Sui’s DeFi Ecosystem Soars Into the DeFi Top 10 in 4 Months

Sui’s DeFi ecosystem has seen growth over the past 4 months, with total value locked surging over 1000% to over $430 million and its Into the DeFi Top 10.
Sui’s DeFi Ecosystem Soars Into the DeFi Top 10 in 4 Months

The decentralized finance (DeFi) ecosystem of Sui, a well-known Layer 1 blockchain founded by former Meta engineers, has experienced tremendous growth. Sui’s Total Value Locked (TVL) rose by more than 1000% to exceed $430 million in the last four months.

Sui has surpassed Base, Cardano, and Bitcoin to enter the top 10 blockchains globally by TVL thanks to this abrupt increase.

Sui’s weekly on-chain DeFi volume has increased by almost 1200% since October. This illustrates how Sui’s DeFi ecosystem is seeing increasing demand and activity. Sui is home to four protocols, the largest of which is Scallop Lend, at $96 million, and has over $50 million in TVL each. In addition, Sui and payments company Banxa recently teamed to increase the SUI token’s usage and accessibility worldwide.

The Sui Foundation’s managing director, Greg Siourounis, has said that the growth observed in Sui’s DeFi ecosystem is remarkable. He thinks that this development validates not just the technological prowess of the platform but also the dedication of the Sui community.

Siourounis highlights the importance of developers coming up with solutions on Sui that address real-world issues, highlighting this element as a crucial component in the ecosystem’s success.

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