Sui-Based DeFi Protocols Thrive as Bitcoin and Ethereum Suffer Double-Digit Losses

While Bitcoin and Ethereum have suffered double-digit losses over the past week, dragging down the DeFi sector, several Sui-based protocols have managed

Several Sui-based decentralized finance (DeFi) protocols have seen their total value locked (TVL) reach record highs despite the broader crypto market downturn.

Bitcoin and Ethereum prices have suffered double-digit losses over the past week, dragging down the DeFi sector. However, protocols on the Sui blockchain have managed to buck the trend.

These protocols include Kriya, Bluefin, AlphaFi, Bucket Protocol, and Sparkling Finance.

Kriya is a one-stop DeFi platform for Sui that saw its TVL increase from $24 million at the beginning of November to the current all-time high (ATH) of $84 million.

The Kriya ecosystem includes an automated market maker (AMM) DEX, a yield farming application, and a derivative trading platform. The platform’s liquidity is dominated by SUI and vSUI, representing SUI staked via Volo.

Bluefin, a decentralized spot and derivatives exchange, saw its TVL soar from $27 million at the beginning of December to a record $80.7 million.

The TVL expansion intensified earlier this month after the launch of its spot trading application and its BLUE token. The spot DEX currently has $60 million in TVL.

AlphaFi is a yield farming protocol for Sui that launched in mid-July this year. The platform’s TVL increased from $30 million at the beginning of November to over $75 million.

The platform enables users to lock multiple tokens, including SUI, USDC, the native ALPHA, BLUE, and vSUI, to earn APY figures that can exceed 600%.

Bucket, a leading collateralized debt position (CDP) protocol on Sui, has nearly doubled its TVL over the past two months to a record $53 million.

Users can deposit multiple tokens as collateral to mint BUCK, a USD stablecoin with a market cap of nearly $9 million.

Sparkling is a liquid staking and yield application linked to the Bucket Protocol. It enables users to deposit BUCK and get sBUCK, a yield-bearing token that can be used across Sui’s DeFi ecosystem. Sparkling has over $30 million in TVL.