Cetus, a decentralized exchange (DEX) for Sui and Aptos blockchains, saw its total value locked (TVL) reach a new record level on October 2 at over $183 million. The platform, which launched at the end of 2022, peaked at nearly $155 million at the beginning of June but then lost over 50% of its liquidity value within a month.
The DEX has recovered since the beginning of August, when it dipped below $70 million. Its TVL has increased by over 154% since then, gaining 90% in the past month alone, according to data from DefiLlama.
While Cetus supports both Sui and Aptos, the former accounts for 99.9% of the TVL. In fact, Cetus is the largest DEX on Sui, whose TVL is at a record $1.29 billion after growing over 73% during the last month. Sui has been the best-performing blockchain by DeFi TVL among the top 15 networks. Thanks to its rapid increase, Sui has become the ninth-largest chain by TVL, surpassing Polygon, Aptos, Optimism, Blast, and Linea.
A K33 report from mid-September suggested that Sui could soon match Solana as a layer 1 alternative to Ethereum.
Other dapps contributing to Sui’s growth include Navi Protocol, a lending platform and liquidity hub with nearly $500 million in TVL, along with Scallop and Suilend, all of which have achieved record TVL figures.
Cetus has consolidated as the largest DEX on Sui, becoming the fourth-largest dapp on the network.
The top four tokens by USD value on the DEX include SUI, USDT, WUSDC, and HASUI, a liquid staking token (LST) representing SUI staked via Haedal.
Daily trading volume on Cetus reached a new record level on September 1, when $119 million worth of transactions were processed by the platform.
Meanwhile, daily fees reached a new all-time high on October 2 at over $288,000.
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The post Cetus DEX Hits Record $183M TVL, Fueling Sui’s Rapid Growth appeared first on NFTgators .
