Rapid Rise: Sui Joins Top 10 DeFi Blockchains in Under a Year

• Sui Blockchain Skyrockets into Top 10 DeFi Rankings
• Sui's Rising Value
• Significance of the Growth
• Sui's Mainnet Launch
• Sui's DeFi Protocols and Token Price
• Sui's Integration with Banxa

Sui Blockchain Skyrockets into Top 10 DeFi Rankings

Less than a year after its inception, Sui, a Layer 1 blockchain developed by the same team behind Meta's Diem, has ascended into the top 10 rankings for decentralized finance (DeFi). Sui reported a surge in total value locked (TVL) exceeding 1,000% within four months' time, surpassing well-known competitors like Bitcoin$42,260 -0.64% and Cardano and even Coinbase's layer-2, Base.

Sui's Rising Value

The value of cryptocurrencies deposited in Sui's DeFi protocols has exceeded $430 million, establishing Sui as the 10th-largest blockchain based on TVL. As per the latest updates, it has now slipped to No. 11, coming after PulseChina, according to DeFi Llama data.

Significance of the Growth

"This growth attests to the strength of the technology and the commitment of the Sui community, stated Greg Siourounis, the managing director of the Sui Foundation. He emphasized the significance of the numbers indicating developers on Sui creating products that tackle real-world challenges. This, he maintained, will establish the foundation for a lasting decentralized network.

Sui's Mainnet Launch

Sui went live with its mainnet in May 2023. Like Ethereum$2,315 -2.42% or Bitcoin, it's a layer-1 blockchain, but it utilizes a specific type of proof-of-stake consensus called delegated proof-of-stake. Its native token, SUI, serves multiple purposes: it can be used for validator and delegator staking, to cover gas fees, and as a governance right.

Sui's DeFi Protocols and Token Price

As per DeFi Llama reports, Sui currently hosts 22 DeFi protocols, with two boasting a TVL above $100 million and four protocols exceeding $40 million each. The SUI token has also been performing well, with a 109% surge in price observed in January. This has extended its two-month rally, taking it to a record high of $1.65.

Sui's Integration with Banxa

In a recent development, Sui announced a partnership with Banxa, a crypto-compatible payments infrastructure provider, to facilitate seamless and cost-effective fiat on-ramps. Moreover, Sui Wallet, developed by Mysten Labs, will leverage Banxa's fiat on-ramp solution for the purchase of SUI tokens and use it for off-ramp solutions.

Edited by Jonathan Stoker