Layer 1 blockchain Sui, created by the team that led Meta’s Diem crypto project, climbed into the top 10 decentralized finance (DeFi) rankings Tuesday, less than a year after inception, the project said.
The total value locked (TVL) has jumped by more than 1,000% in four months, catapulting the blockchain above more established incumbents such as Bitcoin and Cardano, as well as Coinbase’s layer-2, Base. The dollar value of cryptocurrencies deposited in its decentralized finance (DeFi) protocols topped $430 million, making it the 10th-largest blockchain by TVL, Sui said. As of writing, it had slipped to No. 11, behind PulseChina, DeFi Llama data show.
“This momentum validates both the technology and dedication of the Sui community,” Greg Siourounis, managing director of the Sui Foundation, said in an email. “Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future.”
Sui’s mainnet went live in May 2023. It’s a layer-1 blockchain, much like Ethereum or Bitcoin, but with a specific type of proof-of-stake consensus named delegated proof-of-stake. Its native token, (SUI), is used for validator and delegator staking, to pay gas fees and as a right on governance.
According to DeFi Llama, at press time, Sui was home to 22 DeFi protocols, two of which had a TVL of over $100 million and four protocols with more than $40 million each.
The SUI price surged 109% in January, extending the two-month winning streak to hit a record-high $1.65, according to CoinDesk data.
Early this week, Sui announced integration with crypto-compatible payments infrastructure provider Banxa to add seamless and low-cost fiat on-ramps. Additionally, Mysten Labs’ Sui Wallet will facilitate the purchase of SUI tokens through Banxa’s fiat on-ramp solution and utilize off-ramp solutions.
