Sui, a Layer 1 blockchain crafted by the team behind Meta’s Diem crypto project, has swiftly emerged as a prominent player in the decentralized finance (DeFi) realm. In under a year since its inception, Sui snagged a spot in the top 10 DeFi rankings on Tuesday, as per the project's report.
The blockchain's total value locked (TVL) surged by over 1,000% in just four months, catapulting Sui ahead of established players like Bitcoin, Cardano, and even Coinbase’s Layer-2 project, Base. With over $430 million in cryptocurrencies stashed in its DeFi protocols, Sui initially clinched the 10th largest blockchain position in terms of TVL, later slipping to the 11th spot behind PulseChain, as per DeFi Llama’s data.
Greg Siourounis, the managing director of the Sui Foundation, conveyed his excitement via email, underscoring the significance of this feat. He stressed that Sui’s triumph isn't just about its technology but also about the dedication of its community. Siourounis pointed out that Sui is witnessing the emergence of real-world applications on its platform, tackling genuine challenges—a vital aspect for the sustainability of a decentralized network.
Sui’s mainnet went live in May 2023, functioning as a Layer-1 blockchain akin to Ethereum or Bitcoin but employing a unique proof-of-stake consensus mechanism called delegated proof-of-stake. The native token, SUI, serves multiple purposes, including validator and delegator staking, payment of gas fees, and governance rights. According to DeFi Llama’s latest data, Sui hosts 22 DeFi protocols, with two boasting a TVL exceeding $100 million and four with over $40 million each.
The price of SUI has been on a steady rise, with an impressive 109% surge in January alone. This uptrend follows a two-month upward trajectory, hitting an all-time high of $1.65, based on CoinDesk’s data.
Recently, Sui unveiled a new integration with Banxa, a crypto-compatible payments infrastructure provider.