GRAND CAYMAN, Cayman Islands, December 7th, 2023, Chainwire – This week, 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, surpassed $100 million in bridged USDC and further solidified its position among the ranks of the top DeFi protocols worldwide.
This latest data builds upon Sui’s 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.
Greg Siourounis, Managing Director of the Sui Foundation, commented on this milestone: “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 ecosystem. 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 ecosystem 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. To further fortify the security and reliability of its ecosystem, Sui announced an ecosystem investment with leading Web3 security firms OtterSec and Zellic.
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 ecosystem.
For more information about the Sui Network, visit sui.io.
Contact: Sui Foundation – [email protected]
