Sui Emerges as a Top 10 DeFi Blockchain Within a Year, Surpassing Established Competitors with Rapid Growth and Innovative Solutions

Blockchain

Last Updated on 4 weeks by cryptoevent

In less than a year since its inception, Sui has rapidly ascended to become one of the top 10 decentralized finance (DeFi) blockchains. The managing director of Sui, Greg Siourounis, attributes this achievement to developers actively addressing real-world challenges through innovative products on the platform.

Sui, a Layer 1 blockchain crafted by the same team behind Meta’s Diem crypto project, has outpaced established incumbents like Bitcoin and Cardano. The project reported a remarkable surge in total value locked (TVL), witnessing a staggering 1,000% increase in just four months. The dollar value of cryptocurrencies deposited in Sui’s DeFi protocols surpassed $430 million, momentarily securing its position as the 10th-largest blockchain by TVL. However, as of the latest data, it currently stands at the 11th position.

Greg Siourounis emphasizes that this momentum not only affirms the technological prowess of Sui but also underscores the dedication of its community. He notes that the crucial aspect lies in the developers on Sui creating products that effectively tackle real-world challenges, paving the way for a sustainable decentralized network in the future.

Sui’s mainnet became operational in May 2023, distinguishing itself as a layer-1 blockchain akin to Ethereum or Bitcoin. Employing a delegated proof-of-stake consensus mechanism, Sui utilizes its native token (SUI) for validator and delegator staking, gas fee payments, and governance rights.

As per DeFi Llama, Sui currently hosts 22 DeFi protocols, with two exceeding a TVL of $100 million and four boasting more than $40 million each. The price of the SUI token experienced a notable surge of 109% in January, extending a two-month winning streak and reaching a record-high of $1.65.