2023-12-1 20:45 |
In just over six months since its mainnet launch, Sui—the groundbreaking Layer 1 blockchain and smart contract platform developed by the tech team that emerged from Meta’s Diem Blockchain project—has accelerated beyond expectations, surpassing $150 million in Total Value Locked (TVL), according to top DeFi aggregator DefiLlama. This significant accomplishment, which now ranks Sui in the top 20 blockchains in TVL, represents a developing DeFi ecosystem supported by a large reservoir of skilled developers and a thriving community.
Apart from its remarkable 500% increase in TVL from the beginning of September, the Sui Network has experienced a significant boom in bridged stablecoins, surpassing $100 million. Sui has also overtaken Bitcoin in terms of the total number of previous on-chain transactions, demonstrating the blockchain’s scalability and efficiency as well as its ability to enable smooth, safe, and quick transactions.
Sui just broke a new milestone for the most transactions completed in a single day by any blockchain ever, demonstrating how the capacity to execute a high volume of transactions while maintaining peak network performance has allowed this DeFi boom.
Greg Siourounis, Managing Director of the Sui Foundation, said: “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. 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.”
An extensive network of autonomous DeFi projects that benefit the community and generate value sustains this growth rate. For instance, one prominent DEX and concentrated liquidity protocol in the Sui ecosystem, Cetus, recently accomplished a noteworthy milestone by crossing $1 billion in total transaction volume. This achievement highlights the breadth and decentralized nature of the DeFi environment on the Sui Network.
Sui builders are also prioritising international partnerships and teamwork, as seen by the announcement of a new partnership with the technological incubator Hub71. Hub71, which has its headquarters in Abu Dhabi, the capital of the United Arab Emirates, and a sizable investor base, supports more than 260 startups and is dedicated to bringing UAE-based companies into the Sui ecosystem.
Due to Sui’s rise, the company is becoming more and more influential in the market as Web3 prepares for what many believe will be a period of rapid expansion. Sui has the potential to be widely adopted due to its object-centric model, unmatched scalability, ease of use for developers, and quick transaction processing for a wider range of use cases.
By visiting https://sui.io, users, builders, and organizations may all learn more about the network.
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