2000% increase in TVL and superior technology are causing builders to choose Sui, most recently, one of the top lending protocols, Solend.

Sui, one of the a leading Layer 1 blockchains created by the team that led Meta’s Diem stablecoin project, has surged past $300M in Total Value Locked (TVL) continuing to climb the ranks of DefiLlama’s leaderboard.

This sudden milestone underscores the ecosystem’s rapid ascent and further solidifies Sui’s position as one of the leaders a leader in the DeFi space, surpassing Bitcoin to make it the 13th-largest blockchain in terms of TVL. This achievement marks a more than 2000% increase in TVL since August.

“$300 million in TVL is a significant milestone—one in a string of achievements the Sui ecosystem has reached only months since mainnet launch,” said Greg Siourounis, Managing Director of the Sui Foundation. “As market sentiment strengthens and focus turns to the fundamentals of the technology, it is extremely gratifying to see the work of the Sui community bear fruit and Sui’s ecosystem growth leading the industry forward.”