The first-level blockchain Sui, created by the team previously in charge of the Meta's Diem crypto project, broke into the top 10 ranking of decentralized finance (DeFi) on Tuesday, less than a year after its launch.

The total locked value (TVL) has grown by more than 1000% in just four months, elevating the blockchain above more established players such as Bitcoin and Cardano, as well as level 2 players like Coinbase. The total monetary value of cryptocurrencies hosted in decentralized finance (DeFi) protocols has exceeded $430 million, making it the 10th largest blockchain by TVL, according to representatives of Sui. However, as of the time of writing this article, it has fallen to the 11th position, yielding to PulseChina, according to DeFi Llama data.

In May 2023, the mainnet of Sui, a first-level blockchain, was launched, which closely resembles Ethereum and Bitcoin but operates on a special type of consensus called "delegated proof-of-stake." The native token SUI plays a key role in the network, used for staking validators and delegators, paying gas fees, and managing the network.

According to DeFi Llama data, at the time of publishing this information, Sui was a platform for 22 DeFi protocols, of which two had a total locked value (TVL) exceeding $100 million, and four protocols had TVL exceeding $40 million each.

The price of the SUI token has grown by 109% in January, continuing a two-month streak of success and reaching a record high of $1.65, according to CoinDesk data.

Earlier this week, Sui announced a partnership with cryptocurrency payment infrastructure provider Banxa to facilitate seamless and cost-effective fiat payments on the platform. Additionally, the Sui wallet by Mysten Labs will simplify the process of acquiring SUI tokens through Banxa's fiat on-ramp solution and will utilize autonomous solutions for this purpose.