Sui Joins DeFi Leaders, Topping $100 Million in Bridged USDC

By Chainwire

December 7, 2023 – Grand Cayman, Cayman Islands

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

Sui – the groundbreaking layer one 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 DeFi (decentralized finance).

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 TVL (total value locked).

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, said,

“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 Web 3.0 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.

In another strategic move to fortify the security and reliability of its ecosystem, Sui last week announced an ecosystem investment with leading Web 3.0 security firms OtterSec and Zellic – providing essential access for independent ecosystem projects to high-end auditing services and setting builders on Sui on a path to success.

Likewise, November 2023 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 the website.

Contact

Sui Foundation

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