Sui Protocol Surpasses $1B in Total Value Locked
Grand Cayman, Cayman Islands, October 1st, 2024, Chainwire
The Move-based protocol becomes the 8th largest blockchain by Total Value Locked, amid USDC integration and thriving developer ecosystem. Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has crossed the $1B mark in Total Value Locked (TVL), based on publicly available data from DeFiLlama. Leveraging the network’s public goods, like its innovative central limit order book, DeepBook, Sui’s TVL has grown over 2700% over the past twelve months.
Rapid Growth of Sui’s DeFi TVL
Data from DefLlama shows the rapid advance of Sui’s DeFi TVL. The leading Layer-1 blockchain that was created by the team that led Meta (NASDAQ:)’s Diem crypto project is now the 8th largest chain as measured by TVL, after locking more value in its ecosystem than established protocols such as Polygon and Optimism. This latest achievement signals a burgeoning demand that is strengthening the entire Sui DeFi ecosystem, including leading lending protocols on the network, NAVI, Suilend, and Scallop Lend, as well as decentralized exchanges, Cetus and Aftermath.
Expansion with USDC Integration
With over $400 million in stablecoins and a top 10 ranking in weekly DEX trading volume, Sui recently announced with Circle that it joined an exclusive shortlist of non-EVM chains to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP) on the network.
“Sui is the fastest-growing DeFi ecosystem and it’s thriving!” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. “In the past year, Sui has attracted an influx of builders whom Sui has enabled to create applications that they simply can’t build on any other blockchain.”
Sui’s Impact Across Various Industries
Since its mainnet launch, Sui has been rapidly growing its presence in a number of areas. As a secure and scalable platform for building the future of intelligent assets, Sui has already become a premier destination for application builders in gaming, DeFi, memecoins, as well as real-world applications such as 3D printing and tokenized securities. In September, Mysten Labs unveiled its SuiPlay0X1 handheld gaming device, which sets a new standard in both the Web3 and traditional gaming industries by enabling users to own their own assets natively on Sui and access exclusive in-game rewards.
Contact Sui Foundation media@sui.io
This article was originally published on Chainwire
Analysis of Sui Protocol’s Success
The Sui Protocol’s achievement of surpassing $1B in Total Value Locked signifies a significant milestone in the blockchain industry. Here’s a breakdown of why this news is important and how it can impact the financial landscape:
1. Growth and Innovation
- Sui’s rapid growth in Total Value Locked showcases its innovative approach to DeFi and blockchain technology.
- The integration of USDC and the Cross-Chain Transfer Protocol (CCTP) demonstrates Sui’s commitment to expanding its ecosystem and providing more opportunities for users.
2. Industry Impact
- Sui’s influence extends beyond the traditional DeFi space, with applications in gaming, memecoins, 3D printing, and tokenized securities.
- The launch of the SuiPlay0X1 gaming device highlights Sui’s versatility and potential to disrupt multiple industries.
3. Ecosystem Strength
- By surpassing established protocols like Polygon and Optimism, Sui’s success underscores the growing demand for its ecosystem and the strength of its developer community.
- The partnerships with leading lending protocols and decentralized exchanges further solidify Sui’s position as a key player in the blockchain space.
In conclusion, the rise of the Sui Protocol to become the 8th largest blockchain by Total Value Locked is not just a milestone for the project itself, but a testament to the potential of decentralized finance and blockchain technology to transform the way we interact with digital assets and applications.