The growth is driven by increasing liquidity on DeFi protocols like Suilend and Momentum.
Sui, a layer 1 (L1) blockchain, hit a new all-time high in total value locked (TVL) of $2.6 billion on Thursday, according to data from DeFiLlama.
This figure represents a 37% increase from a month ago and a 160% jump from the previous year, when TVL was around $1 billion. Sui recently surpassed $156 billion in decentralized exchange (DEX) volume and is the sixth largest chain by 24-hour trading volume, according to CoinGecko.
Meanwhile, the blockchain’s native token is changing hands at $3.39 with a market cap of over $12.2 billion, an 80% increase from last year, according to CoinGecko.
This milestone reflects Sui’s growing presence in the decentralized finance (DeFi) sector, as new L1 networks continue to compete for liquidity and on-chain activity. This increase has been fueled by the growing liquidity of DeFi protocols such as Suilend, Navi and Momentum, which have attracted more users and deposits in recent weeks.
Suilend currently ranks as the largest protocol on Sui, with $745 million in TVL, up 11% over the past month. Navi follows with $723 million, a monthly increase of 14%. Momentum comes in third place with $551 million, an increase of 249% over the same period.
This comes amid broader growth in the DeFi ecosystem, fueled by increased activity in lending, borrowing, and token trading. Total DeFi TVL has more than doubled over the past year, climbing 104%, from $85 billion in October 2024 to $175 billion today, according to DeFiLlama.
Sui also announced several partnerships this year that attracted users to its ecosystem. In March, the blockchain revealed a strategic collaboration with World Liberty Financial (WLFI), a DeFi project linked to President Donald Trump. WLFI issues the stablecoin USD1, which currently ranks seventh in terms of circulating supply.
Earlier today, news broke that EVE Frontier, one of the largest Web3 gaming projects, was set to migrate to Sui.
