Sui Emerges as DeFi Giant with Unrivaled Performance and Growth

Sui, a Layer 1 blockchain, has witnessed remarkable DeFi growth with a 49% increase in its DEX volume to $2.88B in March. The chain has achieved over $830M in weekly trading and has attracted top projects like Suilend and Bluefin, driven by its advanced technology and features such as horizontal scalability and the Move programming language.

Sui Emerges as DeFi Powerhouse with Unparalleled Performance and Growth

March 28, 2024, Grand Cayman, Cayman Islands - Sui, the Layer 1 blockchain renowned for its industry-leading performance and infinite scaling capabilities, has solidified its position as a DeFi powerhouse, ranking among the top ten chains by weekly DeFi volume. Data from DeFiLlama reveals over $830 million in trading volume over the past seven days, with $224 million in the latest 24 hours, demonstrating a remarkable growth trajectory.

DeFi Ecosystem Flourishes

This surge in volume reflects the chain's impressive milestones achieved since年初. Total value locked (TVL) has soared past $700 million, representing an extraordinary increase of over 1900% since October. Suitably, Sui has dominated outflows from Ethereum via Wormhole throughout multiple seven-day periods this year.

Sui's unparalleled network reliability has also set a new standard, particularly during periods of high traffic. In the first four months of its mainnet, Sui processed an unprecedented 65.8 million transactions in a single day, surpassing any other blockchain in history. Notably, the network has maintained consistent performance without any outages or degradation.

Underlying Technology Drives Innovation

These milestones are a testament to Sui's innovative underlying technology, which features an object-centric model, unparalleled scalability, and the increasingly popular Move programming language. Recent breakthroughs like zkLogin and zkSend empower developers to create scalable solutions that address real-world challenges.

Top Projects and Developers Flock to Sui

Sui's technological prowess has attracted renowned projects and developers eager to capitalize on its advantages. Suilend, a lending protocol established by the team behind Solana's largest lending platform, Solend, recently launched on Sui, marking its first expansion beyond the Solana ecosystem. Ondo Finance, renowned for treasury-backed assets, has also joined Sui's vibrant community, while decentralized derivatives exchange Bluefin has migrated from Arbitrum to Sui.

DeepBook Drives Liquidity

DeepBook, Sui's fully on-chain order book, has witnessed a significant volume increase as DeFi flourishes on the network. The central limit order book (CLOB) has facilitated over $940 million in volume since the beginning of the month and over $289 million in the past week alone. DeepBook provides deep liquidity to DeFi protocols and traders on Sui, offering ultra-low and predictable transaction costs with sub-second finality.

"Sui's technology, encompassing the Move language and its object-centric architecture, is unique in the industry," said Greg Siourounis, Managing Director of the Sui Foundation. "It fosters innovation, attracting partnerships, protocol expansions, and independent developers alike to build solutions on the Sui network."

"The surging DeFi metrics on Sui unequivocally demonstrate its position as the platform of choice in an industry ripe for cutting-edge technology and practical, real-world applications," Siourounis added.

Contact

Sui Foundation

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