Sui enters the top 10 DeFi blockchains in less than a year | CoinDesk JAPAN

Layer 1 blockchain Sui entered the top 10 of decentralized finance (DeFi) rankings on January 30, less than a year after its launch, the project announced. Sui is being developed by the team that led Meta (formerly Facebook)’s stablecoin project Diem (formerly Libra).

Sui’s assets under custody (TVL) increased over 1000% in 4 months,It surpassed Bitcoin, Cardano, and Coinbase’s layer 2 blockchain, Base. The crypto assets (virtual currency) deposited into Sui’s DeFi protocol exceeded $430 million (approximately 64.5 billion yen, equivalent to 1 dollar = 150 yen), making it the 10th largest blockchain in TVL, the project said. ing. However, at the time of writing, according to DeFi Llama data, it has fallen to 11th place, behind PulseChina.

“This momentum is a testament to both the skill and dedication of the Sui community,” said Greg Siourounis, Managing Director of the Sui Foundation.

“Most importantly, Sui developers are building products that people are using to tackle real-world challenges. This dynamism provides the foundation for sustainable decentralized networks into the future. It will form.”

Sui’s mainnet will go live in May 2023. It is a layer 1 blockchain similar to Ethereum and Bitcoin, but with a type of PoS consensus mechanism called delegated proof-of-stake. Its native crypto asset SUI will be used for staking, gas (transaction fee) payments, and governance rights for validators and delegators.

According to DeFi Llama, there are 22 DeFi protocols on Sui, two of which have a TVL of over $100 million and four with a TVL of over $40 million. .

The price of SUI soared 109% in January to an all-time high of $1.65, according to data from CoinDesk.

Earlier this week, Sui announced an integration with Banxa, which provides crypto-compatible payments and compliance infrastructure, to enable seamless and low-cost fiat adoption. Sui Wallet from developer Mysten Labs will now be able to easily purchase SUI tokens through Banxa’s fiat implementation solution.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Sui Becomes a Top 10 DeFi Blockchain in Less Than a Year