Bittime -Messari's latest report depicts positive developments forSui, a high-Throughput, highlighting significant growth across key metrics in Q1 2024 and the end of Q4 2023. Let's delve into the details in this article.
Getting to know Sui
Before we discuss the impressive growth statistics, let's get to know a little about the Sui blockchain. Sui is a permissionless Layer 1 blockchain designed for scalability and security.
It aims to provide a powerful platform for decentralized applications ( dApps ), mainly focusing on DeFi (decentralized finance) and NFT (non-fungible token) projects.
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DEX Trading Volume Skyrockets
Sui's average daily DEX (decentralized exchange) trading volume surged 3,689% over the past two quarters, reaching a new high of $78 million. Cetus and DeepBook emerged as the leading DEX platforms on Sui, with average daily trading volumes of $37 million and $26 million respectively.
Increased Investment in Sui Projects
- Funding for Sui-based projects is gaining momentum. In just the first quarter of 2024, projects built on Sui secured $11.3 million in funding, exceeding the total raised by Sui projects in all of 2023. This represents a 31% increase in investor interest.
- Notable projects securing funding in Q1 2024 include Talofa Games, Scallop, NAVI, Cetus, and Karrier One.
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DeFi TVL on Sui Sees Huge Increase
- Sui's total value locked ( TVL ) in DeFi protocols surged an impressive 1,459% over the past two quarters, reaching $786.6 million.
- Incentive programs appear to be driving this growth, with several leading protocols such as NAVI, Scallop, and DeepBook launching or announcing their tokens in Q1 2024.
Active User Base Shows Potential
During the on-chain gaming mission "Quest 3", Sui experienced a spike in daily active addresses, reaching a peak of 453,000 with an average of 151,000 during that period. Excluding the "Quest 3" event, Sui's average daily active addresses have remained steady at a healthy 24,000 over the past two quarters.
Conclusion
Sui's impressive growth trajectory in Q1 2024 shows a burgeoning ecosystem with tremendous potential. With rising DEX trading volumes, rising DeFi TVL, and a growing developer and user base, Sui is poised to make a significant footprint in the blockchain landscape.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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