First-layer blockchain Less than a year after its founding, Sui, a cryptocurrency project led by Meta, climbed into the top 10 decentralised finance (DeFi) rankings on Tuesday, according to the project.
With a more than 1,000% increase in TVL in just four months, the blockchain has surpassed more well-known competitors like Cardano and Bitcoin, as well as Coinbase’s layer-2, Base. According to Sui, the cryptocurrency placed in its DeFi protocols has a dollar worth above $430 million, ranking it as the tenth largest blockchain by TVL. It was now ranked No. 11, behind PulseChina, according to DeFi Llama data as of this writing.
The Sui Foundation’s managing director, Greg Siourounis, stated via email that “this momentum validates both the technology and dedication of the Sui community.” Above all, these data show that Sui developers are creating products that people use to solve problems in the real world. This dynamic will serve as the cornerstone of a long-lasting, decentralised network.”
May 2023 saw the launch of Sui’s mainnet. It is a layer-1 blockchain, similar to Ethereum or Bitcoin, except it uses a particular kind of consensus known as delegated proof-of-stake. Its native token, known as SII, is a right on governance and is utilised for validator and delegator staking as well as petrol charge payments.
At the time of writing, Sui was home to 22 DeFi protocols, two of which had TVLs exceeding $100 million and four of which had TVLs exceeding $40 million apiece, according to DeFi Llama.
According to latest data, the SUI price increased 109% in January, extending the two-month winning run to reach a record-high of $1.65.
Sui announced earlier this week that it would integrate with Banxa, a supplier of crypto-compatible payments infrastructure, to offer easy-to-use and reasonably priced fiat on-ramps. Furthermore, Mysten Labs’ Sui Wallet will make use of off-ramp solutions and enable the purchase of SUI tokens via Banxa’s fiat on-ramp solution.