Sui Q3 2024 DeFi Roundup
Metrics for Sui's DeFi performance showed significant increases in the latter half of Q3.
DeFi during Q3 of 2024 benefited from a number of foundational developments on Sui, improving liquidity and network performance. Mysticeti, the new consensus engine, began rolling out on the network, significantly reducing latency and allowing transactions to finalize very quickly. Sui Bridge, a new native bridge, underwent testing with transactions between Sui Testnet and Ethereum Sepolia Testnet. DeepBook, Sui's native liquidity layer, prepared for deployment of its version 3 and the DEEP token.
And while protocol metrics averaged largely flat for the first part of Q3, that foundational work seems to have paid off, as metrics rose significantly through September. Along with other significant announcements during that month, Circle said it will bring native USDC to Sui, adding a popular stablecoin to the mix.
The activity and hard work from DeFi protocols and other members of the Sui ecosystem throughout the summer suggests a promising final quarter of 2024, led by the Mainnet launch of USDC, Sui Bridge, and DeepBook version 3.
Sui Q3 DeFi metrics
Sui's Total Value Locked (TVL) trendline remained relatively stable through the first half of the quarter before heading upward. TVL averaged $611 million for the quarter, but hit a significant peak at the very end of the quarter at $944 million, presaging TVL reaching over a billion dollars in Q4. Onchain volume, always a volatile metric, saw significant spikes during all three months, hitting a peak of $131 million at the end of Q3.
| Sui Q3 DeFi Metrics | (July 1 to September 30) |
| Peak TVL | $994 m (9/30/24) |
| TVL Average | $611 m |
| Peak Volume | $131 m (9/30/24) |
| Quarter Volume | $4,466 m (cumulative) |
(Source: DefiLlama)
Top Sui DeFi protocol metrics
| DEXes | End of Q3 TVL | End of Q3 Cumulative Volume | Q3 Volume growth |
| Cetus | $170 m | $11,260 m | 32.78% |
| Aftermath | $51 m | $466 m | 80.55% |
| DeepBook | $29 m | $5,048 m | 18.89% |
| Kriya | $26 m | $588 m | 40.01% |
| Turbos | $20 m | $2,195 m | 34.50% |
| FlowX | $19 m | $248 m | 23.79% |
| Aggregators | End of Q3 Cumulative Volume | Q3 Volume growth |
| Aftermath | $466 m | 80.55% |
| Cetus | $364 m | n/a |
| FlowX | $227 m | 573.22% |
| Hop | $224 m | 3.16% |
| 7k | $182 m | n/a |
| Lending | End of Q3 TVL | End of Q3 Borrowed |
| Navi | $324 m | $105 m |
| Scallop | $258 m | $89 m |
| Suilend | $222 m | $54 m |
| OmniBTC | $2 m | $406,690 |
| Derivatives | End of Q3 TVL | End of Q3 Cumulative Volume |
| Bluefin | $18 m | $30,305 m |
| Typus | $12 m | $242 m |
| Yield Aggregators | End of Q3 TVL | Stablecoins | Market Cap | |
| AlphaFi | $36 m | USDC (wrapped) | $281 m | |
| Strater | $8 m | USDT (wrapped) | $120 m | |
| Mole | $3 m | BUCK (wrapped) | $18 m | |
| Kai Finance | $217,641 | USDY | $8 m | |
| AUSD | $4 m |
| Liquid Staking | End of Q3 TVL |
| Haedal | $85 m |
| Navi | $76 m |
| Aftermath | $46 m |
Top Sui DeFi news
Major developments from the Sui DeFi ecosystem during Q3, 2024.
Sui Bridge launched
On the last day of Q3, Sui Bridge went live on Mainnet, bringing essential native functionality for cross-chain interoperability. At launch, Sui Bridge supports transfers between Sui and Ethereum, with more tokens, assets, and chains to come in subsequent iterations.
DeepBook hits $500 billion volume
Sui's native liquidity layer, DeepBook, continues to make gains as it reached over $500 billion in cumulative volume on September 25. Big moves are afoot for DeepBook in the near future, with the upcoming launch of the DEEP token, which will usher in a new era of community control.
Cetus DCA launched
Cetus made a beta launch of its new product, Cetus DCA, bringing users the power of Dollar-Cost Averaging with automated precision. Instead of investing a lump sum all at once, DCA spreads a user's budget over time, smoothing out their cost basis. Through DCA, users can gradually accumulate assets they believe in.
