Sui Zooms Past Bitcoin as Its DeFi TVL Crosses $300 Million

Summary:
• According to DeFiLlama, Sui now has the 13th highest Total Value Locked (TVL) in the DeFi market. Also, multiple projects have joined it.

Sui Network, the L1 blockchain project has now surpassed $300 million in Total Value Locked (TVL). This remarkable achievement strengthens Sui’s position as an innovator in the DeFi industry and highlights the ecosystem’s rapid rise. With a higher TVL than Bitcoin, Sui is now the 13th biggest blockchain, according to DeFilama. The $300 million valuation means that SUI’s TVL has increased by over 2000% since August 2023.

The $300 million in TVL is a significant milestone, as it comes only months since its mainnet launch. With $62M locked in, DEX Cetus leads the protocols contributing to Sui’s DeFi TVL. Navi Protocol comes in second with $60M, up 210% over the previous 30 days. Scallop Lend ($54 million), DeepBook ($33 million), and FlowX Finance ($31 million) round out the top five.

SUI’s accomplishments beyond TVL

The scalability, fast transaction processing, and developer-friendliness of Sui make it an attractive alternative for broad adoption. Aside from the milestone TVL, Sui has recently achieved other rare fetes, including more transactions per second than any other blockchain, recording over $100 million in bridged USDC, and demonstrating its ability to scale with cheap, uninterrupted speed of 297,000 transactions per second.

Also, several new blockchain-based projects have joined the Sui ecosystem in recent months. There’s also the impending Suilend upgrade will see Solend, a prominent Solana lending protocol, expand to Sui as its first alternate ecosystem. Meanwhile, the industry-leading derivatives trading protocol Bluefin, which had its start on Arbitrum, has now committed all of its efforts to leverage Sui’s fast speed.

Sui has also made significant strides in the realms of infrastructure and technology. The recent launch of zkSend was an innovative attempt to make Web3 transactions as easy as sending an email, after the September launch of zkLogin. The platform enables users to create and access Web3 wallets by simply using web2 social credentials like Google and Facebook.