The decentralized finance (DeFi) landscape is undergoing rapid transformation, and Sui has emerged as one of the most dynamic players in 2024. With its Total Value Locked (TVL) surpassing $500 million, Sui has cemented its position among the top 10 DeFi ecosystems globally. This milestone reflects not just financial growth but a broader validation of Sui’s scalable architecture and developer-friendly environment.
Over the past several months, Sui has experienced explosive momentum. Following a staggering 1,500% increase in TVL during the final five months of 2023, the network has more than doubled its locked value since the start of 2024. This sustained growth underscores strong market confidence and increasing adoption across decentralized applications (dApps) built on the Layer 1 blockchain.
On-Chain Activity Surges Alongside TVL Growth
TVL is only part of the story. On-chain activity has also seen dramatic increases, signaling organic user engagement rather than speculative inflows. Weekly DeFi volume on Sui has climbed 63% compared to the previous period, reaching $745 million—placing it firmly within the top 5 most active blockchain ecosystems over the past week.
This surge in transaction volume demonstrates that users are actively trading, lending, and borrowing within Sui-based protocols. The combination of high throughput, low latency, and minimal transaction fees makes Sui an ideal environment for DeFi innovation and mass-market usability.
👉 Discover how high-performance blockchains are reshaping DeFi’s future.
Strategic Partnerships Fuel Ecosystem Expansion
Sui’s rise isn’t accidental—it's powered by strategic integrations with leading projects across the crypto ecosystem.
One of the most significant recent developments is the integration of Ondo Finance, the third-largest player in the real-world asset (RWA) sector. Ondo will bring its suite of treasury-backed tokens, tokenized securities, and real-world assets onto Sui, marking a pivotal moment for institutional-grade asset tokenization on the network. This collaboration also paves the way for Sui’s first native stablecoin, a critical milestone for financial stability and broader DeFi utility.
Additionally, global payment infrastructure provider Banxa has added support for the SUI token, enabling seamless fiat-to-crypto onboarding for users worldwide. This integration lowers entry barriers and expands access to Sui’s growing ecosystem, especially for newcomers unfamiliar with crypto purchasing mechanics.
Another key development involves Oracle Stork, which now delivers real-time pricing data across Sui’s network. Developers building decentralized exchanges (DEXs), lending platforms, and derivatives protocols can leverage faster, more reliable price feeds—enhancing security, accuracy, and user experience across dApps.
“The fact that Sui now stands amongst the top ecosystems in crypto is a testament to Sui’s technology being able to attract top-tier developers and leading projects,” said Greg Siourounis, Managing Director of the Sui Foundation. “The recent partnership and expansion announcements, along with the surging metrics, point to Sui having true staying power.”
Why Sui’s Architecture Enables Scalable Innovation
At the heart of Sui’s success lies its unique technical foundation:
- Object-Centric Data Model: Unlike account-based blockchains, Sui treats data as individual objects with independent state transitions. This allows parallel processing of transactions, drastically improving speed and scalability.
- Horizontal Scalability: As demand increases, Sui can scale horizontally by adding more nodes without sacrificing performance—a rare feature among Layer 1 blockchains.
- Move Programming Language: Secure by design, Move prevents common vulnerabilities like reentrancy attacks and enables fine-grained control over digital assets.
These innovations empower developers to build highly efficient, secure, and scalable DeFi applications—making Sui a magnet for ambitious builders aiming to solve real-world financial challenges.
Top Protocols Driving TVL Momentum
Sui’s growing TVL is not driven by a single application but by a diverse set of high-performing protocols. For the first time in its history, two native projects have crossed the $100 million TVL threshold:
- Scallop Lend: A non-custodial lending and borrowing protocol now holding over $116 million in TVL—an increase of 258% in just 30 days.
- Navi Protocol: A decentralized lending platform with over $114 million in TVL, up 184% month-over-month.
Rounding out the top five are:
- Cetus ($72M): A concentrated liquidity DEX leveraging Sui’s speed for efficient swaps.
- Aftermath Finance ($58M): A multi-functional DeFi hub offering swaps, liquidity pools, and yield opportunities.
- FlowX Finance ($49M): A modular lending protocol designed for flexibility and capital efficiency.
This diversified distribution of capital across multiple protocols indicates a healthy, resilient ecosystem less vulnerable to single-point failures.
👉 Explore how next-gen blockchains are enabling scalable DeFi protocols.
Frequently Asked Questions (FAQ)
What is Total Value Locked (TVL), and why does it matter?
TVL measures the total amount of assets deposited into DeFi protocols. It serves as a key indicator of user trust, ecosystem health, and economic activity. A rising TVL suggests growing adoption and confidence in a blockchain’s applications.
How does Sui achieve such high scalability?
Sui leverages an object-centric architecture and parallel transaction execution enabled by its consensus mechanism (Narwhal & Tusk). This allows thousands of transactions per second with near-instant finality—ideal for high-frequency DeFi operations.
What role do real-world assets (RWAs) play in Sui’s growth?
RWAs bridge traditional finance with blockchain by tokenizing assets like bonds, real estate, or commodities. Ondo Finance’s integration brings institutional-grade RWAs to Sui, enhancing yield opportunities and attracting professional investors.
Is Sui suitable for beginner DeFi users?
Yes. Thanks to low fees, fast transactions, and intuitive wallet experiences (like Sui Wallet), new users can easily interact with dApps. Educational resources and growing community support further lower the learning curve.
How does Move programming language improve security?
Move enforces strict resource ownership rules at the language level, preventing common bugs like double-spending or unauthorized access. Assets behave like physical objects—each has a single owner and cannot be duplicated or destroyed arbitrarily.
What’s next for Sui after breaking $500M in TVL?
Expect deeper integrations with institutional finance, expanded RWA offerings, cross-chain interoperability upgrades, and continued growth in gaming and social dApps built on Sui’s high-speed infrastructure.
The Road Ahead: Innovation Meets Adoption
Sui’s journey from emerging Layer 1 to top-tier DeFi ecosystem has been marked by relentless innovation and strategic execution. The convergence of cutting-edge technology, strong developer support, and high-impact partnerships positions Sui as a long-term contender in the race for blockchain dominance.
As more users seek fast, affordable, and secure alternatives to legacy chains, Sui offers a compelling solution. Its ability to scale without compromise makes it uniquely suited for the next wave of decentralized applications—from finance to gaming to social platforms.
With momentum building and key infrastructure now in place, Sui is not just riding the DeFi wave—it’s helping shape its future.
👉 Stay ahead of the curve—see what’s driving the next phase of blockchain evolution.