Sui Q2 2025 DeFi Roundup
Sui boasted new gains in BTCfi during Q2, while DeFi projects on the network innovated with new offerings, improving usability and performance.
Sui made strides during the second quarter in Bitcoin DeFi (BTCfi), institutional investment, and retail finance accessibility, while at the same time seeing a sustained trend in Total Value Locked (TVL). New DeFi-oriented partnerships showed confidence in the Sui ecosystem, which was borne out by positive data trends.
The quarter saw the announcement of two Bitcoin-related assets, sBTC and xBTC, on Sui. These assets allow Bitcoin holders to make use of their tokens, essentially putting their value to work. On the institutional front, 21Shares' SUI ETF moves closer to a NASDAQ listing through its SEC filing, which will make it available to US investors.
And in keeping with Sui's mission towards mass adoption, xMoney and xPortal announced they will create retail products for consumers on Sui, including a virtual MasterCard.
Sui Q2 DeFi metrics
Although the end of the first quarter was challenging, the second quarter bolstered Sui in TVL and volume. Peak TVL went above $2.5 billion on May 21, and sustained values above $2 billion for much of the latter part of the quarter. Likewise, volume showed over 30 percent growth compared to the first quarter.
| Sui Q2 DeFi Metrics | (April 1 to June 30) |
| Peak TVL | $2,555 m (5/21/2025) |
| TVL Average | $1,660 m |
| Peak Volume | $782 m (4/23/2025) |
| Total Q2 Volume | $33,312 m |
| Q2/Q1 Volume Growth | 30.54% |
| End of Q2 Volume | $105,626 m (cumulative) |
Top Sui DeFi protocol metrics
| DEXes | End of Q2 TVL | End of Q1 TVL | Q2/Q1 TVL Growth | Q2 Volume | Q1 Volume | Q2/Q1 Vol Growth |
| Momentum | $112 m | n/a | n/a | $4,811 m | n/a | n/a |
| Bluefin AMM | $91 m | $63 m | 43.95% | $7,144 m | $6,163 m | 15.92% |
| Cetus | $81 m | $145 m | -44.48% | $12,804 m | $14,964 m | -14.43% |
| Aftermath | $45 m | $40 m | 12.36% | $59 m | $43 m | 38.79% |
| Turbos | $21 m | $10 m | 119.55% | $814 m | $927 m | -12.23% |
| DeepBook | $20 m | $23 m | -11.15% | $1,266 m | $1,559 m | -18.82% |
| Magma | $15 m | $7 m | 104.92% | $181 m | $14 m | 1160.39% |
| STEAMM (Suilend) | $14 m | $4 m | 285.87% | $135 m | $13 m | 968.51% |
| FlowX | $13 m | $7 m | 91.22% | $2,189 m | $72 m | 2950.93% |
| Metastable | $9 m | $4 m | 127.18% | $300 m | $274 m | 9.59% |
| Aggregators | Q2 Volume | Q1 Volume | Q2/Q1 Vol Growth |
| Cetus | $8,792 m | $7,416 m | 18.55% |
| 7k | $4,449 m | $3,358 m | 32.51% |
| Aftermath | $1,943 m | $1,538 m | 26.29% |
| FlowX | $1,267 m | $519 m | 143.92% |
| Navi (Astros) | $454 m | $377 m | 20.28% |
| Scallop | $75 m | $103 m | -26.96% |
| Lending | End of Q2 TVL | End of Q2 Borrowed |
| Suilend | $701 m | $166 m |
| Navi | $673 m | $175 m |
| Scallop | $146 m | $48 m |
| AlphaLend | $137 m | $73 m |
| Bucket | $69 m | not reported |
| Derivatives | End of Q2 TVL | End of Q1 TVL | Q2/Q1 TVL Growth | Q2 Volume | Q1 Volume | Q2/Q1 Vol Growth |
| Typus | $17 m | $10 m | 73.85% | $88 m | $63 m | 38.66% |
| Bluefin Perps | $13 m | $16 m | -20.98% | $3,573 m | $8,113 m | -55.96% |
| Nemo | $3 m | n/a | n/a | not reported | n/a | n/a |
| Sudo | $1,330,000 | $567,360 | 134.42% | $269 m | $62 m | 333.03% |
| Yield Aggregators | End of Q2 TVL |
| AlphaFi | $42 m |
| Kai Finance | $38 m |
| Mole | $18 m |
| Liquid Staking | End of Q2 TVL |
| SpringSui | $189 m |
| Haedal | $150 m |
| Volo | $71 m |
| Aftermath | $27 m |
| SpringSui Ecosystem | $11 m |
| Stablecoins | Circulating Supply on Sui |
| USDC* | $775 m |
| USDT** | $100 m |
| FDUSD | $63 m |
| BUCK | $61 m |
| AUSD | $37 m |
| USDY | $18 m |
*USDC includes native and wrapped tokens.
**USDT includes wrapped tokens and Sui Bridge transferred tokens.
Top Sui DeFi news
Major developments from the Sui DeFi ecosystem during Q2, 2025.
