Only 7 months from the network’s launch, Sui is bridging more USDC liquidity than multiple native chains
Sui, a Layer 1 blockchain developed by the team behind Meta’s Diem blockchain initiative and the Move smart contract language, is making significant strides in decentralized finance (DeFi). It has recently surpassed $100 million in bridged USDC.
Sui’s Position in DeFi
This achievement solidifies Sui’s position among the top DeFi protocols globally and adds to its previous milestone of surpassing $175 million in Total Value Locked (TVL). The Sui Network consistently ranks in the top 25 blockchains for daily transaction volume and the top 15 blockchains for weekly volume.
The Success of Sui’s Community
Greg Siourounis, Managing Director of the Sui Foundation, emphasized the significance of this milestone and highlighted the community’s efforts in building a versatile and accessible ecosystem. With the recent surge in TVL and impressive performance measurements, Sui is at the forefront of Web3 technology, driving the next generation of DeFi.
Growth and Security Measures
Sui’s growth is fueled by its decentralized ecosystem and independent builders. Seven projects have over $10 million in TVL, while 11 projects have exceeded $2 million. Additionally, Sui has made strategic investments with leading Web3 security firms to enhance ecosystem security and reliability.
Supporting Project Development
Sui Grants worth $500,000 were issued in November to support projects building on the Network. These grants are dedicated to advancing the adoption of Sui and its expanding DeFi ecosystem.
Hot Take: Sui Building Momentum in DeFi
Sui’s rapid rise in the DeFi space continues as it surpasses $100 million in bridged USDC. With its position among the top DeFi protocols globally, a growing Total Value Locked, and impressive performance measurements, Sui is establishing itself as a driving force in the next generation of DeFi. Its decentralized ecosystem, independent builders, and strategic investments in security firms contribute to its growth and success. The issuance of Sui Grants further supports project development and promotes the adoption of Sui and its expanding DeFi ecosystem.
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