Kava

2024

Aptos

Bitcoin

<p class="p2">The SUI blockchain has been ramping up since the year 2024 began, and a natural consequence of this rapid growth is that it has now surpassed some major players in the decentralized finance (DeFi) space. This has put it ahead of heavy hitters such as Bitcoin and Aptos as SUI begins to leave its mark on the market.</p> 
<h2 class="p2" id="sui-network-tvl-crosses-360-million">SUI Network TVL Crosses $360 Million</h2> 
<p class="p2">The total value locked (TVL) on the SUI network has completely <a href="https://defillama.com/chain/Sui" rel="nofollow">exploded</a> in the last year. The total value locked on the blockchain was sitting at less than $12 million in the middle of 2024. But now, less than a month into the year 2024, the TVL has already crossed the $360 million mark.</p> 
<p class="p2">While this figure is still far off from the likes of <a href="https://www.newsbtc.com/news/bitcoin-backs-down-ethereum-steals-the-spotlight-with-surge-in-market-dominance/">Ethereum</a> and <a href="https://www.newsbtc.com/binance-smart-chain/buy-sell-trade-tokens-bsc-network/">BSC</a> which continue to dominate the DeFi TVL, it puts it ahead of some heavy hitters in the game. For example, the Bitcoin TVL is currently sitting at $298.8 million, which means SUI TVL is much higher than that of Bitcoin.</p> 
<p class="p2">Then again, another network which is currently lagging behind SUI is the Aptos TVL. The Aptos blockchain, which was launched to much fanfare back in 2022, is sitting at a TVL of $133 million. This means that SUI’s TVL is more than 2x higher than that of <a href="https://www.newsbtc.com/altcoin/november-to-witness-over-450m-aptos-and-avalanche/">Aptos</a>.</p> 
<p class="p2">Other DeFi networks which SUI has surged ahead of include the likes of Kava at a TVL of $251 million, Near at a TVL of $94 million, and Metis at a TVL of $124 million. With its TVL figures, SUI is now the 13th-largest DeFi network.</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/VJ8cQVOW/" alt="SUI price chart from Tradingview.com" width="3266" height="1530"></p> 
<h2 class="p2" id="defi-making-a-comeback">DeFi Making A Comeback</h2> 
<p class="p2">After a long stretch of poor performance, the <a href="https://www.newsbtc.com/news/1inch-dao-defi-onboard-legal-counsel/">DeFi market</a> looks to be making its comeback in 2024. As DeFiLlama data shows, after the market peaked at a TVL of almost $245 billion in 2022, it dropped more than 50%, spending the majority of 2023 trailing below $70 billion.</p> 
<p class="p2">However, as crypto market sentiment has improved, so has the DeFi TVL. The TVL has grown from its October 2023 lows of $47 billion to more than $72 billion so far in 2024. This is as a result of the likes of <a href="https://www.newsbtc.com/news/solid-tvl-slingshots-sui-price-to-break-1-for-new-all-time-high-details/">SUI gaining more adoption</a> and their token prices also increasing.</p> 
<p class="p2">As expected, <a href="https://www.newsbtc.com/news/bitcoin-backs-down-ethereum-steals-the-spotlight-with-surge-in-market-dominance/">Ethereum</a> dominates the majority of this TVL, currently sitting at $43.743 billion. The Tron and BSC networks are the second and third-largest, with TVLs of $8.14 billion and $5.41 billion, respectively.</p>

SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network

Table of Contents

NewsBTC

Other articles published on Jan 17, 2024

Spot Bitcoin ETFs Hit $10B in 3-Day Trading Volume

US Data Impact on Crypto Markets and Investor Expectations

SHIB, DOGE in a flux as exchange delists memecoins

Solana Gambling | Top 5 Solana Casinos to Play in 2024

FTX Lawsuit Faces Hurdle: SBF's Parents Fight Back

C1 Fund and Spartan Group Forge Strategic Partnership to Propel Digital Assets Secondary Markets ...

Join our free newsletter for daily crypto updates!