The second half of Q3 2024 marked a turning point for decentralized finance (DeFi) on the Sui Network, as key infrastructure upgrades and protocol innovations converged to drive significant growth in liquidity, transaction volume, and user engagement. With foundational advancements like the rollout of the Mysticeti consensus engine and the mainnet launch of Sui Bridge, the ecosystem laid the groundwork for exponential scalability and cross-chain interoperability. These developments, combined with the anticipation of major releases such as DeepBook V3 and native USDC integration, created a powerful momentum that pushed Total Value Locked (TVL) from a steady $611 million average to a peak of $944 million by quarter’s end—just shy of the $1 billion milestone.
This surge reflects more than just numbers; it signals growing confidence in Sui’s high-performance architecture and its ability to support capital-efficient, user-friendly DeFi applications. As we look ahead to Q4, several catalysts—including the launch of DEEP tokens, expanded bridge functionality, and deeper stablecoin adoption—are poised to further accelerate adoption.
Key DeFi Metrics on Sui in Q3 2024
Sui’s TVL trajectory remained relatively flat during the first half of the quarter before entering a strong upward trend in September. The average TVL stood at $611 million**, but by the final weeks, it had climbed sharply to **$944 million, indicating robust inflows and sustained user interest. Chain activity also surged, with on-chain trading volume reaching a quarterly high of $131 million—a volatile yet promising indicator of increasing market participation.
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Data source: DefiLlama
These metrics underscore Sui’s transition from infrastructure development to real-world utility, driven by low-latency finality, scalable smart contracts, and growing protocol diversity.
Major Milestones in Sui DeFi Ecosystem
Sui Bridge Goes Live on Mainnet
On the last day of Q3, Sui Bridge officially launched on mainnet, enabling seamless asset transfers between Sui and Ethereum’s Sepolia testnet—a critical step toward full cross-chain interoperability. Initially supporting core token transfers, future iterations will expand support to additional assets and blockchains. This native bridging solution reduces reliance on third-party bridges, enhancing security and user experience.
DeepBook Hits $500 Billion in Cumulative Volume
Sui’s native orderbook-based liquidity layer, DeepBook, surpassed $500 billion in cumulative trading volume on September 25. This achievement highlights its role as a foundational liquidity hub across Sui DeFi. With DeepBook V3 and the upcoming DEEP token launch scheduled for October 14, the protocol is transitioning into a decentralized governance model, empowering users with staking, voting, and rewards.
Native USDC Integration Announced
A pivotal moment for Sui’s financial infrastructure came when Circle announced native USDC support on the network. As one of the most widely adopted stablecoins in crypto, USDC’s arrival enhances liquidity depth, enables stable yield strategies, and strengthens Sui’s position as a serious contender in global DeFi.
Notable Protocol Innovations
AlphaFi Launches Capital-Efficient SUI Vault
AlphaFi introduced a novel capital-efficient vault leveraging Sui’s composability by integrating Navi and Volo protocols. Users deposit SUI, which is then staked via Volo to receive vSUI. This vSUI is supplied to Navi as collateral to borrow more SUI—repeating this loop up to four times to amplify returns. The strategy attracted $4.5 million in deposits within 24 hours, showcasing strong demand for leveraged yield opportunities.
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NAVI Introduces One-Click Leverage Strategies
NAVI rolled out Leverage Strategies through its new NAVI Pro dApp, allowing users to access complex leveraged positions with a single click. By bundling multiple transactions into atomic operations using Sui’s programmable transactions, the feature minimizes gas costs and execution risk—making advanced strategies accessible even to non-technical users.
Cetus DCA Enables Automated Investing
Cetus launched the beta version of Cetus DCA, offering Dollar-Cost Averaging (DCA) functionality for systematic investing. Instead of lump-sum entries, users can schedule recurring purchases to average their entry price over time—ideal for volatile markets and long-term accumulation strategies.
