Sui, a layer 1 blockchain, has hit a new milestone with its total value locked (TVL) reaching $2.6 billion, marking significant growth in its decentralized finance (DeFi) ecosystem. This achievement, reported by DeFiLlama on Thursday, represents a 37% rise over the past month and a remarkable 160% increase compared to the $1 billion TVL recorded a year ago.
The ascent in TVL is primarily driven by elevated liquidity across key DeFi platforms on the Sui network, including prominent protocols such as Suilend, Navi, and Momentum. Suilend remains the largest DeFi protocol on Sui, currently holding $745 million in TVL, which is an 11% increase from last month. Navi follows closely with $723 million, reflecting a 14% gain, while Momentum saw the most dramatic surge, increasing its TVL by 249% to reach $551 million.
In addition to TVL growth, Sui’s decentralized exchange (DEX) volume has surpassed $156 billion, consolidating its position as the sixth largest blockchain by 24-hour trading volume according to CoinGecko data. Meanwhile, the native Sui token is trading at around $3.39, contributing to a market capitalization exceeding $12.2 billion—an increase of 80% from the previous year.
This growth highlights Sui’s expanding footprint within the competitive DeFi sector, as newer layer 1 blockchains vie for increased liquidity and user engagement. Industry-wide, the DeFi space has experienced a robust expansion, with total TVL across all protocols more than doubling over the last year. DeFiLlama records total ecosystem TVL rising 104% from $85 billion in October 2023 to approximately $175 billion currently.
Alongside organic growth, strategic partnerships have bolstered Sui’s ecosystem development. In March, Sui announced a collaboration with World Liberty Financial (WLFI), a DeFi initiative notable for issuing the USD1 stablecoin. WLFI’s stablecoin ranks as the seventh largest by circulating supply and is linked to WLFI’s broader project initiatives.
Further bolstering network activity, recent reports confirm the upcoming migration of EVE Frontier, one of the largest Web3 gaming projects, to the Sui blockchain. Such integrations are expected to attract more users and increase transaction volumes across the platform.
With its rapidly increasing TVL and growing protocol ecosystem, Sui continues to strengthen its position in the DeFi landscape, illustrating the rising influence of emerging layer 1 chains in decentralized finance.
