Sui Breaks $1B in TVL, Surpassing Polygon, Optimism

As a researcher who has been closely tracking the blockchain ecosystem for years, I must admit that watching Sui Network’s meteoric rise has been nothing short of exhilarating. Having witnessed the growth and decline of numerous projects, it’s refreshing to see one that not only promises but delivers on its potential.


Grand Cayman, Cayman Islands, October 1st, 2024, Chainwire

The Move-based protocol becomes the 8th largest blockchain by Total Value Locked, amid USDC integration and thriving developer ecosystem

As a crypto investor, I’m thrilled to be part of the Sui community as we reach a significant milestone – surpassing $1 billion in Total Value Locked (TVL). This impressive figure is backed by reliable data from DeFiLlama. The network’s public goods, such as its cutting-edge central limit order book, DeepBook, have been instrumental in driving Sui’s TVL growth, which has skyrocketed over 2700% during the past year.

Sui Breaks $1B in TVL, Surpassing Polygon, OptimismData from DefLlama shows the rapid advance of Sui’s DeFi TVL

Sui, having over $400 million in stablecoins and ranking among the top 10 in weekly decentralized exchange trading volume, has revealed that it will collaborate with Circle to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP) on their network. In simpler terms, Sui is now part of a select group of non-EVM chains that can directly utilize the USDC stablecoin and its transfer protocol within their own system.

Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, stated that “Sui is currently the most rapidly expanding DeFi ecosystem and it’s flourishing!” This is because Sui Network, developed by his company, has witnessed a surge in developers over the past year. These builders have found Sui to be a platform where they can construct applications that are impossible to create on any other blockchain.

Ever since its mainnet debut, Sui has been steadily expanding its influence across various sectors. As a robust and agile infrastructure for developing the next generation of intelligent assets, Sui has quickly emerged as a top choice for developers working in gaming, DeFi, memecoins, real-world applications like 3D printing and tokenized securities. In September, Mysten Labs introduced the SuiPlay0X1 handheld gaming device, which is breaking new ground in both the Web3 and conventional gaming markets by allowing users to possess their assets natively on Sui and gain access to unique in-game perks.

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2024-10-01 17:08