Volume of Sui-Based Decentralized Exchange DeepBook Exceeds 21 Billion Dollars

Decentralized cryptocurrency exchanges have also become the locomotive of decentralized finance (DeFi) growth. Layer-1 blockchain project Sui has seen significant growth in the cryptocurrency markets in recent months. While SUI, the native token of the blockchain, increased rapidly throughout the third quarter of 2024 and was included in CoinMarketCap’s list of the top 20 cryptocurrencies by market value, the expansion of the Sui blockchain continued in the world of decentralized finance, gaming and meme coins.

Total locked value exceeds $1 billion

The TVL figure on the Sui blockchain, which launched its mainnet in May 2023 and achieved 1,000% total locked value (TVL) growth in four months, exceeded $1 billion as of October 1, according to DefiLlama data. This success made the Sui blockchain, written in the Move programming language developed by the team leading Meta’s blockchain initiatives and promising high-level efficiency, one of the 8 largest blockchain projects in terms of TVL. This sharp increase in the locked value of Sui, which has solidified its place among the fast-growing blockchains, once again confirmed the rapid development of the Sui ecosystem and the growth potential of Sui.

DEX volume increased to 21 billion dollars

Sui crowned its total locked value success with a trade volume success. It was stated that as of October 11, 2024, the trade volumes of decentralized exchanges (DEX) built on the Sui blockchain network reached 21 billion dollars. This milestone, which was achieved while other blockchains had difficulty reaching new users, reflected the increase in the total number of users of the Sui blockchain joining the network and was evidence that Sui was steadily expanding its market share. While this growth emphasizes Sui’s critical position in DeFi, the increasing user base and trading activity have become the source of the steady and confident development of the ecosystem.

DeepBook impact on growth

One of the biggest factors in the exceeding of 21 billion dollars in transactions carried out on decentralized exchanges built on the Sui blockchain was Sui’s DEX, DeepBook, which stands out among DeFi protocols. Preferred as a liquidity source by major DeFi protocols such as Cetus, Aftermath, Kriya, FlowX and Hop Aggregator with its deep liquidity and fast transaction opportunities, DeepBook is an open-source central limit order book (CLOB) that can be easily integrated through open-source smart contracts, providing both market and It continues to offer users a smooth trading experience with its structure that supports limit orders and offers various trading options.

Transactions on DeepBook take less than 500 milliseconds

DeepBook, which can complete all transactions in under 500 milliseconds with low gas fees thanks to Sui’s prominent features such as scalability and speed, also stands out with its structural features and performance advantages. DeepBook, which enables liquidity sharing between multiple DeFi protocols by helping users obtain the best transaction conditions and offers users the opportunity to buy and sell assets at their preferred prices with its limit order feature, supports DeFi protocols built on the Sui network to provide stable liquidity from the early stages. The Sui ecosystem, including DeepBook, is preparing to offer new features aiming to improve user experience and increase performance; The game plans to continue its rapid expansion with its performance in DeFi and memecoin verticals.

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