Scallop

Value

DeFi

Grand Cayman, Cayman Islands, October 1st, 2024, Chainwire 
<h3 id="the-move-based-protocol-becomes-the-8th-largest-blockchain-by-total-value-locked-amid-usdc-integration-and-thriving-developer-ecosystem">The Move-based protocol becomes the 8th largest blockchain by Total Value Locked, amid USDC integration and thriving developer ecosystem</h3>
Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has crossed the $1B mark in Total Value Locked (TVL), based on <a href="https://defillama.com/chains" rel="noopener noreferrer nofollow" target="_blank">publicly available data</a> from DeFiLlama. Leveraging the network’s public goods, like its innovative central limit order book, <a href="http://deepbook.tech" rel="noopener noreferrer nofollow" target="_blank">DeepBook</a>, Sui’s TVL has grown over 2700% over the past twelve months.
<h5><img src="https://app.chainwire.org/storage/uploads/images/AD_4nXd0n8W7AVtJ7scdXHzI9Y-JRrl3xoyazv-aZkX6JdP33__17277749526xjQaAVRoM.jpeg">Data from DefLlama shows the rapid advance of Sui’s DeFi TVL</h5>
The leading Layer-1 blockchain that was created by the team that led Meta's Diem crypto project is now the 8th largest chain as measured by TVL, after locking more value in its ecosystem than established protocols such as Polygon, and Optimism. This latest achievement signals a burgeoning demand that is strengthening the entire Sui DeFi ecosystem including leading lending protocols on the network, NAVI, Suilend and Scallop Lend and decentralized exchanges, Cetus and Aftermath.
With over $400 million in stablecoins and a top 10 ranking in weekly DEX trading volume, Sui recently announced with Circle that it joined an exclusive shortlist of non-EVM chains to natively support the USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP) on the network.
<blockquote>
 “Sui is the fastest-growing DeFi ecosystem and it’s thriving!” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. “In the past year, Sui has attracted an influx of builders whom Sui has enabled to create applications that they simply can’t build on any other blockchain.”
</blockquote>
Since its mainnet launch, Sui has been rapidly growing its presence in a number of areas. As a secure and scalable platform for building the future of intelligent assets, Sui has already become a premier destination for application builders in gaming, DeFi, memecoins, as well as real-world applications such as <a href="https://cointelegraph.com/news/3dos-launches-decentralized-global-3-d-printing-service-blockchain-web3-sui" rel="noopener noreferrer nofollow" target="_blank">3D printing</a> and tokenized securities. In September, Mysten Labs unveiled its <a href="https://www.suiplay0x1.com/" rel="noopener noreferrer nofollow" target="_blank">SuiPlay0X1</a> handheld gaming device, which sets a new standard in both the Web3 and traditional gaming industries by enabling users to own their own assets natively on Sui and access exclusive in-game rewards. 
<h5>Contact</h5>Sui Foundation media@sui.io 
Disclaimer. This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Sui Breaks $1B in TVL, Surpassing Polygon, Optimism (1 Oct)

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