Sui Enters Top 10 Blockchains with DEX Volume Surge

Although Sui’s price dropped by 70%, it is still finding its way to the top 100 cryptocurrencies based on market value.

In this article, you will discover Sui’s DEX volume, achievements, and progress in the DeFi space. To understand the topic better, you need an idea of what Sui is about.

What is Sui?

To start with, SUI is the token and It runs its activities using the Delegated Proof-of-Stake consensus (DPoS) method.

During its launch, this chain experienced some selling pressure, and it’s good news that it has recovered since those days. Also, it’s important to say that this blockchain is becoming popular in the Decentralized Finance (DeFi) space by presenting unique features and solutions to existing problems.

Let’s explore the features of Sui.

Features of Sui Blockchain
  • Security

The blockchain space has a recurring security issue when making transactions. Sui blockchain ensures that transactions are secure in its blockchain.

  • User Interface

Blockchain networks are sometimes difficult to navigate, but it is different for Sui. Sui is easy to navigate, even for new users.

  • Gas fees and transaction speed

The common issues with blockchain networks are high gas fees and slow transaction time. With Sui blockchain, you enjoy low gas fees and fast transaction speed.

That’s not all. You can transfer resources from a different blockchain to Sui. Sui supports a lot of blockchain transactions.

Now, let’s discover more about Sui’s DEX volume, TVL, and Transaction increase.

Sui’s Achievements

Sui’s Decentralized Exchange (DEX) volume increased to over $2.88 billion in March, a massive 49% increase from what it did in February. The Surge in DEX volume results from Cetus and The wholesale liquidity layer DeepBook. According to a report from DeFiLlama, Sui has recorded over $830 million in trading activity over the past week.

Since January 2024, Sui has made immense moves in the DeFi space. Its total locked value (TVL) surpassed $700 million earlier this week, with a 1900% increase since October 2023. Transactions keep increasing, and it has set a standard for the DeFi ecosystem.

During its mainnet era, sui approved and processed 65.8 million daily transactions. That’s the highest any blockchain has ever gone for the record. That’s an achievement. Since sui came into existence, it has maintained network reliability.

Let’s discuss a factor contributing to the surge from this blockchain, DeepBook.

DeepBook: Responsible for the increasing growth of Sui

DeepBook helps buy and sell digital assets. It is famous for its low transaction fees and lightning-speed transactions. In March, it did over $940 million in trades, with $289 million recorded from last week’s transactions; now, that’s massive.

Its innovative technology is the reason for its success. The recent growth indicates that this blockchain is becoming a key leader in the defi space by offering practical and helpful tech.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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