Sui, a new blockchain and smart contract platform developed by the team from Meta’s Diem Blockchain project, has exceeded expectations within six months of its mainnet launch, reaching over $150 million in Total Value Locked (TVL).
According to DefiLlama, a top DeFi aggregator, this achievement places Sui among the top 20 blockchains in TVL. The rapid growth showcases a thriving DeFi ecosystem supported by talented developers and a strengthening community.
Sui Network Surpasses Key Milestones in DeFi Surge
The Sui Network, a Layer 1 blockchain and smart contract platform emerging from Meta’s Diem Blockchain project, has achieved significant milestones within months of its mainnet launch. With over $150 million in Total Value Locked (TVL) and a remarkable 500% TVL increase since September, Sui has also exceeded $100 million in bridged stablecoins. Notably, Sui has outpaced Bitcoin in total historical on-chain transaction count, showcasing its scalability and efficiency.
The platform’s ability to handle a substantial transaction volume while maintaining peak performance recently led to a new record for the most transactions processed in a single day by any blockchain. Greg Siourounis, Managing Director of the Sui Foundation, attributes this rapid growth to the demand for Sui’s unique technology and a vibrant community driving adoption.
The growth is further amplified by independent DeFi projects within the Sui ecosystem, such as Cetus, a leading DEX and liquidity protocol, surpassing $1 billion in total transaction volume. Sui’s global reach is evident in its partnership with technology incubator Hub71, based in Abu Dhabi, committing to introduce UAE-based startups to the Sui ecosystem.
As Web3 anticipates high growth, Sui’s ascendancy positions it as a significant player in the industry. Its object-centric model and exceptional scalability make it attractive for mass adoption, simplifying development for creators and facilitating rapid transaction processing for diverse use cases. For more information about the Sui Network, visit (https://sui.io).
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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