- Summary:
- Sui has bridged over $100 million worth of stablecoin transactions and a community-powered support signals brighter days in the DeFi market.
Sui Blockchain, the Layer 1 blockchain and smart contract platform, has been on a steep growth trajectory and now reports that its Total Value Locked (TVL) has crossed $150 million just over six months since its mainnet launch, as reported by leading DeFi data site, DefiLlama. Furthermore, this means that Sui blockchain is now among the 20 largest DeFi ecosystems.
Sui’s growth drivers and promising new markets
According to Sui, the growth is driven by a combination of a deep pool of developer talent and a dedicated and fast-growing community. Also, a number of independent DeFi communities within the Sui Network ecosystem have helped create attractive utilities. A good example is Cetus, a DEX and a concentrated liquidity protocol that has processed over $1 billion worth of transactions to date.
Going by the data, it means that Sui Network’s TVL has grown by 500% since the start of September. In addition, Sui has bridged stablecoin transactions worth over $100 million. To put this into perspective, Sui’s total historical on-chain transaction volume has surpassed Bitcoin’s. This is hard proof that Sui Network’s scalability and efficiency equip it to take on established blockchain networks.
The Sui blockchain merges high transaction volume capacity with high transaction speed, which gives it an edge. These are critical factors in the growth of the DeFi market. Notably, Sui recently set a new record by a blockchain for the highest number of transactions processed in a single day.
“Sui’s rapid ascension reflects both the growing demand for its unique, native technology and a vibrant community that is fueling the growth and adoption of the Sui Network,” said Greg Siourounis, Managing Director of the Sui Foundation.
Sui has also prioritised partnerships and collaborations across the globe, as part of its growth plans. One such partnership is with Abu Dhabi-based technology incubator Hub71. Collaboration with Hub71 gives Sui access to over 260 startups, which could be a big boost for the Sui ecosystem.