Meta is a Layer-1 blockchain created by the team running the Diem crypto project. Sui, has managed to achieve remarkable success in the DeFi space. Total Value Locked in the Network (TVL) has increased by more than 1000% in the past four months, outpacing major competitors such as Base, Cardano and Bitcoin.
According to DefilLama, Sui’s TVL exceeded $440 million, making it one of the top 10 blockchains by this metric.
Sui’s impressive growth hasn’t just occurred in terms of total value locked on the network. The network also continues to strengthen its on-chain activities. Weekly DeFi volume has increased by more than 1200% since October, recording a surge in demand that supports the future expansion of the entire DeFi ecosystem.
Sui’s success is largely attributed to its unique technology and active developer community. The overall structure of the network is based on an object-centric model and horizontal scaling. This makes it high-performance, scalable and secure. As a result, it paves the way for a network that is very suitable for hosting solutions that can operate on a large scale, such as DeFi applications.
Sui quickly brings together a full set of ecosystem applications that offer seamless composability. From liquid staking to decentralized exchanges (DEXs), top lending protocols, and the addition of DePIN and DeWi to the network, Sui continues to have many different solutions that surpass the Layer 1 blockchains that have been around for years.