In less than a year, Sui has risen to prominence in the decentralized finance (DeFi) space, becoming one of the top 10 DeFi blockchains, with developers actively addressing real-world challenges.
Surging Total Value Locked (TVL) and Market Position
Sui’s rapid ascent sees its total value locked (TVL) skyrocket by over 1,000% in just four months, propelling it ahead of established players like Bitcoin and Cardano, as well as Coinbase’s blockchain Base. Despite briefly slipping to the 10th position, Sui’s TVL places it as a significant contender in the DeFi landscape.
Community Momentum and Development Focus
Greg Siourounis, managing director of the Sui Foundation, credits the community’s dedication and technological advancements for Sui’s momentum. Developers on the platform are actively building products that tackle real-world problems, fostering a sustainable decentralized network.
Sui’s mainnet, launched in May 2023, operates as a layer-1 blockchain utilizing delegated proof-of-stake consensus. Its native token (SUI) serves various functions, including validator and delegator staking, gas fee payments, and governance rights.
According to DeFi Llama, Sui hosts 22 DeFi protocols, with several boasting substantial TVL figures.
The recent surge in SUI token price, coupled with integrations like Banxa’s fiat on-ramps and Mysten Labs’ Sui Wallet, further solidifies Sui’s position as a formidable force in the DeFi ecosystem.
Fiat on-ramps for Sui are coming thanks to @BanxaOfficial!
Banxa will be adding the SUI token to its platform and @Mysten_Labs’ Sui Wallet will give users the opportunity to purchase SUI tokens through Banxa’s on-ramp. https://t.co/1jIOMYjK7r
— Sui (@SuiNetwork) January 29, 2024
