Logo
Cardano Ecosystem

CryptosHeadlines

03/29/2024

·

39 views


Sui's Weekly DEX Volume Soars; Enters Top 10 Blockchain Rankings

In March, Sui's decentralized exchange (DEX) volume surged to over $2.88 billion, marking a remarkable 49% increase from February. Leading this growth were the decentralized exchange Cetus and the wholesale liquidity layer DeepBook.

Sui's Weekly DEX Volume Soars; Enters Top 10 Blockchain Rankings

In March, Sui’s decentralized exchange (DEX) volume surged to over $2.88 billion, marking a remarkable 49% increase from February. Leading this growth were the decentralized exchange Cetus and the wholesale liquidity layer DeepBook.

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

Sui, known for its fast performance and limitless scaling capabilities, has quickly climbed the ranks to become one of the top ten blockchains by weekly DeFi volume. It recorded over $830 million in trading activity over the past week, according to data from DeFiLlama, with $224 million traded in the last 24 hours.

Sui’s DeFi Milestones and Technological Advancements

Sui has achieved significant milestones in the decentralized finance (DeFi) space since the beginning of the year. Its total value locked (TVL) surpassed $700 million earlier this week, marking a staggering 1900% increase since October. Additionally, Sui has been leading in outflows from Ethereum via Wormhole during multiple seven-day periods in 2024.

Sui has set a high standard for network reliability, especially during periods of high traffic. In its first four months of mainnet operation, Sui processed 65.8 million transactions in a single day, the highest among any blockchain. Moreover, the network has maintained uninterrupted service without any outages or degraded performance throughout its existence.

Sui’s underlying technology is characterized by an object-centric model, horizontal scalability, and the developer-friendly Move programming language. Recent breakthroughs such as zkLogin and zkSend further enhance its capabilities, enabling developers to build products that address real-world challenges at scale.

Sui’s technological prowess has attracted top projects and developers to its ecosystem. For example, Suilend, a protocol developed by the team behind Solana’s largest lending protocol, Solend, expanded to Sui. Additionally, Ondo Finance introduced treasury-backed assets into the ecosystem, while Bluefin, a decentralized derivatives exchange, migrated from Arbitrum to Sui.

Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On ChikaMoji.lol

DeepBook: Fueling DeFi Growth on Sui Protocol

DeepBook, an integral component of the Sui Protocol, has witnessed a significant surge in volume during March, contributing to the flourishing DeFi ecosystem on the network. The Central Limit Order Book (CLOB) recorded over $940 million in volume since the beginning of the month, with a remarkable $289 million traded in the past week alone.

This surge underscores DeepBook’s role in providing extensive liquidity to all DeFi protocols and traders on Sui, boasting ultra-low transaction costs and sub-second finality.

Greg Siourounis, Managing Director of the Sui Foundation, emphasized the uniqueness of Sui’s technology, attributing its success to features such as the Move language and object-centric architecture. These aspects enable a level of innovation that attracts partnerships, protocol expansions, and independent developers.

The surging metrics in DeFi highlight Sui’s increasing prominence as the platform of choice in an industry ripe for cutting-edge technology and practical, real-world applications.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Join Cryptos Headlines Community

Follow Cryptos Headlines on Google News

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

    View all posts

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on CryptosHeadlines

ORIGINAL SOURCE

https://cryptosheadlines.com/suis-weekly...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from CryptosHeadlines

See more
Polkadot's Active Addresses Reach Record High
CryptosHeadlines
Polkadot's Active Addresses Reach Record High

yesterday at 4:09 PM

·

5 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)