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.
🚨 BREAKING 🚨 Sui has achieved $ 1️⃣,0️⃣ 0️⃣ 0️⃣,0️⃣ 0️⃣ 0️⃣,0️⃣ 0️⃣ 0️⃣ 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 💪 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, Sui’s native token, $SUI, powers the layer-1 blockchain that uses its own consensus and validation mechanisms to handle transactions on the network. Sui’s 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 it’s 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; that’s over a 100% increase within a… pic.twitter.com/sXQFNsoQvK
— Lord Xanny 🔭🏌️♂️🟦 (@Lord_Xanny1) September 30, 2024
Sui’s recent integration of Circle’s 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
