Sui, a leading Layer 1 blockchain created by former Meta developers, has seen massive growth in its decentralized finance (DeFi) ecosystem. Over the past four months, Sui’s Total Value Locked (TVL) has increased by over 1000%, reaching over $430 million.
This sudden rise has propelled Sui into the top 10 blockchains globally by TVL, surpassing Base, Cardano, and Bitcoin.
Since October, Sui’s weekly on-chain DeFi volume has jumped by more than 1200%. This demonstrates the expanding demand and activity within Sui’s DeFi ecosystem. Sui is home to four protocols with over $50 million in TVL each, including the top lending protocol, Scallop Lend, at $96 million. Additionally, Sui recently partnered with payments provider Banxa to boost global access and use of the SUI token.
Greg Siourounis, the Managing Director of the Sui Foundation, has expressed that the expansion seen within Sui’s DeFi ecosystem is extraordinary. He believes this progress affirms the platform’s technological prowess but also the commitment of the Sui community.
Siourounis emphasizes the significance of developers creating solutions on Sui that tackle practical problems, underlining this aspect as a key factor in the ecosystem’s success.
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