Sui, the Layer 1 blockchain developed by the team behind Meta’s Diem stablecoin project, has announced a remarkable 2000% surge in Total Value Locked (TVL) since August, catapulting its TVL to over $300 million.
According to an official release today, the milestone sets to propel Sui to the forefront of the decentralized finance (DeFi) space, as it emerges as the 13th-largest blockchain, outpacing Bitcoin.
Greg Siourounis, the Managing Director of the Sui Foundation, expressed his excitement, stating, “$300 million in TVL is a significant milestone—one in a string of achievements the Sui ecosystem has reached only months since the mainnet launch.”
Furthermore, the TVL surge is not Sui’s only noteworthy accomplishment. The ecosystem has successfully surpassed $100 million in bridged USDC, set a record for handling the most transactions in a single day by any blockchain, and demonstrated an impressive TPS of 297,000 transactions per second. Remarkably, these achievements were attained without any disruption to the network or a spike in fees, showcasing Sui’s ability to scale efficiently.
Leading the protocols contributing to Sui’s DeFi TVL is the Decentralized Exchange (DEX) Cetus, with $62 million locked in. Others are:
- Navi Protocol ($60 million, up 210% over the last 30 days).
- Scallop Lend ($54 million).
- DeepBook ($33 million).
- FlowX Finance ($31 million).
In addition to the surge in TVL and protocol adoption, the Sui ecosystem has recently witnessed an influx of new projects building on its blockchain. Solend, a top lending protocol on Solana, has announced its intention to expand to Sui, unveiling the upcoming Suilend. Simultaneously, Bluefin, a leading derivatives trading protocol, has transitioned from Arbitrum to Sui, redirecting its entire resource pool to leverage Sui’s high-performance platform.
Sui Rolls Out zkSend to Simplify Web3 Transactions.
Sui’s success story is not only attributed to its growing TVL but also to its groundbreaking technology and infrastructure breakthroughs. Following the September launch of zkLogin, enabling users to create and access Web3 wallets effortlessly, Sui has now introduced zkSend, pioneering Web3 transactions with the simplicity of sending an email.
While Sui attains a leading status in the web3 space, the project promises simplicity for developers, rapid transaction processing capabilities, and scalability, making it an attractive choice for a wide range of use cases. With its object-centric model, robust infrastructure, and powerful scalability, we can argue that Sui stands out as a blockchain with unparalleled potential for mass adoption.
