DeFi Trailblazer Sui Achieves Milestone with Over $100 Million in Bridged USDC
In a mere seven months since its launch, Sui, the pioneering layer one blockchain developed by the minds behind Meta’s Diem blockchain initiative and the ‘Move’ smart contract language, is achieving a remarkable feat in DeFi.
The platform has successfully bridged over $100 million in USDC liquidity, solidifying its position among the top global DeFi protocols. This achievement follows Sui’s recent milestone of surpassing $175 million in total value locked (TVL). Notably, Sui consistently ranks within the top 25 blockchains for daily transaction volume and the top 15 for weekly volume. Greg Siourounis. Managing director of the Sui Foundation, highlights the significance of this milestone, emphasizing Sui’s success in building a versatile and accessible ecosystem.
The decentralized network’s growth is fueled by independent builders, with seven projects securing over $10 million in TVL and 11 projects surpassing the $2 million mark. To enhance security, Sui recently announced an ecosystem investment with leading Web 3.0 security firms OtterSec and Zellic. Additionally, November 2023 witnessed $500,000 in Sui grants issued to projects dedicated to advancing the adoption of Sui and its expanding DeFi ecosystem.
Clever Robot News Desk 8th December 2023
