Market intelligence firm DappRadar claims that Layer 1 crypto projects Sui (SUI) and Aptos (APT) have emerged as top performers in decentralized finance (DeFi) in Q3 2024.
In a new report, DappRadar says Sui and Aptos have seen an impressive increase in total value locked (TVL), the metric representing the amount of assets staked or locked on a platform.
During the period, TVLs for Sui and Aptos exceeded $1 billion, representing nearly 80% growth for each of the two channels.
“Both platforms have seen impressive TVL growth, with each seeing a 78% increase since Q2. This push propelled them into the ranks of major DeFi chains, signaling growing investor interest in alternative ecosystems offering innovative solutions and faster transaction speeds.
Sui and Aptos are experiencing an increase in their TVL amid a difficult period for the entire DeFi sector.
“The DeFi sector faced a challenging third quarter of 2024, with total value locked (TVL) continuing its downward trend. By the end of the quarter, TVL had fallen from $168 billion in the second quarter to $160 billion, reflecting continued market uncertainties despite some positive regulatory developments.
DappRadar reports that Ethereum (ETH), the leading platform in the DeFi space, suffered a sharp drop in TVL despite the SEC’s approval of the Ethereum spot exchange-traded fund (ETF), which is expected to boost the walk.
“Ethereum remains the dominant force in the DeFi space, with a TVL of $95 billion in Q3 2024. However, this represents a significant 20% decrease from Q2.”
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