Leading Layer 1 Blockchain Sui Surpasses $300M in TVL
Sui, a prominent Layer 1 blockchain developed by the team behind Meta’s Diem stablecoin project, has experienced a significant surge in Total Value Locked (TVL), surpassing $300 million. This achievement highlights Sui’s rapid growth in the DeFi space and solidifies its position as a leader in the industry.
“$300 million in TVL is a significant milestone—one in a string of achievements the Sui ecosystem has reached only months since mainnet launch,” said Greg Siourounis, Managing Director of the Sui Foundation.
In addition to surpassing $300 million in TVL, Sui has achieved several other notable milestones. These include exceeding $100 million in bridged USDC, handling the most transactions in a single day by any blockchain, and demonstrating a TPS of 297,000 transactions per second without network disruptions or high fees.
Contributing Protocols and New Projects
The protocols that contribute to Sui’s DeFi TVL are led by Cetus, a Decentralized Exchange (DEX) with $62 million locked in. Other significant contributors include Navi Protocol ($60 million), Scallop Lend ($54 million), DeepBook ($33 million), and FlowX Finance ($31 million).
The Sui ecosystem has also attracted numerous new projects. Solend, a leading lending protocol on Solana, plans to expand to Sui with its upcoming Suilend. Additionally, Bluefin, a derivatives trading protocol that initially launched on Arbitrum, has shifted its focus to leverage the high-performance capabilities of the Sui platform.
Technological Advancements
Sui has achieved notable technological breakthroughs, including the launch of zkLogin and zkSend. zkLogin enables users to create and access Web3 wallets using web2 social credentials like Google and Facebook. On the other hand, zkSend simplifies Web3 transactions to make them as easy as sending an email.
With its user-friendly infrastructure, scalability, and efficient transaction processing, Sui has immense potential for mass adoption and a wide range of use cases.
Contact
Sui Foundation
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Hot Take: Sui’s Impressive Growth Positions It as a DeFi Leader
Sui’s recent milestone of surpassing $300 million in TVL showcases its rapid ascent in the DeFi space. With superior technology, numerous new projects building on its blockchain, and groundbreaking infrastructure advancements, Sui has solidified its position as a leader in the industry. The achievement of reaching this TVL milestone within months of its mainnet launch demonstrates Sui’s strong ecosystem growth and industry-leading potential. As market sentiment strengthens and attention shifts towards the fundamental technology, Sui’s remarkable achievements highlight its ability to drive the DeFi industry forward.
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