Sui’s Astounding DeFi Growth Continues into 2024 as TVL Breaks the $500M Barrier
Grand Cayman, Cayman Islands, February 5th, 2024, Chainwire
After Sui’s TVL surged more than 1500% over the last five months of 2023, its TVL has more than doubled since the start of 2024
Sui, one of the fastest-growing Layer 1 blockchains, continued its impressive DeFi growth, surpassing $500M in Total Value Locked (TVL) and solidifying itself in the top 10 of DeFi ecosystems.
Alongside this torrid ascent of TVL, on-chain activity has exploded as well. Weekly DeFi volume is up 63 percent over the previous period, standing at $745M and placing it in the top 5 most active ecosystems in the past week. Sui’s continued climb demonstrates how its underlying technology is vital in empowering developers to create products that solve real-world challenges and the drive behind top projects expanding into its ecosystem.
Over the past couple of weeks, Sui has announced several partnerships and expansions with industry-leading builders. Most recently, Sui announced that Ondo Finance—the third-largest organization in the real-world asset DeFi sector—is bringing its treasury-backed tokens, tokenized securities, and real-world assets into its ecosystem, as the Sui ecosystem is set to get its first native stablecoin.
Sui also recently announced that Banxa, a leading payments infrastructure provider for the crypto-compatible economy, will add the SUI token to its platform. Also recently announced, a partnership with Oracle Stork provides builders with faster pricing data, offering real-time pricing data across Sui’s ecosystem of developers, DEXs, and lending protocols building on Sui’s blockchain.
“The fact that Sui now stands amongst the top ecosystems in crypto is a testament to Sui’s technology being able to attract top-tier developers and leading projects,” said Greg Siourounis, Managing Director of the Sui Foundation. “The recent partnership and expansion announcements, along with the surging metrics, point to Sui having true staying power. Sui is paving the way for widespread adoption and offers endless possibilities for innovation.”
Sui’s object-centric model, horizontal scalability, and Move Language position it to host the most scalable solutions that have emerged from the blockchain industry to date. Its rapidly rising TVL results from multiple Sui-based protocols and applications leveraging Sui’s strengths.
Sui also saw two ecosystem protocols break $100M TVL for the first time in the network’s history. Navi Protocol now stands at over $114M TVL (up 184% over the last 30 days), while Scallop Lend has surged to over $116M TVL (up 258% over the last 30 days). Cetus ($72M), Aftermath Finance ($58M), and FlowX Finance ($49M) round out the top five projects as measured by TVL.
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