Sui Surpasses $1B TVL, Outpacing Polygon and Optimism

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

The Move-based protocol has now become the 8th largest blockchain by Total Value Locked, driven by USDC integration and a flourishing developer community

Sui, a Layer 1 blockchain providing exceptional performance and limitless horizontal scaling, has surpassed the $1B threshold in Total Value Locked (TVL), according to data from DeFiLlama. Utilizing the network’s public utilities, including its groundbreaking central limit order book, DeepBook, Sui has experienced a staggering 2700% increase in TVL over the last year.

Data from DeFiLlama highlights the rapid growth of Sui’s DeFi TVL

The foremost Layer-1 blockchain, developed by the team behind Meta’s Diem crypto initiative, has now positioned itself as the 8th largest chain in terms of TVL, surpassing established protocols like Polygon and Optimism. This milestone illustrates a growing demand that is bolstering the entire Sui DeFi ecosystem, which includes prominent lending protocols such as NAVI, Suilend, and Scallop Lend, as well as decentralized exchanges like Cetus and Aftermath.

With more than $400 million in stablecoins and a top 10 ranking for weekly DEX trading volume, Sui recently announced its partnership with Circle, joining an exclusive group of non-EVM chains to natively integrate the USDC stablecoin along with its Cross-Chain Transfer Protocol (CCTP) within the network.

“Sui is the most rapidly developing DeFi ecosystem, and it’s thriving!” exclaimed Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the team behind the Sui Network. “In the past year, Sui has welcomed an influx of builders, empowering them to create applications that cannot be realized on any other blockchain.”

Since its mainnet launch, Sui has swiftly expanded its footprint across various sectors. As a secure and scalable platform for developing the future of intelligent assets, Sui has emerged as a top choice for application developers in gaming, DeFi, memecoins, and real-world applications, including 3D printing and tokenized securities. In September, Mysten Labs introduced the SuiPlay0X1, a handheld gaming device that sets a new benchmark in both Web3 and traditional gaming by allowing users to own their assets natively on Sui and access unique in-game rewards.