Sui Becomes a Top 10 DeFi Blockchain in Less Than a Year
Layer 1 blockchain Sui, developed by the team behind Meta's Diem crypto project, has entered the top 10 decentralized finance (DeFi) rankings less than a year after its inception. The total value locked (TVL) in Sui has increased by over 1,000% in four months, surpassing Bitcoin, Cardano, and Coinbase's layer-2, Base. The value of cryptocurrencies deposited in Sui's DeFi protocols exceeded $430 million, making it the 10th largest blockchain by TVL. Sui's mainnet, which went live in May 2023, is a layer-1 blockchain with a delegated proof-of-stake consensus. It hosts 22 DeFi protocols, two with a TVL over $100 million and four with more than $40 million each. The price of Sui's native token (SUI) rose 109% in January to a record high of $1.65. Sui recently integrated with Banxa, a crypto-compatible payments infrastructure provider, to offer low-cost fiat on-ramps and off-ramp solutions through Mysten Labs’ Sui Wallet.
