By ZyCrypto - 3 months ago - Reading Time: 3 minutes
Sui Soars Into the DeFi Top 10 as TVL Crosses $430 Million
Sui TVL has increased by more than 1000% over the last four months, propelling the network’s explosive DeFi climb above Base, Cardano, and Bitcoin.
Leading Layer 1 blockchain Sui, which was founded by the same group that oversaw Meta’s Diem cryptocurrency project, has continued to expand at an explosive rate, topping $430 million in Total Value Locked (TVL) and ranking among the top 10 blockchains according to that measure. On-chain activity has skyrocketed in tandem with TVL’s wild climb. The weekly DeFi volume has increased by over 1200% since October, indicating a steady increase in demand that will facilitate the future growth of the entire Sui DeFi ecosystem.
Sui’s object-centric paradigm and horizontal scaling make it exceptionally secure, scalable, and performant. Sui is, therefore, especially well-suited to host systems that have large operational volumes. Sui’s rapidly increasing TVL can be directly attributed to the numerous protocols and applications that utilize Sui’s characteristics to expand at an exceptionally quick pace.
“Less than a year since the launch of its mainnet, the growth of the Sui DeFi ecosystem has been nothing short of remarkable. This momentum validates both the technology and dedication of the Sui community,” said Greg Siourounis, Managing Director of the Sui Foundation. “Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”
Thanks to the advantages of its technology and the leading developers and builders that have started utilizing its platform, Sui is rapidly assembling a comprehensive suite of ecosystem applications that provide seamless integration. Sui has a more advanced technical stack than Layer 1 blockchains, which have been in existence for a longer period of time. This includes features like liquid staking, decentralized exchanges (DEXs), top lending protocols, and the network’s recent addition of DePIN and DeWi.
Sui now hosts nine protocols valued at over $10M and four protocols valued at over $50M TVL, demonstrating the depth of the ecosystem in which numerous initiatives thrive. First on the list, with $96M TVL, is the lending protocol Scallop Lend; second, with over $91M, is the Navi Protocol. Three decentralized exchanges (DEXes)—Cetus, Aftermath Finance, and FlowX Finance—compile the top five.
Most recently, Sui declared that the SUI token will be added to Banxa’s platform. Banxa is a prominent provider of payment infrastructure for the cryptocurrency-compatible economy. Because of the integration, more people will have access to the Sui blockchain globally. Banxa’s global and local payment systems have handled over $3 billion in transactions since their introduction in 2014. Furthermore, Mysten Labs’ Sui Wallet users will be able to buy SUI tokens using Banxa’s fiat on-ramp solution and, once fully integrated, use its off-ramp option.
In order to give builders quicker pricing information, Sui also recently established a relationship with Oracle Stork. This partnership offers real-time pricing information across Sui’s network of developers, DEXs, and lending protocols built on Sui’s blockchain. Thanks to this connection, builders and users of DeFi applications on Sui can benefit from faster performance and easier access to unique index and mark pricing.
Original source: ZyCrypto