Sui, a Layer 1 blockchain developed by the team behind Meta’s Diem crypto project, has rapidly risen to prominence in the decentralized finance (DeFi) sector. Launched less than a year ago, Sui recently entered the top 10 DeFi rankings on Tuesday, according to the project. The blockchain has seen its total value locked (TVL) soar by over 1,000% in just four months.
This impressive growth has propelled Sui past long-established players like Bitcoin and Cardano, and even Coinbase’s Layer-2 project, Base. With over $430 million in cryptocurrencies deposited in its DeFi protocols, Sui claimed the spot as the 10th largest blockchain in terms of TVL, although it has since dropped to the 11th position, just behind PulseChina, as per DeFi Llama’s data.
Greg Siourounis, the managing director of the Sui Foundation, expressed his excitement in an email, highlighting the significance of this achievement. He pointed out that Sui’s success is not just a testament to its technology, but also to the commitment of its community. Siourounis emphasized that Sui is witnessing real-world applications being developed on its platform, addressing genuine challenges – a key factor for a lasting and sustainable decentralized network.
Sui’s mainnet was launched in May 2023. It operates as a Layer-1 blockchain, similar to Ethereum or Bitcoin, but it utilizes a unique proof-of-stake consensus mechanism known as delegated proof-of-stake. Its native token, SUI, serves multiple functions, including validator and delegator staking, payment of gas fees, and governance rights.
According to DeFi Llama’s latest reports, Sui currently hosts 22 DeFi protocols. Among these, two have a TVL exceeding $100 million, and four have more than $40 million each.
The price of SUI has been on an upward trajectory, with a remarkable 109% increase in January alone. This surge marks a continuation of a two-month upward trend, reaching an all-time high of $1.65, based on CoinDesk’s data.
Recently, Sui announced a new integration with Banxa, a crypto-compatible payments infrastructure provider. 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 incorporate off-ramp solutions.
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