Sui Exceeds $1B in TVL, Surpassing Polygon and Optimism

Grand Cayman, Cayman Islands, October 1st, 2024

The Move-based protocol has achieved recognition as the 8th largest blockchain by Total Value Locked (TVL), driven by the integration of USDC and a robust developer ecosystem. Sui, the Layer 1 blockchain recognized for its exceptional performance and limitless horizontal scaling, has surpassed the $1 billion mark in TVL according to publicly available data. Over the past year, Sui’s TVL has surged by over 2700%, aided by the network’s public resources, including its innovative central limit order book, DeepBook.

Data reveals the rapid growth of Sui’s DeFi TVL. Originally developed by the team behind Meta’s Diem project, Sui now ranks as the 8th largest blockchain by TVL, surpassing established protocols like Polygon and Optimism. This significant milestone highlights a growing demand that is enhancing the entire Sui DeFi ecosystem, which features leading lending protocols such as NAVI, Suilend, and Scallop Lend, along with decentralized exchanges like Cetus and Aftermath.

With over $400 million in stablecoins and a top 10 ranking in weekly DEX trading volume, Sui has recently partnered with Circle to support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP) natively on 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 creator of the Sui Network. “In the past year, Sui has drawn a significant number of builders, empowering them to develop applications that are unique to this blockchain.”

Since its mainnet launch, Sui has been expanding its footprint across multiple sectors. As a secure and scalable platform for fostering intelligent asset development, Sui has become a top choice for application developers in gaming, DeFi, memecoins, and real-world applications like 3D printing and tokenized securities. In September, Mysten Labs introduced the SuiPlay0X1 handheld gaming device, which establishes a new benchmark in both Web3 and traditional gaming by allowing users to natively own assets on Sui and access exclusive in-game rewards.

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