Sui Network Scales the DeFi Heights As Bridged USDC Value Exceeds $100 Million
Sui Network has registered a major milestone, surpassing $100 million in bridged USDC, with only 7 months remaining before the network’s launch. With this, Sui now has more USDC liquidity than multiple native chains, as it continues to register an exemplary performance in the decentralized finance (DeFi) market.
Its up and up for Sui
Going by Sui’s latest performance, it has solidified its position among the top 25 blockchain ecosystems in terms of the daily DeFi market volume. Furthermore, the Sui DeFi TVL recently surpassed $175 million and is within the top 15 blockchains by weekly volume.
“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,” said Greg Siourounis, Managing Director of the Sui Foundation.
The network’s team has attributed its rising trajectory to the efforts of the Sui community and independent builders as they focus on building a versatile and accessible DeFi ecosystem. The performance at the project level is just as impressive, with seven projects in the ecosystem having accumulated over $10 million in TVL and 11 projects having a TVL of more than $2 million.
While pursuing its DeFi fortunes, Sui is also actively strengthening its security capabilities and performance capacity. About a week ago, the network announced a strategic investment by leading Web3 security firms OtterSec and Zellic. During the announcement, Sui revealed that the move will link independent ecosystem projects to high-end auditing services. This will help developers on Sui to improve their performance and realise greater success.
Furthermore, in November, the Sui gave $500,000 worth of funding through Sui Grants to projects building on the network. This is a strategy designed to incentivise more projects to join the Sui Network and ultimately help grow the network’s DeFi ecosystem.
