Sui, a Layer 1 blockchain developed by the team behind Meta’s Diem crypto project, has quickly become a notable player in the decentralized finance (DeFi) sector. In less than a year since its launch, Sui secured a spot in the top 10 DeFi rankings on Tuesday, as reported by the project. The blockchain's total value locked (TVL) surged by over 1,000% in just four months, pushing Sui ahead of well-established players like Bitcoin, Cardano, and even Coinbase’s Layer-2 project, Base. With over $430 million in cryptocurrencies deposited in its DeFi protocols, Sui initially held the 10th largest blockchain position in terms of TVL, later slipping to the 11th spot behind PulseChain, according to DeFi Llama’s data.
In an email, Greg Siourounis, the managing director of the Sui Foundation, shared his excitement and highlighted the importance of this achievement. He emphasized that Sui's success goes beyond its technology; it's also a testament to the dedication of its community. Siourounis noted that Sui is seeing the creation of real-world applications on its platform, tackling real challenges—a vital factor for the sustainability of a decentralized network.
Sui’s mainnet was launched in May 2023, operating as a Layer-1 blockchain similar to Ethereum or Bitcoin but utilizing a unique proof-of-stake consensus mechanism known as delegated proof-of-stake.
The native token, SUI, serves various functions, including validator and delegator staking, payment of gas fees, and governance rights. According to DeFi Llama’s latest reports, Sui hosts 22 DeFi protocols, with two having a TVL exceeding $100 million and four with more than $40 million each. The price of SUI has been on an upward trajectory, with an impressive 109% increase in January alone.
This surge continues a two-month upward trend, reaching an all-time high of $1.65, based on CoinDesk’s data. Recently, Sui unveiled a new partnership with Banxa, a company that provides infrastructure for crypto-compatible payments. This collaboration aims to introduce easy and affordable fiat on-ramps. Additionally, Mysten Labs’ Sui Wallet will support the purchase of SUI tokens through Banxa’s fiat on-ramp services and will also integrate off-ramp capabilities.