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Meta’s (formerly Facebook) cryptocurrency project Diem’s managing team has created a Layer 1 Blockchain called Sui (SUI), achieving a significant milestone. Less than a year after its launch, it has entered the list of the top 10 decentralized finance (DeFi) protocols.
Sui’s Rise in DeFi: TVL Surpasses $430 Million
According to data, Sui has surpassed established players like Bitcoin (BTC) and Cardano (ADA), as well as Coinbase’s Layer 2, Base, with its total value locked (TVL) in the protocol increasing by over 1000% in the last four months. With the value of cryptocurrencies deposited in DeFi protocols exceeding $430 million, Sui has entered the list of the top 10 DeFi protocols by TVL. At the time of writing this article, DeFi Llama’s data shows that Sui Blockchain has fallen to the 11th position, following PulseChina.
Sui Foundation General Manager Greg Siourounis commented on the achievement, stating, “This momentum validates both the technology of the Sui community and its dedication. Most importantly, what we see in these numbers is the creation of products by Sui developers to address real-world challenges. This dynamic will lay the foundation for a sustainable decentralized network into the future.”
As is known, Sui’s mainnet went live in May 2023. It stands out as a Layer 1 network similar to Ethereum (ETH) or Bitcoin but has a specific type of PoS consensus called delegated Proof of Stake (PoS). The network’s native asset SIU is used for paying transaction fees for validator and delegate staking and for participation in governance.
Hosting 22 DeFi Protocols
According to DeFi Llama‘s data, Sui currently hosts 22 DeFi protocols, including two with a TVL of over $100 million and four with more than $40 million each.
Earlier this week, Sui made headlines by announcing its integration with cryptocurrency-compliant payment infrastructure provider Banxa to add seamless and low-cost fiat ramps. Additionally, Mysten Labs‘ Sui Wallet will facilitate the purchase of SUI tokens through Banxa’s fiat on-ramp solution and utilize off-ramp solutions.