AlphaFi launches new, capital-efficient vault
AlphaFi introduced a new capital-efficient Sui vault onchain, leveraging the composability of Sui and integrating both Navi and Volo protocols. This vault offers the highest Sui yield available through an innovative strategy: deposited Sui is staked to Volo for vSUI, which is then supplied to Navi, allowing Sui to be borrowed against it. This process is repeated four times, significantly boosting user yields. The vault achieved a remarkable $4.5 million in deposits within the first 24 hours of launch.
NAVI Leveraged Strategies
In mid-September NAVI launched one of the most anticipated features of the recently released NAVI Pro dApp, Leveraged Strategies. This feature empowers NAVI users by making leverage strategies accessible to everyone through a single click. This new feature takes advantage of Sui's programmable transaction blocks, bundling multiple transactions to save on gas fees.
Turbos product offerings leverage Sui's unique design
Following the successful launch of our automated vault for CLMM DEX liquidity providers, Turbos is proud to leverage Sui's object-based design to introduce a powerful tool for liquidity providers. This "set it and forget it" solution lets users manage their LP positions effortlessly, and leading meme protocols are already showing strong interest in optimizing returns and enhancing yield strategies through this innovative auto-vault feature.
Haedal's new milestone and next major upgrades.
The TVL on Haedal more than doubled during Q3, successfully surpassing $80 million. This makes Haedal the largest liquid staking protocol on the Sui ecosystem by TVL. haSUI is also the most liquid and trading-active liquid staking token on Sui, contributing an average of $3 to 5 million trading volume every day. By now, haSUI has been integrated or supported by all mainstream DeFi protocols on Sui including DEX, lending protocols, vaults, and CDP platforms.
7k.ag hits a trading volume of $200 million
Starting on August 8, 7K rolled out dynamic trade routing, swift price updates, and automatic listing. The 7K team is thrilled to have hit the $200 million volume mark in just three months, thanks to the Sui ecosystem's strong support and over 21,000 connected wallets.
Bucket Point System launch
In Q3, Bucket Protocol launched the Bucket Point System, allowing users to earn points by borrowing $BUCK, staking $BUCK, and integrating $BUCK through other projects. These points contribute to $BUT airdrop allocations, setting the stage for the highly anticipated token generation event in Q4 of 2024.
DoubleUp launches Unihouse staking protocol
DoubleUp introduces Unihouse, a groundbreaking DeFi staking protocol where users can become part of the "house" in a Web3 gaming ecosystem. By staking with Unihouse, users gain a unique opportunity to invest alongside the performance of the gaming protocol itself. Stay tuned as the Unihouse ecosystem expands with new staking pools and games, unlocking fresh opportunities to earn and participate.
Aftermath evolves with new updates on Sui
Upgrades to our infrastructure and routing algorithm have provided a better interface, dollar-cost averaging, and immediate comparison between quotes to ensure users of Aftermath get the best swaps on Sui. Our CTO created Concurrent Research, which provides a glimpse into the future direction of Aftermath. Our perpetual exchange, which is only possible to build on Sui, is live on Testnet with the goal of a Mainnet launch in Q4.
Scallop crosses $100 billion in lending and borrowing volume
In Q3, Scallop achieved a major milestone of crossing $100 billion in total lending and borrowing volume. This milestone was accompanied with over $50 million in swap volume, following Scallop Swap's version 2 upgrade to bring the best swap rates across multiple aggregators with zero fees to users.
Typus offers SAFU, a principal protected product
Typus Finance became the biggest option trading protocol on Sui and number one in DeFi option vaults by TVL in crypto. It recently launched SAFU, a principal protected structured product which got great traction in less than a month.
Kriya gearing up for its token generation event
Last month, Kriya unveiled Kriya 2.0, a sleek new interface for DeFi users that aims to match the Robinhood interface, but onchain. Kriya offers concentrated LP pools, sub-second swap routing, and cross-protocol strategy vaults. In addition, Kriya began season three of its Chakra airdrop campaign.
Hop makes swap SDK and new pricing API available
Hop Aggregator launched a new swap SDK and pricing API for developers. The latter shows real time prices on hundreds of assets.
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