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.
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’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 and decentralized exchanges, Cetus and Aftermath.
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.”
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
Also Read: 5 Altcoins Set to 500x This Year—Could They Surpass Shiba Inu’s 2021 Rally?
Disclaimer and Risk Warning
This article is a sponsored press release meant solely for informational purposes. OvenAdd neither endorses nor takes responsibility for the content, quality, products, advertising, or accuracy of any materials within this article. The views expressed do not represent those of OvenAdd and should not be considered legal, tax, investment, or financial advice. Readers are advised to conduct their own research before making any significant decisions.
