Sui Climbs the DeFi Rankings: Reaches Top 10 Blockchains in Record Time

• Sui, in less than a year, is positioned among the top 10 DeFi blockchains, surpassing veterans such as Bitcoin and Cardano, showing remarkable growth in LTV.
• Sui Foundation, with innovative technology and community backing, drives real solutions to current challenges, strengthening its decentralized network and market position.

In less than a year since its launch, Sui has catapulted into the top 10 of blockchains focused on decentralized finance (DeFi), thanks to its innovative technology and the committed work of its developers.

This layer 1 blockchain, born from the team that was behind Meta’s Diem project, shows exponential growth. The total value locked (TVL) on Sui has experienced an increase of over 1,000% in just four months, surpassing veterans such as Bitcoin and Cardano, as well as Base, Coinbase’s layer-2.

Sui’s data indicates that the dollar value of cryptocurrencies deposited on its DeFi protocols surpassed $430 million, placing it as the 10th largest blockchain by TVL. Although it recently dropped to 11th, behind PulseChina, according to DeFi Llama, Sui’s impact on the world of decentralized finance is undeniable.

Greg Siourounis, managing director of the Sui Foundation, notes that Sui’s rise not only demonstrates the effectiveness of its technology, but also the passion and dedication of its community. Most remarkable is the hands-on approach of its developers, who are creating real solutions to current challenges, thus laying the foundation for a lasting and relevant decentralized network.

Launched in May 2023, Sui operates with a consensus mechanism called delegated proof of stake, differentiating it from other blockchains such as Ethereum or Bitcoin. Its native token, SUI, has multiple functions within the network, including staking, payment of gas fees and participation in governance.

Currently, Sui hosts 22 DeFi protocols, with two exceeding $100 million in LTV and four more with more than $40 million each. The price of its token, SUI, has seen an impressive 109% increase in January alone, reaching an all-time high of $1.65.

SUI Market Cap via Coinmarketcap

Sui recently announced its integration with Banxa, a crypto-compatible payments infrastructure provider , to facilitate accessible and affordable fiat on-ramps. This collaboration will enable the purchase of SUI tokens through Banxa’s on-ramp solution and will utilize off-ramp solutions, further strengthening its position in the market.