Sui’s TVL exceeds US$1 billion, surpassing Polygon, optimistic

[PRESS RELEASE – Grand Cayman, Cayman Islands, October 1st, 2024]

Amid USDC integration and thriving developer ecosystem, Transfer-based protocol turns into eighth largest blockchain by complete worth locked

Sui is a layer 1 blockchain that gives industry-leading efficiency and limitless horizontal scalability. Its complete worth locked (TVL) has exceeded the $1 billion mark, primarily based on public data From DeFiLlama. Leverage the community’s public items, akin to its progressive central restrict order guide, deep bookUp to now 12 months, Sui’s TVL has grown by greater than 2700%.

DefLlama information exhibits Sui’s DeFi TVL advancing quickly

The main Layer-1 blockchain created by the group main Meta’s Diem crypto undertaking is now the eighth largest chain by TVL, locking extra worth in its ecosystem than present protocols like Polygon and Optimism. This newest achievement indicators the rising demand that’s strengthening the complete Sui DeFi ecosystem, together with the community’s main lending protocols NAVI, Suilend and Scallop Lend in addition to decentralized exchanges Cetus and Aftermath.

Sui has greater than $400 million in stablecoins and ranks within the prime ten in weekly DEX buying and selling quantity. Sui just lately introduced with Circle that it has joined the unique candidate listing of non-EVM chains to natively assist the USDC stablecoin and its cross-chain switch protocol (CCTP). )community.

“Sui is the quickest rising DeFi ecosystem and it’s booming!” stated Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of Sui Community. “Over the previous 12 months, Sui has attracted numerous builders, and Sui allows them to create purposes that they can’t construct on another blockchain.”

Because the launch of its primary community, Sui has been quickly increasing its affect in a number of areas. As a safe and scalable platform for constructing the way forward for good belongings, Sui has develop into an integral a part of gaming, DeFi, memecoin, and real-world purposes akin to 3D printing and tokenized securities. In September, Mysten Labs launched Play with 0X1 A handheld gaming machine that units new requirements for each the Web3 and conventional gaming industries by enabling customers to personal their belongings natively on Sui and obtain unique in-game rewards.