Sui’s Weekly DEX Volume Soars; Enters Top 10 Blockchain Rankings

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In March, Sui’s decentralized exchange (DEX) volume surged to over $2.88 billion, marking a remarkable 49% increase from February. Leading this growth were the decentralized exchange Cetus and the wholesale liquidity layer DeepBook.

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Sui, known for its fast performance and limitless scaling capabilities, has quickly climbed the ranks to become one of the top ten blockchains by weekly DeFi volume. It recorded over $830 million in trading activity over the past week, according to data from DeFiLlama, with $224 million traded in the last 24 hours.


Sui’s DeFi Milestones and Technological Advancements

Sui has achieved significant milestones in the decentralized finance (DeFi) space since the beginning of the year. Its total value locked (TVL) surpassed $700 million earlier this week, marking a staggering 1900% increase since October. Additionally, Sui has been leading in outflows from Ethereum via Wormhole during multiple seven-day periods in 2024.

Sui has set a high standard for network reliability, especially during periods of high traffic. In its first four months of mainnet operation, Sui processed 65.8 million transactions in a single day, the highest among any blockchain. Moreover, the network has maintained uninterrupted service without any outages or degraded performance throughout its existence.

Sui’s underlying technology is characterized by an object-centric model, horizontal scalability, and the developer-friendly Move programming language. Recent breakthroughs such as zkLogin and zkSend further enhance its capabilities, enabling developers to build products that address real-world challenges at scale.

Sui’s technological prowess has attracted top projects and developers to its ecosystem. For example, Suilend, a protocol developed by the team behind Solana’s largest lending protocol, Solend, expanded to Sui. Additionally, Ondo Finance introduced treasury-backed assets into the ecosystem, while Bluefin, a decentralized derivatives exchange, migrated from Arbitrum to Sui.

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DeepBook: Fueling DeFi Growth on Sui Protocol

DeepBook, an integral component of the Sui Protocol, has witnessed a significant surge in volume during March, contributing to the flourishing DeFi ecosystem on the network. The Central Limit Order Book (CLOB) recorded over $940 million in volume since the beginning of the month, with a remarkable $289 million traded in the past week alone.

This surge underscores DeepBook’s role in providing extensive liquidity to all DeFi protocols and traders on Sui, boasting ultra-low transaction costs and sub-second finality.

Greg Siourounis, Managing Director of the Sui Foundation, emphasized the uniqueness of Sui’s technology, attributing its success to features such as the Move language and object-centric architecture. These aspects enable a level of innovation that attracts partnerships, protocol expansions, and independent developers.

The surging metrics in DeFi highlight Sui’s increasing prominence as the platform of choice in an industry ripe for cutting-edge technology and practical, real-world applications.


Important: 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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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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