Sui’s Incredible DeFi Growth Persists into 2024 as TVL Breaks the $500 Million Ceiling

Sui’s Incredible DeFi Growth Persists into 2024 as TVL Breaks the $500 Million Ceiling

Sui’s TVL more than doubled since the beginning of 2024 after rising more than 1500% during the final five months of 2023.

Sui, one of the Layer 1 blockchains with the quickest growth rate, maintained its remarkable DeFi growth, crossing $500 million in Total Value Locked (TVL) and securing a place in the top ten DeFi ecosystems.

On-chain activity has skyrocketed in tandem with TVL’s wild climb. With a weekly DeFi volume of $745M, it is up 63% from the previous week and ranks in the top 5 most active ecosystems of the previous week. Sui’s steady ascent shows how its fundamental technology is essential for enabling developers to produce goods that address pressing issues in the real world and the motivation behind leading projects entering its ecosystem.

Sui has launched a number of alliances and growths with top builders in the sector in the last several weeks. The Sui ecosystem is about to gain its first native stablecoin. Most recently, Sui announced that Ondo Finance, the third-largest company in the real-world asset DeFi sector, is integrating its treasury-backed tokens, tokenized securities, and real-world assets into its ecosystem.

Sui also recently revealed that the SUI token will be included to Banxa’s platform, which is a prominent provider of payments infrastructure for the cryptocurrency-compatible economy. Faster pricing data is now available to builders thanks to a recently announced relationship with Oracle Stork, which offers real-time pricing information across Sui’s ecosystem of developers, DEXs, and financing protocols that are built on Sui’s blockchain.

“The fact that Sui now stands amongst the top ecosystems in crypto is a testament to Sui’s technology being able to attract top-tier developers and leading projects,” said Greg Siourounis, Managing Director of the Sui Foundation. “The recent partnership and expansion announcements, along with the surging metrics, point to Sui having true staying power. Sui is paving the way for widespread adoption and offers endless possibilities for innovation.”

Sui’s object-centric architecture, horizontal scalability, and Move Language put it in a position to support the most scalable blockchain-related solutions to yet. Due to numerous Sui-based protocols and applications that take advantage of Sui’s advantages, its TVL is rising quickly.

Sui also witnessed the first-ever $100M TVL breaking of two ecosystem protocols in the network’s history. Scallop Lend has increased to over $116M TVL (up 258% over the past 30 days), while Navi Protocol is currently valued at over $114M TVL (up 184% over the last 30 days). TVL ranks the top five projects, with Cetus ($72M), Aftermath Finance ($58M), and FlowX Finance ($49M) rounding out the list.

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