The blockchain network called Layer 1 Sui, made by the same team behind Meta’s Diem crypto project, has become one of the top 10 decentralized finance (DeFi) platforms within just one year of starting.
The total value locked (TVL) has increased by over 1,000% in just four months. This has made the blockchain more popular than other well-known digital currencies like Bitcoin and Cardano, as well as Coinbase’s layer-2, Base. Cryptocurrencies worth $430 million were put into decentralized finance (DeFi) protocols, making it the 10th biggest blockchain by total value locked. Currently, it had fallen to number __. 11, according to data from DeFi Llama, PulseChina is ranked behind.
“Greg Siourounis, the head of the Sui Foundation, said in an email that this progress shows that the Sui community is dedicated and their technology works well. ” “Importantly, the numbers show that developers on Sui are creating products to solve real problems that people are using. ” This will create a strong decentralized network that will last a long time.
Sui’s main network started working in May 2023. It’s a type of blockchain like Ethereum or Bitcoin, but it uses a different method called delegated proof-of-stake to confirm transactions. The native token (SUI) is used for staking by validators and delegators, to pay for gas fees, and to have a say in governing decisions.
At the moment, Sui has 22 DeFi protocols. Two of them have over $100 million, and four of them have more than $40 million.
The SUI price went up 109% in January and reached a record high of $1. 65, continuing its winning streak for two months.
Earlier this week, Sui said they will work with Banxa to make it easy and cheap to change regular money into cryptocurrency. Also, Mysten Labs’ Sui Wallet will make it easy to buy SUI tokens using Banxa’s method for turning regular money into digital currency, and will also use methods for exchanging digital currency back into regular money.