Sui Surpasses $100 Million in Bridged USDC, Solidifying Its Position in DeFi
Sui, the layer one blockchain developed by the team behind Meta’s Diem blockchain initiative, continues to make waves in decentralized finance (DeFi). In just seven months since its launch, Sui has bridged over $100 million in USDC liquidity, outperforming several native chains.
This achievement further establishes Sui as one of the leading DeFi protocols globally. It follows the recent milestone of surpassing $175 million in total value locked (TVL). The Sui Network consistently ranks among the top 25 blockchains for daily transaction volume and the top 15 blockchains for weekly volume.
Greg Siourounis, managing director of the Sui Foundation, expressed his excitement about this accomplishment. He emphasized that surpassing $100 million demonstrates the success of the Sui community in building a versatile and accessible ecosystem. Siourounis also highlighted Sui’s technological advancements and its role in driving the next generation of DeFi.
Independent Builders Drive Growth as Sui Invests in Security
Sui’s growth is fueled by its decentralized ecosystem and independent builders. Currently, seven projects have over $10 million in TVL, while 11 projects have exceeded $2 million.
To enhance security and reliability, Sui recently announced an ecosystem investment with leading Web 3.0 security firms OtterSec and Zellic. This partnership provides essential access to high-end auditing services for independent projects within the Sui ecosystem.
In November 2023 alone, Sui issued $500,000 in grants to projects building on their network. These grants are dedicated to advancing Sui adoption and expanding its DeFi ecosystem.
Conclusion: Sui Continues to Thrive in DeFi
Sui’s achievement of bridging over $100 million in USDC liquidity solidifies its position as a prominent player in the DeFi space. With its growing TVL and impressive transaction volumes, Sui is at the forefront of Web 3.0 technology.
The support from independent builders, strategic investments in security, and grants for ecosystem projects demonstrate Sui’s commitment to innovation and growth. As Sui drives the next generation of DeFi, it remains an exciting project to watch in the blockchain industry.
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