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Sui (SUI) TVL surpasses $500 million, solidifying itself in the top 10 of DeFi ecosystems

Sui’s TVL surged more than 1500%

Sui’s Total Value Locked (TVL) increased by more than 1500% in the final five months of 2023 and has more than doubled since the beginning of 2024.

Sui, one of the fastest-growing Layer 1 blockchains, has maintained its remarkable DeFi growth, surpassing $500 million in TVL and securing its place in the top 10 DeFi ecosystems.

On-chain activity has skyrocketed in tandem with TVL’s wild ascent. With a weekly DeFi volume of $745 million, it is up 63% from the previous period and ranks among the top 5 most active ecosystems of the previous week.

Sui’s steady ascent shows how its underlying technology is essential for enabling developers to produce goods that address pressing issues in the real world, as well as the motivation behind leading projects entering its ecosystem.

Sui has announced several alliances and growths with top builders in the industry in the last few weeks. The Sui ecosystem is about to get its first native stablecoin.

Most recently, Sui announced that Ondo Finance, the third-largest company in the real-world asset DeFi sector, is bringing its treasury-backed tokens, tokenized securities, and real-world assets into its ecosystem.

Sui also recently revealed that the SUI token will be added to Banxa’s platform, which is a prominent provider of payment infrastructure for the crypto-compatible economy.

Faster pricing data is now available to builders thanks to a recently announced partnership with Oracle Stork, which offers real-time pricing information across Sui’s ecosystem of developers, DEXs, and lending protocols that are built on Sui’s blockchain.

Sui’s object-centric architecture, horizontal scalability, and Move Language put it in a position to support the most scalable blockchain-related solutions to date.

Due to numerous Sui-based protocols and applications that take advantage of Sui’s advantages, its TVL is rising quickly.

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Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.