Sui Blockchain Rises in DeFi Rankings with Real-World Applications
Sui, a layer one blockchain developed by Meta’s Diem crypto project team, has rapidly gained prominence in decentralized finance (DeFi). Sui has entered the top 10 DeFi rankings in less than a year since its inception. Its total value locked (TVL) soared by over 1,000% in just four months, surpassing established blockchains like Bitcoin and Cardano and Coinbase’s layer-2, Base. The value of cryptocurrencies in its DeFi protocols reached over $430 million, positioning Sui as the 10th largest blockchain by TVL, although it recently slipped to 11th place.
Greg Siourounis, the managing director of the Sui Foundation, sees this growth as a validation of Sui’s technology and its community’s dedication. He highlights that developers on Sui are creating products to tackle real-world challenges, contributing to developing a sustainable decentralized network.
Sui’s mainnet was launched in May 2023. It operates as a layer-1 blockchain similar to Ethereum or Bitcoin but uses a delegated proof-of-stake consensus mechanism. The native token of Sui, known as SUI, is utilized for various purposes, including validator and delegator staking, paying gas fees, and participating in governance decisions. Currently, Sui hosts 22 DeFi protocols, with two exceeding $100 million in TVL and four others having over $40 million each.
The price of SUI tokens witnessed a significant rise of 109% in January, reaching an all-time high of $1.65. Sui also announced a new integration with Banxa, a crypto-compatible payments infrastructure provider. This collaboration aims to offer seamless and cost-effective fiat on-ramps. Mysten Labs’ Sui Wallet will also support the purchase of SUI tokens through Banxa and utilize its off-ramp solutions.
