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.

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has crossed the $1B mark in Total Value Locked (TVL), based on publicly available data from DeFiLlama. Leveraging the network’s public goods, like its innovative central limit order book, DeepBook, Sui’s TVL has grown over 2700% over the past twelve months.

Data from DefLlama shows the rapid advance of Sui’s DeFi TVL. The leading Layer-1 blockchain, created by the team that led Meta (NASDAQ:META)'s Diem crypto project, is now the 8th largest chain as measured by TVL, locking more value in its ecosystem than established protocols such as Polygon and Optimism. This achievement signals a burgeoning demand, strengthening the entire Sui DeFi ecosystem including prominent lending protocols like NAVI, Suilend, and Scallop Lend, as well as decentralized exchanges such as Cetus and Aftermath.

With over $400 million in stablecoins and a top 10 ranking in weekly DEX trading volume, Sui recently announced its partnership with Circle to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP).

> “Sui is the fastest-growing DeFi ecosystem and it’s thriving!” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. “In the past year, Sui has attracted an influx of builders whom Sui has enabled to create applications that they simply can’t build on any other blockchain.”

Since its mainnet launch, Sui has rapidly grown across various domains. As a secure and scalable platform for building the future of intelligent assets, Sui has become a premier destination for application builders in gaming, DeFi, memecoins, and real-world applications like 3D printing and tokenized securities. In September, Mysten Labs unveiled its SuiPlay0X1 handheld gaming device, which sets a new standard in both the Web3 and traditional gaming industries, enabling users to own their assets natively on Sui and access exclusive in-game rewards.

Contact
Sui Foundation
media@sui.io

This article was originally published on Chainwire.