Sui Blockchain Enters Top 10 DeFi Rankings with Over $430 Million TVL

According to CoinDesk, Layer 1 blockchain Sui, developed by the team behind Meta's Diem crypto project, entered the top 10 decentralized finance (DeFi) rankings on Tuesday, less than a year after its inception. The total value locked (TVL) in its DeFi protocols has increased by over 1,000% in four months, surpassing established blockchains like Bitcoin and Cardano, as well as Coinbase's layer-2, Base. Sui's TVL reached $430 million, making it the 10th-largest blockchain by TVL. However, it has since slipped to No. 11, behind PulseChina, according to DeFi Llama data. Greg Siourounis, managing director of the Sui Foundation, said the momentum validates the technology and dedication of the Sui community. He added that developers on Sui are building products to address real-world challenges, which will form the basis of a sustainable decentralized network for the future. Sui's mainnet, a layer-1 blockchain with a delegated proof-of-stake consensus, went live in May 2023. Its native token, SUI, is used for validator and delegator staking, gas fees, and governance rights. DeFi Llama data shows that Sui currently hosts 22 DeFi protocols, with two having a TVL of over $100 million and four protocols with more than $40 million each. The SUI price surged 109% in January, reaching a record-high of $1.65. Earlier this week, Sui announced its integration with crypto-compatible payments infrastructure provider Banxa to offer seamless and low-cost fiat on-ramps. Mysten Labs' Sui Wallet will also facilitate the purchase of SUI tokens through Banxa's fiat on-ramp solution and utilize off-ramp solutions.