Sui Surpasses Polygon and Optimism, Hits $1B in TVL

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

The Move-based protocol achieves the rank of the 8th largest blockchain by Total Value Locked, fueled by USDC integration and a flourishing developer community

Sui, the Layer 1 blockchain renowned for its top-tier performance and limitless horizontal scalability, has surpassed the $1B milestone in Total Value Locked (TVL), according to publicly available data from DeFiLlama. Through the utilization of the network’s public assets, such as its groundbreaking central limit order book, DeepBook, Sui’s TVL has increased by more than 2700% in the last year.

Data from DeFiLlama illustrates the swift progress of Sui’s DeFi TVL

The leading Layer-1 blockchain, developed by the team behind Meta’s Diem crypto initiative, has now claimed the position of the 8th largest chain by TVL, surpassing established platforms such as Polygon and Optimism. This notable milestone reflects a growing demand that is reinforcing the entire Sui DeFi ecosystem, which comprises prominent lending protocols like NAVI, Suilend, and Scallop Lend, along with decentralized exchanges such as Cetus and Aftermath.

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

“Sui is the fastest-growing DeFi ecosystem, and it’s thriving!” stated Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the creators of the Sui Network. “In the past year, Sui has drawn a significant influx of builders who have leveraged Sui to create applications that they cannot create on any other blockchain.”

Since its mainnet debut, Sui has been swiftly expanding its influence in various domains. As a reliable and scalable environment for the development of future intelligent assets, Sui has already emerged as a premier hub for application developers across gaming, DeFi, memecoins, and real-world applications such as 3D printing and tokenized securities. In September, Mysten Labs introduced its SuiPlay0X1 handheld gaming console, which sets a new benchmark in both the Web3 and traditional gaming sectors by allowing users to natively own their assets on Sui and gain access to exclusive in-game rewards.