DeFi Powerhouse: Sui Surges Past $150 Million in Total Value Locked, Demonstrating Rapid Growth
Sui, the innovative layer-one blockchain and smart contract platform born from Meta’s Diem Blockchain project, has exceeded expectations since its mainnet launch.
With its Total Value Locked (TVL) now surpassing $150 million, ranking it among the top 20 blockchains by TVL. Demonstrating a remarkable growth trajectory, Sui’s TVL has surged over 500% since September 2023. Moreover, the Sui Network has surpassed $100 million in bridged stablecoins and has outpaced Bitcoin in total historical on-chain transaction count, emphasizing its scalability and efficiency. The blockchain recently set a record for the highest number of transactions processed in a single day. Greg Siourounis, Managing Director of the Sui Foundation, highlights the rapid adoption driven by Sui’s unique technology and a thriving community.
The ecosystem’s growth is further augmented by independent DeFi projects like Cetus, achieving over $1 billion in total transaction volume. Sui’s global presence expands through partnerships, such as the recent collaboration with technology incubator Hub71, fostering relationships and collaborations. As a prominent player in the Web 3.0 landscape, Sui’s simplicity for developers and swift transaction processing position it for mass adoption in a period of anticipated high growth. Interested parties can explore the network further on the website.
Clever Robot News Desk 1st December 2023