By: @Biff_Buster

2024 was a year of optimism and hope for the Sui ecosystem. Over the last year, protocols on Sui saw a record number users and TVL (Total Value Locked). The Sui ecosystem saw the most significant growth in TVL increasing from $221M to $2B through Jan - Dec 2024. (Just over 2% of the total onchain TVL source: DeFiLlama )

DeFi Protocols on SUI saw tremendous growth starting with liquid staking tools Navi, Volo and Haedel. Combined TVL from the top 3 liquid staking solutions was just 75M on Jan 1st, 2024. Following a slow spring, and the launch of DeFi native tokens $SCA and $NAVI, SUI began to attract users and liquidity, ultimately surpassing 660M TVL by the end of Q2.

Institutional interest was publicly announced first by Greyscale on August 7th, 2024, this pivoted SUI towards a more secure, optimistic outlook for investors and institutions. Global investment firms Coinbase ventures and Franklin Templeton also publicly announced interest in the Sui ecosystem. Sui has pioneered itself to become a top 15 crypto asset currently sitting at a $53B FDV.

• Navi acquires Volo staking solution pushing Navi to leading borrowing / protocol and record high TVL
• Mysticeti was rolled out on Sui Mainnet by July 25, 2024, achieving the fastest consensus latency with 390ms consensus time and 640ms settlement finality on Testnet, again representing an 80% reduction in latency. (Reached record consensus time and finality on Mainnet one month later).
• 4 stablecoins were integrated within the Sui blockchain throughout the year, strengthening liquidity and accessibility
• Top protocols airdrop to early and active users ($SCA, $NAVI, $DEEP, $SEND, $BUT, $BLUE), with top 10 protocols surpassing 100M TVL each
• SUI AI agent launchpad takes off reaching $40M market cap with hundreds of agents launched.

In this report, we’ll be analyzing YTD growth across top applications within the Sui ecosystem.

Key Highlights:

• TVL Growth by Protocol YTD
  • DeFi
  • Stablecoins
• Sui Application activity
• Sui AI
• Conclusion