TL; DR
-
At less than 12 months old, Sui has just become a top 10 DeFi blockchain, overtaking long-standing projects like Bitcoin and Cardano.
Full story
You know what we like about the Web3 space?
The little guy can still pose a threat.
You don’t get that in Web2! (Can you imagine a scrappy startup dethroning Apple or Google? Not a chance).
What prompted this proclamation? Sui.
It’s a project we knew next to nothing about until this morning, except:
-
The name (which we constantly confuse with the Sei project).
-
And the fact that it was built by the people who worked on Meta’s now-defunct ‘Diem’ token.
Now, get this:
At less than 12 months old, Sui has just become a top 10 DeFi blockchain, overtaking many established projects like Bitcoin and Cardano.
Here’s where that is significantand also where it is a bit misleading:
Sui became a top 10 DeFi blockchain when the dollar value committed to the project reached $430 million – that’s really impressive for such a young project!
Overtake Cardano with total value fixed? Also impressive!
Catch up on Bitcoin? Surprisingly not that impressive.
Most of the value ‘trapped’ in DeFi projects, such as Sui, comes from their staking and lending functionality – two things that Bitcoin does not natively support.
(So it’s like saying, “Nike makes better running shoes than Toyota.”)
Yet Sui’s rapid escalation shows that all things considered we are still so earlyand Web3 has yet to be ‘won’.
Can we get a “hell yes!” and a running chest lump??
(Guys?).