Sui Joins DeFi Leaders, Topping $100M in Bridged USDC - The Bitcoin News

2023-12-07 16:15:52

GRAND CAYMAN, Cayman Islands, December 7th, 2023, Chainwire

Only 7 months from the network’s launch, Sui is bridging more USDC liquidity than multiple native chains

Sui, the groundbreaking Layer 1 blockchain created by the technology experts who led Meta’s Diem blockchain initiative and created the Move smart contract language, continues its explosive ascent in decentralized finance (DeFi). This week, it surpassed $100 million in bridged USDC

This latest data confirms Sui’s position among the ranks of the top DeFi protocols worldwide and builds upon its most recent milestone of surpassing $175 million in Total Value Locked (TVL). The Sui Network now consistently ranks within the top 25 blockchains for daily transaction volume and within the top 15 blockchains by weekly volume.

“Surpassing $100 million in bridged stablecoins represents yet another significant moment for Sui in DeFi, and is a clear illustration of the remarkable success of the Sui community’s efforts to build a versatile and accessible eco,” said Greg Siourounis, Managing Director of the Sui Foundation. “Coupled with the Network’s recent surge in TVL, as well as performance measurements that show Sui operating at the forefront of Web3 technology, this milestone positions Sui as a force driving the next generation of DeFi.”

The network’s decentralized eco and independent builders are fueling that growth, with seven projects standing at over $10 million in TVL and 11 projects exceeding the $2 million mark.

In another strategic move to fortify the security and reliability of its eco, Sui last week announced an eco investment with leading Web3 security firms OtterSec and Zellic — providing essential access for independent eco projects to high-end auditing services and setting builders on Sui on a path to success

Likewise, November alone saw $500,000 in a fresh round of Sui Grants issued to projects building on the Network. These grants are dedicated to project teams poised to advance the adoption of Sui and its growing DeFi eco

For more information about the Sui Network, visit sui.io.

Contact

Sui Foundation
[email protected]

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.