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Sui surpasses $1B in TVL, overtaking Polygon and Optimism

Sui surpasses $1B in TVL, overtaking Polygon and Optimism

GrafaGrafa2024/10/02 07:15
By:Isaac Francis

Sui (CRYPTO:SUI), a Layer 1 blockchain known for its performance and scalability, has reached a major milestone, surpassing $1 billion in Total Value Locked (TVL), according to DeFiLlama.

This achievement places Sui as the 8th largest blockchain by TVL, overtaking protocols like Polygon (CRYPTO:POL) and Optimism (CRYPTO:OP).

Over the past year, Sui’s TVL has surged by more than 2700%, fueled by the growth of its decentralized finance (DeFi) ecosystem and innovative infrastructure.

A key driver of Sui’s success is its integration of the USDC stablecoin and the Cross-Chain Transfer Protocol (CCTP) through a partnership with Circle, which has bolstered its DeFi offerings.

The network has locked over $400 million in stablecoins and ranks among the top 10 blockchains in weekly decentralized exchange (DEX) trading volume.

"Sui is the fastest-growing DeFi ecosystem and it’s thriving!" said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the developers behind the Sui Network.

Abiodun attributed the blockchain’s rise to its ability to attract developers who are creating unique applications that cannot be built on other platforms.

Sui’s ecosystem includes lending protocols such as NAVI, Suilend, and Scallop Lend, as well as decentralized exchanges like Cetus and Aftermath.

Since launching its mainnet, Sui has become a hub for developing various applications, including gaming, DeFi, memecoins, and even real-world use cases such as 3D printing and tokenized securities.

In September, Mysten Labs also launched SuiPlay0X1, a handheld gaming device that integrates Web3 technology, allowing users to own in-game assets and access exclusive rewards directly on the Sui platform.

At the time of reporting, the Sui price was $1.88, the Polygon price was $0.3815, and the Optimism price was $1.69.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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