Sui,
the pioneering Layer 1 blockchain and smart contract platform created by the
technology team that emerged from Meta’s Diem Blockchain project, has
accelerated beyond expectations in just over six months since its mainnet
launch, surpassing $150 million in Total Value Locked (TVL) according to
leading DeFi aggregator DefiLlama. This key milestone, which currently places
Sui within the top 20 blockchains in TVL, signifies a growing DeFi ecosystem
backed by a deep pool of developer talent and a community that is strengthening
by the day.
In addition to its TVL
trajectory, which is up over 500% since the start of September, the Sui Network
has surged past $100 million in bridged stablecoins. Sui has also surpassed
Bitcoin in total historical on-chain transaction count, affirming its capacity
for scalability and efficiency, and underscoring the blockchain’s ability to
facilitate seamless, secure, and lightning-fast transactions.
The ability to process a
high volume of transactions while maintaining peak network performance has
supported this DeFi growth, as Sui recently set a new record for the most
transactions processed in a single day by any blockchain ever.
“Sui’s rapid ascension
reflects both the growing demand for its unique, native technology and a
vibrant community that is fueling the growth and adoption of the Sui Network,”
said Greg Siourounis, Managing Director of the Sui Foundation. “To reach this level
of adoption within months of the network’s mainnet launch is remarkable and
bodes extremely well for the future of this burgeoning DeFi ecosystem.”
This level of growth is
further supported by a robust network of independent DeFi projects adding value
and utility for the community. For example, Cetus, a leading DEX and
concentrated liquidity protocol within the Sui ecosystem, also recently
achieved a significant feat by surpassing $1 billion in total transaction
volume. This accomplishment underscores the depth and decentralization of the
Sui Network’s DeFi landscape.
Builders on Sui are also
prioritizing relationships and collaborations across the globe, as evidenced by
the recent partnership announcement with technology incubator Hub71. With roots
in Abu Dhabi, the UAE’s capital, and a large investment base, Hub71 supports
over 260 startups, and has committed to introducing UAE-based startups to the
Sui ecosystem.
Sui’s ascendancy makes it a
growing force in the industry as Web3 braces itself for what many expect to be
a period of high growth. With its object-centric model and unparalleled
scalability, Sui’s potential for mass adoption arises from its simplicity for
developers and rapid transaction processing for broader use cases.
Builders, users, and
organizations alike can learn more about the network by visiting https://sui.io.