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Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains
Sui's DeFi volume soars to over $2.88B in March, marking a 49% increase from February and solidifying its position among the top ten blockchains.
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Grand Cayman, Cayman Islands, March 28th, 2024, Chainwire
March DEX volume on Sui stands at over $2.88B โ up more than 49% from February โ with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.
Sui, the fast ascending Layer 1 blockchain offering industry-leading performance and infinite scaling, continued to demonstrate its blistering DeFi growth by cementing its place in the top ten of all chains by weekly DeFi volume, registering over $830M of trading over the most recent seven days of data available onย DeFiLlamaย and $224M in the latest 24 hours.
The volume growth comes as the chain has amassed several DeFi milestones since the start of the year, including surging past $700M in total value locked (TVL) earlier this week โ up over 1900% since October โ and dominating outflows from Ethereum via Wormhole during multiple seven-day periods this year. Sui is also setting the standard for network reliability during periods of high network traffic. In the first four months of its mainnet, Sui completed 65.8M transactions in a single dayโthe most of any blockchain ever, while throughout its existence, the network has never had an outage or experienced degraded performance.
These milestones reflect how Suiโs underlying technology, which features an object-centric model, horizontal scalability, the increasingly popular, developer-friendly Move programming language, and recent breakthroughs such as zkLogin and zkSend, enables developers to create products that solve real-world challenges at scale.
Suiโs technology has also attracted top projects and developers which are increasingly choosing to build on Sui. Most recently,ย Suilend, a protocol developed by the team behind Solanaโs largest lending protocol, Solend, launched in its first expansion outside the Solana ecosystem. Ondo Financeโs treasury-backed assets also recently made their way into the ecosystem, while decentralized derivatives exchangeย Bluefinย left Arbitrum for Sui.
DeepBook, Suiโs fully on-chain order book, which is part of the Sui Protocol, has experienced a substantial volume increase in March as DeFi on the network continues to flourish. The CLOB saw over $940M in volume since the start of the month, and over $289M of trading in the last week alone, as it continues to provide deep liquidity to all DeFi protocols and traders on Sui with ultra-low, predictable transaction costs and sub-second finality.
โFrom the Move language to its object-centric architecture, Suiโs technology is unique in the industry and enables a level of innovation that is attracting partnerships, protocol expansions, and independent developersโall building solutions that leverage the Sui network,โ said Greg Siourounis, Managing Director of the Sui Foundation. โSuiโs surging metrics in DeFi indicate definitively that in an industry which is currently surging and primed for cutting-edge technology and practical, real-world applications, Sui is increasingly the platform of choice.โ
Contact
Sui Foundation
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