Sui & Aptos On-Chain Focus: Multiple DeFi Protocols on Sui Exceed $100 Million TVL, Stablecoin Market Cap on Aptos Nears $275 Million
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Sui & Aptos On-Chain Focus: Multiple DeFi Protocols on Sui Exceed $100 Million TVL, Stablecoin Market Cap on Aptos Nears $275 Million
Aptos TVL surpasses $900 million, reaching a new all-time high before USDT launch.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
DeFi Ecosystems
Sui | Aptos
Sui
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Total Value Locked Across Multiple DeFi Protocols on Sui Surpasses $100 Million
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Over the past six months, the Sui blockchain has outperformed expectations. With increasing transaction volume, lower fees, and improved liquidity, Sui is gradually emerging as a significant hub for DeFi. This trend is evident in both decentralized exchange (DEX) activity and total value locked (TVL). Since the beginning of the year, both TVL and DEX trading volume have seen substantial growth, reflecting strong market interest in trading, supplying, and borrowing the SUI token.
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Daily DeFi activity on Sui has remained stable throughout the year, averaging around 2,000 users per day. In October, user numbers surged—likely due to the launch of Deepbook V3, the third iteration of Sui’s central limit order book (CLOB). Concurrently, Deepbook’s DEEP token was also launched.
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When analyzing protocol growth on Sui, the lending protocol Suilend stands out most significantly. Despite starting the year with less than $10,000 in total value locked (TVL), Suilend now accounts for over 20% of Sui’s total TVL. Even during periods when Sui’s overall TVL corrected, Suilend maintained its upward trajectory.
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Trading Highlights: Following the launch of Deepbook V3, eligible users were able to claim DEEP tokens as rewards for their activity within the Sui ecosystem. Users could swap 750 Mist for DEEP, worth approximately $0.0003. This highlights Deepbook’s low latency and enhanced scalability, making it especially appealing to active users seeking lower fees.
Aptos
Aptos TVL Breaks $900M Ahead of USDT Launch, Reaching All-Time High
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On October 22, 2024, Aptos achieved a total value locked (TVL) of $911 million, ranking 11th among all blockchains. A key driver behind this surge is Echo, a Bitcoin liquidity restaking protocol that recently launched on Aptos with nearly $150 million in TVL. Echo has become the fourth-largest DeFi protocol on Aptos, trailing only Aries Markets, Amnis Finance, and Thala Labs. Since the beginning of 2024, Aptos’ TVL has grown nearly 600%. When including restaked assets, peak TVL reached $1.3 billion. With the upcoming launch of USDT—the world’s leading stablecoin—on Aptos, this growth momentum is expected to continue.
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Tether has launched native USDT on Aptos, marking the first deployment of the stablecoin within the Move ecosystem. This means Aptos users now have access to the fastest and most cost-effective digital dollar on-chain. Aptos’ stablecoin market cap has approached $275 million, rising by $50 million since early October. Stablecoins now account for over 25% of Aptos’ total value locked (TVL).
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Aptos’ monthly active users have doubled month-over-month, with over 8 million active accounts on the network. Since the beginning of the month, this number has increased by nearly 50%, up from 4.1 million, indicating that on-chain activity on Aptos has reached an all-time high.
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