In just three months, Sui has made notable gains. These are expressed in terms of volume and total value locked (TVL). This has aided in its development as a DeFi platform. While the volume has increased by 229%, the TVL has grown by 341%. This has been described as a key milestone for the network and the services it offers.
Sui has made the statistics available to the public in order to demonstrate how it can keep serving millions of customers for services that use non-conventional delivery methods.
Sui has become popular in the layer-1 blockchain sector thanks to two key elements: parallel processing and inexpensive gas costs. Users have the freedom to complete their transactions quickly thanks to parallel processing. so that a swift conclusion is achieved. Users pay significantly less for the token supply on each transaction when the petrol fee is low. This raises a negligible sum that consumers don’t mind dispersing.
Until now, projects in the following sectors have made their network debuts: lending, decentralized exchanges, and liquid staking. The majority of progress has been made in the first six months since the mainnet network was introduced.
From July 17, 2023, to October 17, 2023, there are data for TVL growth. They are shown by DeFiLLama to demonstrate the increase in the amount from $13.08 million to $57.69 million. This offsets the growth of 341 percent.
DeFi has stronger volume action as well. The figures show an increase from a seven-day average of $1.77 million to $5.84 million. Volume increased by 229 percent. These figures were obtained on July 16 and October 16, 2023. On September 24, 2023, there was a noticeable rise in Sui volume. At that point, it is clear that the graph is about to go directly to the following reporting date of October 1, 2023.
Sui’s expansion is being fueled by three key factors:
support for DeFi’s creators
The market-fit items from Sui have improved the growth narrative. Many projects are supported by the Sui Foundation’s grant program. Builders have claimed that they have successfully used the programme to their advantage, showcasing the benefits that the ecosystem offers.
It has been considered as a major factor in both the ecosystem’s and the Sui network’s expansion. Even without grants on the table, DeFi constructors on Sui still continue to expand. Meaning that some elements contribute to the strength at a time when the grant programme is only available to certain types of builders.
The Sui network’s TVL and DeFi operations are still expanding, offering users and builders more chances. With a long-term guarantee that there won’t be a decrease in the offers, it is simpler for them to onboard fresh DeFi activities.