Finance
Sui Surpasses $150M in TVL, Showcasing Blistering DeFi Momentum
Global Banking & Finance Review®
Company
Grand Cayman, Cayman Islands, November 30th, 2023, Chainwire
Grand Cayman, Cayman Islands, November 30th, 2023, Chainwire
Sui, the pioneering Layer 1 blockchain and smart contract platform created by the technology team that emerged from Meta’s Diem Blockchain project, has accelerated beyond expectations in just over six months since its mainnet launch, surpassing $150 million in Total Value Locked (TVL) according to leading DeFi aggregator DefiLlama. This key milestone, which currently places Sui within the top 20 blockchains in TVL, signifies a growing DeFi ecosystem backed by a deep pool of developer talent and a community that is strengthening by the day.
In addition to its TVL trajectory, which is up over 500% since the start of September, the Sui Network has surged past $100 million in bridged stablecoins. Sui has also surpassed Bitcoin in total historical on-chain transaction count, affirming its capacity for scalability and efficiency, and underscoring the blockchain’s ability to facilitate seamless, secure, and lightning-fast transactions.
The ability to process a high volume of transactions while maintaining peak network performance has supported this DeFi growth, as Sui recently set a new record for the most transactions processed in a single day by any blockchain ever.
“Sui’s rapid ascension reflects both the growing demand for its unique, native technology and a vibrant community that is fueling the growth and adoption of the Sui Network,” said Greg Siourounis, Managing Director of the Sui Foundation. “To reach this level of adoption within months of the network’s mainnet launch is remarkable and bodes extremely well for the future of this burgeoning DeFi ecosystem.”
This level of growth is further supported by a robust network of independent DeFi projects adding value and utility for the community. For example, Cetus, a leading DEX and concentrated liquidity protocol within the Sui ecosystem, also recently achieved a significant feat by surpassing $1 billion in total transaction volume. This accomplishment underscores the depth and decentralization of the Sui Network’s DeFi landscape.
Builders on Sui are also prioritizing relationships and collaborations across the globe, as evidenced by the recent partnership announcement with technology incubator Hub71. With roots in Abu Dhabi, the UAE’s capital, and a large investment base, Hub71 supports over 260 startups, and has committed to introducing UAE-based startups to the Sui ecosystem.
Sui’s ascendancy makes it a growing force in the industry as Web3 braces itself for what many expect to be a period of high growth. With its object-centric model and unparalleled scalability, Sui’s potential for mass adoption arises from its simplicity for developers and rapid transaction processing for broader use cases.
Builders, users, and organizations alike can learn more about the network by visiting https://sui.io.
Sui Foundation
media@sui.io
Total Value Locked (TVL) refers to the total amount of assets that are locked in a decentralized finance (DeFi) protocol, indicating the level of user engagement and trust in the platform.
A blockchain is a decentralized digital ledger that records transactions across many computers in a way that the registered transactions cannot be altered retroactively, ensuring security and transparency.
Decentralized finance (DeFi) projects are financial services that operate on blockchain technology, allowing users to lend, borrow, trade, and earn interest without traditional financial intermediaries.
A smart contract is a self-executing contract with the terms of the agreement directly written into code, which automatically enforces and executes the contract when predetermined conditions are met.
A decentralized exchange (DEX) is a cryptocurrency exchange that operates without a central authority, allowing users to trade directly with one another using smart contracts.
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