Grand Cayman, Cayman Islands, November 30, 2023, Chainwire
Sui, a pioneering layer 1 blockchain and smart contract platform created by the technology team emerging from Meta’s Diem blockchain project, has accelerated beyond expectations in just six months since its mainnet launch, reaching a Total Value Locked (TVL) of 150 million. It has surpassed the dollar. DefiLlama, the leading DeFi aggregator. This important milestone, which now places Sui in TVL’s top 20 blockchains, marks a growing DeFi ecosystem powered by a rich developer talent pool and an ever-strengthening community.
In addition to the TVL trajectory, which is up over 500% since early September, Sui Network has surpassed $100 million in bridge stablecoins. Sui also surpassed Bitcoin in the total number of historical on-chain transactions, confirming its scalability and efficiency and highlighting the blockchain’s ability to facilitate seamless, secure, and lightning-fast transactions.
The ability to process high volumes of transactions while maintaining peak network performance has supported this DeFi growth. Sui recently set a new record for processing the most transactions per day of any blockchain.
“Sui’s rapid rise reflects both the growing demand for its unique underlying technology and the vibrant community that drives the growth and adoption of the Sui network,” said Greg Siourounis, Executive Director of the Sui Foundation. “To reach this level of adoption within a few months of the network’s mainnet launch is incredible and bodes very well for the future of this burgeoning DeFi ecosystem.”
This level of growth is further supported by a strong network of independent DeFi projects that add value and utility to the community. For example, Cetus, the leading DEX and concentrated liquidity protocol within the Sui ecosystem, has also recently achieved significant results, with total trading volume surpassing $1 billion. These achievements highlight the depth and decentralization of Sui Network’s DeFi environment.
Sui’s builders prioritize relationships and collaborations around the world, as evidenced by their recent announcement of a partnership with technology incubator Hub71. With its roots in Abu Dhabi, the capital of the UAE, and a large investment base, Hub71 supports over 260 startups and has been working to bring UAE-based startups into the Sui ecosystem.
Sui’s dominance makes it a growing force in the industry as Web3 prepares for a period of high growth expected by many. With object-centric models and unparalleled scalability, Sui’s potential for mass adoption comes from its simplicity for developers and rapid transaction processing for a wide range of use cases.
Builders, users, and organizations can all learn more about the network by visiting https://sui.io.
contact
Sui Foundation
media@sui.io