Bluefin expands offerings with three new products
Perps platform Bluefin introduced BluefinX, Sui’s first Request-for-Quote (RFQ) product, enabling better price routing across the ecosystem. Its Bluefin Spot 2.0 upgrade also launched, combining the depth of passive LPs with the precision of RFQ execution–a hybrid model that delivers low slippage, MEV protection, and consistently better pricing. Completing its triple play in the second quarter, Bluefin also unveiled Bluefin7K, its new aggregator built through the acquisition of 7K’s technology.
Cetus Pro in beta
Cetus calls its new pro version "an all-in-one command center for token trading and analytics on Sui." Through this new offering, which entered beta in the second quarter, users can access key data about tokens, including buy versus sell sentiment, insight into top holders, ecosystem-wide activity, and key metrics in one view. Cetus promises more advanced indicators and features in the future.
FlowX partners with DoubleUp
Adding the excitement of gamification to DeFi, FlowX integrated DoubleUp's betting game into its swap feature. The feature lets users engage in token swaps and try DoubleUp from a single interface.
Kai Finance updates interfaces
Giving traders a more streamlined experience, Kai Finance redesigned its Single Asset Value interface. Now, traders will find charts, profit and loss breakdown, and their activity history all at their fingertips, on a single screen. Likewise, the company updated its liquidity pool withdrawal interface, letting traders preview the swap with different settings.
Lotus Finance launches on Sui Mainnet
Lotus Finance came out of beta to launch its decentralized market maker on Sui, accumulating over $330,000 TVL and over $2.3 million trading volume in the second quarter. The protocol’s democratized liquidity pool mechanism lets users passively earn trading and market making profits.
Native launches on Sui Testnet
Native, a BTCfi protocol, launched on Sui Testnet late in the second quarter, and recorded five million transactions. Its BYield dashboard lets users earn Bitcoin yield with a single click, requiring no bridging, wrapping, or custody.
Navi facilitates BTCfi on Sui
Navi launched a campaign in collaboration with OKX Wallet, offering incentives to users who stake their xBTC. This campaign encourages users to bridge, stake, and utilize xBTC on Sui, offering a unique opportunity for users to unlock liquidity without compromising security around the asset. As an effort to increase usability, Navi redesigned its lending interface, letting users manage their supply and borrow actions seamlessly on a single page.
Nemo's new interface expands feature set
DeFi protocol Nemo rolled out a new interface with several major product features, including yield trading, a points market, and vaults. These new features let users engage in points and yield trading, put assets into automated vaults, or farm points from other protocols.
Magma launches ALMM
With its Adaptive Liquidity Market Maker (ALMM), Magma Finance's new project brings capital efficiency, zero-slippage trades, and native Move security. Through Magma's ALMM, liquidity is split into price bins, and swaps happen within these bins, achieving zero slippage when the bin contains liquidity. Liquidity pools earn fees when their bins are used, which automatically concentrates liquidity near active price ranges. For users, there is no need to rebalance, as the ALMM automatically adapts.
Momentum's CLMM achieves quick success
Momentum launched a new Concentrated Liquidity Market Maker (CLMM) DEX, which reached $107 million in TVL and generated $4.6 billion in total swap volume from 478,000 unique wallets. In addition, Momentum debuted xSUI, a native liquid staking token, which surpassed $6 million TVL within its first week.
Scallop partners with Binance
Scallop launched a campaign with Binance Wallet's Simple Yield, and became one of the few Sui projects to be listed on Binance Alpha, the pre-listing token selection pool for promising crypto projects in the Web3 ecosystem.
Sudo and ZO complete integration, gamify DeFi
ZO, an intelligent perpetuals protocol by Sudo, successfully integrated SLP liquidity from Sudo, enabling traders to tap into deep liquidity for perps trading. At the same time, Sudo users can now leverage ZO’s AI-powered tools to enhance their trading strategies. Through its Zion Trade War campaign, ZO gamified perps activity on its platform, engaging 2,000 traders in 20 clans to generate more than $150 million in trading volume.
Suilend becomes BTCfi powerhouse
In the second quarter, Suilend reached over $102 million Bitcoin-based assets, the most of any lending protocol on Sui and demonstrating Sui's excellent environment for BTCfi. These assets come in the form of LBTC (Lombard BTC) and wBTC (wrapped Bitcoin) with open Loan-to-Value (LTV) ratios at 50 percent. Further enticing traders, Suilend eliminated its borrow fees. This development reduces the costs of activities such as arbitrage across venues and refinancing loans.
Turbos enhances its CLMM performance and frontend
Becoming an early adopter of Walrus, Turbos chose to host its frontend on the decentralized storage network, enhancing security and resilience. Its revamped interface streamlines the user experience while navigating liquidity pools for yield opportunities. Turbos also fine-tuned its CLMM DEX, enabling a much wider dynamic fee range that significantly lowers the cost of onchain trading for blue-chip assets on Sui.
Typus enters perpetuals market
Typus launched Typus Perp (TLP) during the second quarter, expanding its offering to the perpetuals market. In an impressive opening, this new offering generated $3.6 million TVL and $87.3 million volume during the quarter.
