Achieving Major Milestones: Sui Becomes Top Choice for Builders
Sui, a prominent Layer 1 blockchain developed by the team behind Meta’s Diem stablecoin project, has seen its Total Value Locked (TVL) soar past $300 million, cementing its position as a leader in the DeFi space. With a 2000% increase in TVL since August, Sui has surpassed Bitcoin to become the 13th-largest blockchain in terms of TVL.
Greg Siourounis, Managing Director of the Sui Foundation, expressed excitement over this milestone, emphasizing the community’s hard work and the rapid growth of Sui’s ecosystem.
Sui has achieved several significant milestones, including surpassing $100 million in bridged USDC, handling the most transactions in a single day, and demonstrating a TPS of 297,000. The protocols contributing to Sui’s DeFi TVL include Cetus, Navi Protocol, Scallop Lend, DeepBook, and FlowX Finance.
Building on Sui: Expanding Ecosystem and Technological Breakthroughs
Sui has witnessed a surge in new projects building on its blockchain, with Solend, a leading lending protocol on Solana, intending to expand to Sui as its first alternative ecosystem. Bluefin, a derivatives trading protocol, has also shifted its focus to leverage the high-performance Sui platform.
Sui has made significant strides in technology and infrastructure, introducing zkLogin, which enables users to create Web3 wallets using web2 social credentials, and zkSend, which simplifies Web3 transactions. Its object-centric model and powerful infrastructure make Sui easy for developers, scalable, and efficient for a wide range of use cases.
Hot Take: Sui’s Rise to Prominence and Future Potential
Sui’s exponential growth in TVL and its superior technology have positioned it as the top choice for builders in the blockchain space. With milestones such as surpassing $300 million in TVL and attracting prominent protocols to its ecosystem, Sui is driving industry-wide growth. The achievement of handling massive transaction volumes without disruptions demonstrates its scalability.
As Sui continues to welcome innovative projects and introduces groundbreaking technology, it is well-positioned for mass adoption. Its simplicity for developers and rapid transaction processing pave the way for a wide range of applications and contribute to the growth of the DeFi ecosystem.
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