{"id":569969,"date":"2024-01-17T16:00:32","date_gmt":"2024-01-17T16:00:32","guid":{"rendered":"https:\/\/wncen.com\/?p=569969"},"modified":"2024-01-17T12:41:02","modified_gmt":"2024-01-17T12:41:02","slug":"sui-overtakes-bitcoin-aptos-defi","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/sui-overtakes-bitcoin-aptos-defi\/","title":{"rendered":"SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network"},"content":{"rendered":"

The SUI blockchain has been ramping up since the year 2024 began, and a natural consequence of this rapid growth is that it has now surpassed some major players in the decentralized finance (DeFi) space. This has put it ahead of heavy hitters such as Bitcoin and Aptos as SUI begins to leave its mark on the market.<\/p>\n

SUI Network TVL Crosses $360 Million<\/h2>\n

The total value locked (TVL) on the SUI network has completely exploded<\/a> in the last year. The total value locked on the blockchain was sitting at less than $12 million in the middle of 2024. But now, less than a month into the year 2024, the TVL has already crossed the $360 million mark.<\/p>\n

Related Reading: Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins<\/a><\/div>\n

While this figure is still far off from the likes of Ethereum<\/a> and BSC<\/a> which continue to dominate the DeFi TVL, it puts it ahead of some heavy hitters in the game. For example, the Bitcoin TVL is currently sitting at $298.8 million, which means SUI TVL is much higher than that of Bitcoin.<\/p>\n

Then again, another network which is currently lagging behind SUI is the Aptos TVL. The Aptos blockchain, which was launched to much fanfare back in 2022, is sitting at a TVL of $133 million. This means that SUI\u2019s TVL is more than 2x higher than that of Aptos<\/a>.<\/p>\n

Other DeFi networks which SUI has surged ahead of include the likes of Kava at a TVL of $251 million, Near at a TVL of $94 million, and Metis at a TVL of $124 million. With its TVL figures, SUI is now the 13th-largest DeFi network.<\/p>\n

\"SUI<\/p>\n

SUI price at $0.125 | Source: SUIUSD on Tradingview.com<\/a><\/pre>\n
DeFi Making A Comeback<\/h2>\n
After a long stretch of poor performance, the DeFi market<\/a> looks to be making its comeback in 2024. As DeFiLlama data shows, after the market peaked at a TVL of almost $245 billion in 2022, it dropped more than 50%, spending the majority of 2023 trailing below $70 billion.<\/p>\n
Related Reading: Analyst Predicts Cardano Future Using Historic Trends, And It\u2019s Very Bullish<\/a><\/div>\n
However, as crypto market sentiment has improved, so has the DeFi TVL. The TVL has grown from its October 2023 lows of $47 billion to more than $72 billion so far in 2024. This is as a result of the likes of SUI gaining more adoption<\/a> and their token prices also increasing.<\/p>\n
As expected, Ethereum<\/a> dominates the majority of this TVL, currently sitting at $43.743 billion. The Tron and BSC networks are the second and third-largest, with TVLs of $8.14 billion and $5.41 billion, respectively.<\/p>\n
Featured image from The Block, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The SUI blockchain has been ramping up since the year 2024 began, and a natural consequence of this rapid growth is that it has now surpassed some major players in the decentralized finance (DeFi) space. This has put it ahead of heavy hitters such as Bitcoin and Aptos as SUI begins to leave its mark on the market. SUI Network TVL Crosses $360 Million The total value locked (TVL) on the SUI network has completely exploded in the last year. The total value locked on the blockchain was sitting at less than $12 million in the middle of 2024. But now, less than a month into the year 2024, the TVL has already crossed the $360 million mark. Related Reading: Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins While this figure is still far off from the likes of Ethereum and BSC which continue to dominate the DeFi TVL, it puts it ahead of some heavy hitters in the game. For example, the Bitcoin TVL is currently sitting at $298.8 million, which means SUI TVL is much higher than that of Bitcoin. Then again, another network which is currently lagging behind SUI is the Aptos TVL. The Aptos blockchain, which was launched to much fanfare back in 2022, is sitting at a TVL of $133 million. This means that SUI\u2019s TVL is more than 2x higher than that of Aptos. Other DeFi networks which SUI has surged ahead of include the likes of Kava at a TVL of $251 million, Near at a TVL of $94 million, and Metis at a TVL of $124 million. With its TVL figures, SUI is now the 13th-largest DeFi network. SUI price at $0.125 | Source: SUIUSD on Tradingview.com DeFi Making A Comeback After a long stretch of poor performance, the DeFi market looks to be making its comeback in 2024. As DeFiLlama data shows, after the market peaked at a TVL of almost $245 billion in 2022, it dropped more than 50%, spending the majority of 2023 trailing below $70 billion. Related Reading: Analyst Predicts Cardano Future Using Historic Trends, And It\u2019s Very Bullish However, as crypto market sentiment has improved, so has the DeFi TVL. The TVL has grown from its October 2023 lows of $47 billion to more than $72 billion so far in 2024. This is as a result of the likes of SUI gaining more adoption and their token prices also increasing. As expected, Ethereum dominates the majority of this TVL, currently sitting at $43.743 billion. The Tron and BSC networks are the second and third-largest, with TVLs of $8.14 billion and $5.41 billion, respectively. Featured image from The Block, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":569984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[85692,91210,428,656,70707,91208,54512,89420,87261,88213,91209,88414,88415],"class_list":["post-569969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-aptos","tag-aptos-news","tag-bitcoin","tag-bitcoin-news","tag-decentralized-finance","tag-decentralized-finance-news","tag-defi","tag-defi-news","tag-sui","tag-sui-network","tag-sui-news","tag-suiusd","tag-suiusdt"],"acf":[],"yoast_head":"\nSUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network<\/title>\n<meta name=\"description\" content=\"The SUI blockchain has been ramping up since the year 2024 began, and has now surpassed some 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network","url":"http:\/\/wncen.com\/news\/defi\/sui-overtakes-bitcoin-aptos-defi\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/sui-overtakes-bitcoin-aptos-defi\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/SUI-Network.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/SUI-Network.jpeg?fit=300%2C168"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["aptos","aptos news","bitcoin","bitcoin news","decentralized finance","decentralized finance news","defi","defi news","sui","sui network","sui news","suiusd","suiusdt"],"dateCreated":"2024-01-17T16:00:32Z","datePublished":"2024-01-17T16:00:32Z","dateModified":"2024-01-17T16:00:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SUI Overtakes Bitcoin, Aptos To Become 13th-Largest DeFi Network\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/sui-overtakes-bitcoin-aptos-defi\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/sui-overtakes-bitcoin-aptos-defi\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/SUI-Network.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/SUI-Network.jpeg?fit=300%2C168\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"aptos\",\"aptos news\",\"bitcoin\",\"bitcoin news\",\"decentralized finance\",\"decentralized finance news\",\"defi\",\"defi news\",\"sui\",\"sui network\",\"sui news\",\"suiusd\",\"suiusdt\"],\"dateCreated\":\"2024-01-17T16:00:32Z\",\"datePublished\":\"2024-01-17T16:00:32Z\",\"dateModified\":\"2024-01-17T16:00:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/SUI-Network.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569969"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=569969"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/569969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/569984"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=569969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=569969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=569969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}