Sui's Sensational Development in the World of Cryptocurrency: It Managed to Enter the Top 10!

Sui**, the Layer-1 blockchain created by the team that manages Meta’s Diem crypto project, has managed to achieve remarkable success in the DeFi space. Total Value Locked (TVL) on the network has increased by more than 1000% over the past four months, outperforming major competitors such as Base, Cardano, and Bitcoin.

According to DefilLama, Sui’s TVL has exceeded $440 million, making it one of the top 10 blockchains according to this metric.

Sui’s impressive growth hasn’t only happened in terms of the total value locked in the network. At the same time, the network continues to strengthen in its on-chain activities. Weekly DeFi volume has increased by more than 1200% since October, registering a surge in demand that supports the future expansion of the entire DeFi ecosystem.

Sui’s success is largely attributed to its unique technology and active developer community. The overall structure of the network is based on an object-centric model and horizontal scaling. This makes it high-performing, scalable, and secure. As a result, it paves the way for it to be a very convenient network for hosting solutions that can operate on a large scale, such as DeFi applications.

Sui is rapidly assembling a complete set of ecosystem applications that offer seamless composability. From liquid staking to decentralized exchanges (DEXs), the best lending protocols, and the addition of DePIN and DeWi to the network, Sui continues to have many different solutions that surpass Layer 1 blockchains, which have been around for years.

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