Sui, which launched the network just seven months ago, is connecting more USDC liquidity than other native chains.
Sui, the revolutionary Layer 1 blockchain, is still rapidly growing in the field of decentralized finance (DeFi). It was developed by the same software professionals who spearheaded Meta’s Diem blockchain program and invented the Move smart contract language. It crossed $100 million in bridged USDC this week.
Sui’s standing as one of the world’s leading DeFi protocols is further validated by this most recent data, which builds on its most recent achievement of exceeding $175 million in Total Value Locked (TVL). Nowadays, the Sui Network often appears in the top 15 blockchains by weekly volume and the top 25 blockchains by daily transaction volume.
“Surpassing $100 million in bridged stablecoins represents yet another significant moment for Sui in DeFi, and is a clear illustration of the remarkable success of the Sui community’s efforts to build a versatile and accessible ecosystem,” said Greg Siourounis, Managing Director of the Sui Foundation. “Coupled with the Network’s recent surge in TVL, as well as performance measurements that show Sui operating at the forefront of Web3 technology, this milestone positions Sui as a force driving the next generation of DeFi.”
This growth is being fueled by the network’s decentralized ecosystem and independent builders; currently, seven projects have TVL values of over $10 million, and eleven have TVL values of over $2 million.
Sui last week announced an ecosystem investment with top Web3 security companies OtterSec and Zellic, in another calculated step to bolster the security and dependability of its ecosystem. This investment will give independent ecosystem projects crucial access to premium auditing services and put Sui’s builders on the right track.
Similarly, a new round of Sui Grants totaling $500,000 was awarded to initiatives that expanded the Network in November alone. Project teams with the potential to accelerate the uptake of Sui and its expanding DeFi ecosystem are the recipients of these funds.
Visit sui.io to learn more about the Sui Network.