ($HIPPO), @blubsui ($BLUB), @fudthepug ($FUD), and more, adding a playful yet valuable dimension to its ecosystem.
Looking ahead, SuiNetwork’s launchpad ecosystem, including @SuiPadxyz and @CetusProtocol, plays a crucial role in supporting new projects with funding and resources. Innovations like #SCION promise to extend Sui’s influence beyond DeFi, potentially revolutionizing sectors like healthcare and finance.
With plans for global expansion, including a newly launched incubator hub in Dubai, SuiNetwork is poised to continue its trajectory of growth and innovation in the blockchain space. As investor sentiment remains bullish and Sui approaches its all-time high, the network’s future looks increasingly promising.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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