Sui Becomes a Top 10 DeFi Blockchain in Less Than a Year

Developers on Sui are building products that people are using to address real-world challenges, according to Greg Siourounis, Sui's managing director.

AccessTimeIconJan 31, 2024 at 9:13 a.m. UTC
Updated Apr 14, 2024 at 10:23 p.m. UTC

Layer 1 blockchain Sui, created by the team that led Meta's Diem crypto project, climbed into the top 10 decentralized finance (DeFi) rankings Tuesday, less than a year after inception, the project said.

The total value locked (TVL) has jumped by more than 1,000% in four months, catapulting the blockchain above more established incumbents such as Bitcoin and Cardano, as well as Coinbase's layer-2, Base. The dollar value of cryptocurrencies deposited in its decentralized finance (DeFi) protocols topped $430 million, making it the 10th-largest blockchain by TVL, Sui said. As of writing, it had slipped to No. 11, behind PulseChain, DeFi Llama data show.

"This momentum validates both the technology and dedication of the Sui community,” Greg Siourounis, managing director of the Sui Foundation, said in an email. "Most importantly, what we are seeing in these numbers is developers on Sui building products that people are using to address real-world challenges. That dynamic will form the basis of a sustainable decentralized network that lasts well into the future."

Sui's mainnet went live in May 2023. It's a layer-1 blockchain, much like Ethereum or Bitcoin, but with a specific type of proof-of-stake consensus named delegated proof-of-stake. Its native token, (SUI), is used for validator and delegator staking, to pay gas fees and as a right on governance.

According to DeFi Llama, at press time, Sui was home to 22 DeFi protocols, two of which had a TVL of over $100 million and four protocols with more than $40 million each.

The SUI price surged 109% in January, extending the two-month winning streak to hit a record-high $1.65, according to CoinDesk data.

Early this week, Sui announced integration with crypto-compatible payments infrastructure provider Banxa to add seamless and low-cost fiat on-ramps. Additionally, Mysten Labs’ Sui Wallet will facilitate the purchase of SUI tokens through Banxa’s fiat on-ramp solution and utilize off-ramp solutions.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Read more about