Great DeFi expansion of Sui Network in 2024

Sui Network had a transformative year in 2024, marking its rise as a prominent player in the decentralized finance (DeFi) scene. The network’s total value locked (TVL) saw a significant increase, rising from less than $250 million at the beginning of the year to $1.75 billion by December, according to Sui Foundation.

Institutional interest and cooperation

The year has been pivotal for Sui in attracting institutional funding. Major financial entities such as VanEck, Franklin Templeton, and Grayscale Investments have made great strides within the ecosystem. VanEck has introduced a regulated financial product backed by the SUI token, allowing traditional investors to access the Sui ecosystem. At the same time, Franklin Templeton cooperated with Sui to promote blockchain solutions, and Grayscale launched the Grayscale SUI Trust, providing accredited investors with the opportunity to participate in Sui’s growth.

Expansion of stablecoins

Initially devoid of native stablecoins, Sui now hosts four important offerings: USDC, AUSD, FDUSD, and USDY. These stablecoins have played an instrumental role in increasing liquidity and facilitating seamless financial operations across the network, highlighting Sui’s maturity as a DeFi hub.

Bitcoin liquidity and wallet integration

Sui has made significant progress in integrating Bitcoin liquidity through partnerships, such as partnering with SatLayer and Babylon, which enabled the restorage of BTC via Lombard’s LBTC. This development opens up new asset routes for users. Furthermore, integration with prominent wallet providers like Phantom and Backpack has enhanced user accessibility, allowing millions to interact with Sui’s DeFi ecosystem effortlessly.

Innovations with DeepBook V3 and Sui Bridge

Sui’s DeFi scene was further enriched by the launch of DeepBook V3, which introduced the DEEP token. With a trading volume approaching $1 billion, DeepBook has become a cornerstone of Sui’s financial operations, providing streamlined liquidity and active participation incentives. Additionally, the Sui Bridge has enhanced cross-chain connectivity, allowing assets to be transferred between Sui and Ethereum, with plans to expand functionality in the next year.

Poised for future success

As Sui continues to innovate and expand its offerings, the foundation laid in 2024 positions it for further success in 2025. The network’s growing institutional adoption, liquidity options, and pioneering solutions like DeepBook point to a promising future for Sui in the DeFi sector. This year’s developments are a prelude to greater achievements expected in the coming years.

Image source: Shutterstock