Sui Network Hits $2 Billion TVL Mark, Becoming One of the Most Successful Projects

This achievement was made only three months after its TVL had itself doubled and has reinforced it's position as the fastest growing blockchain

Sui network has hit the $2 billion mark in Total Value Locked (TVL), making it one of the most successful projects in the space, according to DeFiLlama. This achievement comes three months after its TVL had doubled and has reinforced it’s position as the fastest growing blockchain in terms of this parameter.

This is what $2B in Total Value Locked (TVL) looks like. 🤩

Three months after we hit the $1B mark, the thriving DeFi ecosystem on Sui doubled in TVL.

In particular, recently announced and launched stablecoins, wallets, and lending protocols have sparked huge growth on Sui. 👀… pic.twitter.com/uwrPfpIWzE

According to Christian Thompson, the Managing Director of the Sui Foundation, this expansion is due to a healthy development community, more partnerships, and a high level of on-chain activity. He discussed how Sui has the capability to displace and compete with other systems, and said that Sui is one of the most creative ecosystems in the cryptocurrency space as of now.

Sui’s Trading Volume SurgeThe DEX trading volumes have picked up in recent months signaling increased usage of the platform. In November, trading volumes hit $7.8 billion, from $4.9 billion in October and $1.9 billion in September. These include NAVI, Suilend, Cetus and DeepBook which have all contributed $240+ million in TVL to this increase.

The platform has received further push from the adoption of Wallets. In December, Phantom, a versatile crypto wallet platform that currently boasts of more than seven million monthly active users, disclosed that they would be integrating with platform. Phantom being a delegate wallet integrates many features like staking, token swaps, NFTs storage, and multichain support which has made it a useful asset.

Stablecoins have been another fundamental of Sui’s expansion. Circle’s USDC and First Digital’s FDUSD have been natively integrated into the blockchain, making the standard and reliability of DeFi products possible. According to the data from the token terminal, the stablecoin market cap is now above $415 million, with $162 million in natively issued coins.

Institutional Backing for SuiInstitutional interest in cryptocurrency has also increased significantly and thus it is now seen as a key player in the blockchain industry. Here are some of the top companies that have included token in their investment products; Franklin Templeton, Grayscale, and VanEck. These products give millions of conventional investors the ability to invest in cryptocurrency without the need to have and manage crypto wallets.

Some of the most important factors that have led to the development of ecosystem include the developments in the infrastructure. Other firms which include Copper, Zero Hash and Fordefi have established sound frameworks for managing stablecoins and real assets. This has led to projects like Ondo’s USDY which harnesses blockchain for real world asset digitisation.

The platform use cases are not limited to finance, and it is finding uses in gaming, collectibles, and real-world assets that are tokenized. Current giants such as Major League Soccer and ONE Championship have already started fan programs with the help of Sui.