Sui & Aptos On-Chain Special: Multiple DeFi Protocols on Sui Exceed $100 Million TVL, Stablecoin Market Cap on Aptos Approaches $275 Million

Author: OurNetwork

Compiled by: Deep Tide TechFlow

DeFi Ecosystems

Sui | Aptos

Sui

Biff Buster | Website | Dashboard

The total locked value of multiple DeFi protocols on Sui has exceeded $100 million.

• In the past six months, the Sui blockchain has performed beyond expectations. With increasing trading volume, decreasing fees, and enhanced liquidity, Sui is gradually becoming an important hub for DeFi. This trend is interconnected with the activity of decentralized exchanges (DEX) and total locked value (TVL). Since the beginning of the year, both TVL and DEX trading volume have significantly increased, showing strong interest in trading, supplying, and lending SUI tokens.

Artemis

Artemis

• Throughout the year, daily DeFi activity has remained stable, averaging about 2000 users per day. During October, there was a surge in users, which may be related to the launch of Deepbook V3, the third iteration of the central limit order book (CLOB) on Sui. Meanwhile, the DEEP token for Deepbook was also launched simultaneously.

Artemis

• When analyzing protocol growth on Sui, the impact of the lending protocol Suilend is the most significant. Despite having a total locked value (TVL) of less than $10,000 at the beginning of the year, Suilend now accounts for over 20% of Sui's total TVL. Even during the adjustment period of Sui's blockchain TVL, Suilend has maintained its growth momentum.

DeFiLlama

DeFiLlama

• Trading Highlights: After the launch of Deepbook V3, eligible users can receive DEEP as a reward for their activities within the Sui ecosystem. Users can exchange 750 Mist for DEEP, valued at approximately $0.0003. This indicates that Deepbook has low latency and enhanced scalability, making it particularly suitable for active users looking to reduce fees.

Aptos

Haley | Website | Dashboard

Aptos TVL surpassed $900 million, reaching an all-time high before the launch of USDT.

• As of October 22, 2024, Aptos' total locked value (TVL) reached $911 million, ranking 11th among all blockchains. One of the main factors driving this growth is Echo, a Bitcoin liquidity re-staking protocol that recently launched on Aptos, achieving a TVL of nearly $150 million. Echo has become the fourth largest DeFi protocol on Aptos, following Aries Markets, Amnis Finance, and Thala Labs. Since the beginning of 2024, Aptos' TVL has increased by nearly 600%, reaching a maximum of $1.3 billion when considering re-staking. With the world’s leading stablecoin USDT set to launch on Aptos, this growth momentum is expected to continue.

DeFiLlama

• Tether launched native USDT on Aptos, marking the first deployment of this stablecoin within the Move ecosystem. This means that Aptos users can use the fastest and most cost-effective on-chain dollar in the world. The market cap of stablecoins on Aptos has approached $275 million, growing by $50 million since the beginning of October. Now, stablecoins account for over 25% of Aptos' total locked value (TVL).

DeFiLlama

DeFiLlama

• Aptos' monthly active users have doubled month-over-month, with active accounts on the network exceeding 8 million. This number has increased by nearly 50% since the beginning of the month, when there were 4.1 million active accounts, indicating that on-chain usage activity on Aptos has reached an all-time high.

Aptos Labs