Grand Cayman, Cayman Islands, March 28th, 2024, Chainwire
March DEX Volume on Sui Sees 49% Increase from February, Cetus and DeepBook Leading the Way
Sui, the rapidly growing Layer 1 blockchain with exceptional performance and infinite scaling capabilities, has solidified its position as a top ten chain for DeFi volume. In the past week alone, Sui has registered over $830 million in trading volume on DeFiLlama and $224 million in the last 24 hours.
This surge in volume is a result of the chain’s numerous achievements in the DeFi space, such as surpassing $700 million in total value locked (TVL) earlier this week, a growth of over 1900% since October. Additionally, Sui has consistently outperformed Ethereum in terms of outflows via its Wormhole bridge. Notably, Sui has also maintained a high level of network reliability, with no outages or degraded performance since its mainnet launch.
These milestones are a testament to Sui’s advanced technology, which includes an object-centric model, horizontal scalability, and the developer-friendly Move programming language. Recent breakthroughs such as zkLogin and zkSend have further enhanced its capabilities, making it an ideal platform for solving real-world challenges at scale.
Sui has also attracted top projects and developers, with Suilend, a protocol from the team behind Solana’s largest lending protocol, and Ondo Finance’s treasury-backed assets both recently launching on Sui. Decentralized derivatives exchange Bluefin also migrated from Arbitrum to Sui.
One of Sui’s key features, DeepBook, a fully on-chain order book within the Sui Protocol, has seen a significant increase in volume in March. With over $940 million in volume since the start of the month and $289 million in the last week alone, DeepBook provides deep liquidity to all DeFi protocols and traders on Sui with low transaction costs and sub-second finality.
“Sui’s technology, from its Move language to its object-centric architecture, is unparalleled in the industry. This has attracted partnerships, protocol expansions, and independent developers who are leveraging the Sui network to build innovative solutions,” said Greg Siourounis, Managing Director of the Sui Foundation. “The surging DeFi metrics on Sui demonstrate that it is the platform of choice for cutting-edge technology and practical, real-world applications.”
Contact
Sui Foundation
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