Sui TVL Crosses $430 Million, Becomes Larger Than Base, Cardano and Bitcoin
Sui Network has seen its Total Value Locked (TVL) surpass $430 million, breaking into the top ten blockchains thanks to its relentless DeFi growth. The impressive TVL trajectory has skyrocketed in the last four months, increasing by over 1,000% and surpassing Base, Cardano, and Bitcoin in terms of DeFi.
How Sui got it right
The Sui mainnet has been up for under a year, during which its DeFi ecosystem has experienced phenomenal growth. In tandem with this rise of TVL, Sui has also experienced a tremendous surge in its on-chain activities. The weekly DeFi volume has increased by over 1200% since October, showing that demand is growing and is expected to continue to do so to the benefit of the entire Sui DeFi ecosystem.
Four protocols with over $50M TVL and nine protocols with over $10M are already residing on Sui, demonstrating the rich ecology where several initiatives are thriving. Scallop Lend, a lending protocol, has $96 million in TVL, followed by Navi Protocol, which has more than $91 million. Three DEXes—Cetus, Aftermath Finance, and FlowX Finance—complete the top five.
According to Greg Siourounis, the Managing Director of the Sui Foundation, Sui’s growth momentum also points to the power of the two key drivers of the ecosystem- the technology and the devotion of the Sui community.
Sui stands out in terms of performance, scalability, and security due to its object-centric paradigm and horizontal scaling. Therefore, solutions that can work at scale are especially well-suited to Sui. Layer 2 blockchains have existed for a while, but Sui’s technology stack now includes liquid staking, DEXs, top lending protocols, and the network’s newest features, DePIN and DeWi.
The rapid growth of Sui’s TVL is also a direct outcome of the many protocols and applications that are building on Sui and leverage its strengths. With its cutting-edge technology and the support of industry-leading builders and developers, Sui is rapidly gathering a suite of ecosystem applications that provide effortless composability.