Summary
Layer 1 blockchain Sui has entered the top 10 decentralized finance (DeFi) rankings less than a year after its launch. Sui’s assets under custody have increased over 1000% in four months, surpassing Bitcoin, Cardano, and Coinbase’s layer 2 blockchain. The crypto assets deposited into Sui’s DeFi protocol have exceeded $430 million, making it the 10th largest blockchain in terms of total value locked (TVL). Sui’s mainnet will go live in May 2023 and it uses a delegated proof-of-stake consensus mechanism. The price of SUI has increased by 109% in January. Sui has also announced an integration with Banxa to enable seamless and low-cost fiat adoption.
Key Points
1. Sui, a layer 1 blockchain developed by the team behind Meta’s stablecoin project Diem, entered the top 10 of decentralized finance (DeFi) rankings less than a year after its launch.
2. Sui’s assets under custody (TVL) increased over 1000% in 4 months, surpassing Bitcoin, Cardano, and Coinbase’s layer 2 blockchain, Base. The crypto assets deposited into Sui’s DeFi protocol exceeded $430 million, making it the 10th largest blockchain in TVL.
3. Sui’s mainnet is scheduled to go live in May 2023 and it utilizes a delegated proof-of-stake consensus mechanism. Its native crypto asset, SUI, will be used for staking, gas payments, and governance rights.