In less than two years since its Mainnet launch, Sui has achieved a remarkable milestone, reaching $1 billion in Total Value Locked (TVL) across its decentralized finance (DeFi) ecosystem.
đ¨ BREAKING đ¨ Sui has achieved $ 1ď¸âŁ,0ď¸âŁ 0ď¸âŁ 0ď¸âŁ,0ď¸âŁ 0ď¸âŁ 0ď¸âŁ,0ď¸âŁ 0ď¸âŁ 0ď¸âŁ in Total Value Locked in less than two years since Mainnet launch!!
It's all thanks to the Sui community, projects, products, and builders for getting us to this achievement!
And #Suitember is still going strong đŞ pic.twitter.com/sW4QcnGG3B
— Sui (@SuiNetwork) September 29, 2024
Some of the leading DeFi protocols on the Sui network include:
– Navi Protocol: $371M+ TVL
– Cetus Protocol: $174M+ TVL
– SuiLend Protocol: $170M+ TVL
– Scallop: $170M+ TVL
– Aftermath Finance: $99M+ TVL
Additionally, DeepBook v2, Sui’s decentralized order book, has been utilized by over 736,000 wallets, processing more than 100 million transaction blocks and generating over $5 billion in trading volume. Its upgraded DeepBook v3 testnet saw engagement from 120,000 wallets, processing 1.3 million transaction blocks within just two weeks.
Launched in May 2023, Suiâs native token, $SUI, powers the layer-1 blockchain that uses its own consensus and validation mechanisms to handle transactions on the network. Suiâs standout features include:
– Parallel transaction processing, enabling high throughput.
– An object-centric data model tailored for ownership and asset management.
– Instant transaction finality, minimizing uncertainty.
– Horizontally scalable architecture without performance bottlenecks.
– Built-in support for NFTs, Web3 applications, and DeFi.
– Developer-friendly tools and modular architecture for easier development.
@SuiNetwork has been thriving lately with itâs TVL moving from $600M to $950M, that is over a 35% increase within a month. Surpassing polygon and scroll blockchain.
Also, the $SUI native token has been on the rise, moving from $0.8 to $1.7; thatâs over a 100% increase within a⌠pic.twitter.com/sXQFNsoQvK
— Lord Xanny đđď¸ââď¸đŚ (@Lord_Xanny1) September 30, 2024
Sui’s recent integration of Circleâs USDC has further fueled community excitement, as it allows developers to create seamless cross-chain transactions with networks like Ethereum and Solana, positioning Sui as a competitive player in the blockchain space.
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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Image Source: andranik2018 / 123RF  // Image Effects by  Colorcinch