Turbos Leverages Sui’s Object Model for LP Automation
Turbos expanded its automated vault offerings by harnessing Sui’s unique object-centric architecture to simplify liquidity provision. Their “set-and-forget” solution allows LPs to auto-compound rewards and rebalance positions without manual intervention. Several meme protocols have already expressed interest in integrating this tool to enhance yield farming efficiency.
Leading Protocols by Growth and Adoption
Haedal Reaches $80M+ TVL
Haedal, Sui’s leading liquid staking protocol, doubled its TVL to over $80 million** in Q3. Its liquid staking token, **haSUI**, became the most liquid and actively traded LST on the network, averaging **$3–5 million daily trading volume. It’s now integrated across major DeFi platforms—including DEXs, lending protocols, and vaults—solidifying its role as a core building block.
7K.ag Achieves $200M Trading Volume
Since launching dynamic routing, instant price updates, and auto-listing features on August 8, 7K.ag rapidly accumulated $200 million in trading volume across three months. Powered by over 21,000 connected wallets, the platform exemplifies how fast execution and developer-friendly design can drive rapid user adoption.
Scallop Surpasses $100B in Lending Volume
Scallop hit a major milestone with over $100 billion in cumulative borrow and lend volume during Q3. This was fueled by the success of Scallop Swap V2, which offers zero-fee swaps with optimal routing—enhancing capital efficiency for traders and lenders alike.
Emerging Trends and Future Outlook
Bucket Protocol Launches Points System
Bucket Protocol introduced a points system in Q3, rewarding users for borrowing $BUCK, staking $BUCK, or engaging with partner integrations. These points will determine allocations in the upcoming $BUT token generation event (TGE) expected in Q4—a move that aligns incentives and boosts community engagement.
Typus Debuts SAFU Principal-Protected Product
As the largest options protocol on Sui and a top player in DeFi options globally, Typus Finance launched SAFU, a structured product designed to protect principal while offering exposure to upside gains. The product gained strong traction within weeks, reflecting growing appetite for risk-managed investment tools.
Aftermath Advances With Futures Testnet Launch
Aftermath upgraded its trading interface and routing algorithms, adding DCA functionality and improved swap pricing. Its team also launched Concurrent Research, a think tank guiding future innovation. Notably, Aftermath’s futures exchange—built natively on Sui’s concurrency model—is now live on testnet, targeting mainnet release in Q4.
DoubleUp Introduces Unihouse Staking
DoubleUp unveiled Unihouse, a pioneering staking protocol linking DeFi with Web3 gaming. Users stake to become part of the “house,” sharing in revenue generated by partnered games. With new pools and games rolling out soon, Unihouse opens fresh avenues for passive income within the play-to-earn economy.
Kriya 2.0 Enhances User Experience
Kriya launched Kriya 2.0, featuring a sleek, Robinhood-like interface optimized for intuitive on-chain trading. The upgrade includes centralized limit order books (CLOB), sub-second routing, and cross-protocol strategy vaults. Additionally, the third season of its Chakra points campaign is underway, incentivizing continued engagement.
Hop Aggregator Releases Developer Tools
Hop Aggregator introduced a new swap SDK and real-time pricing API, enabling developers to integrate hundreds of asset prices directly into dApps. These tools lower barriers for builders and enrich the overall developer ecosystem on Sui.
Frequently Asked Questions (FAQ)
Q: What is driving the growth in Sui’s DeFi TVL?
A: The rise is fueled by infrastructure upgrades (like Mysticeti), new product launches (e.g., AlphaFi vaults), increased liquidity from protocols like Haedal, and anticipation around native USDC and DeepBook V3.
Q: How does DeepBook differ from traditional AMMs?
A: DeepBook uses an orderbook model instead of automated market maker (AMM) pools, enabling tighter spreads, better price discovery, and efficient limit orders—similar to centralized exchanges but fully on-chain.
Q: Why is native USDC important for Sui?
A: Native USDC reduces bridging risks, improves transaction speed, lowers fees, and attracts institutional-grade applications requiring reliable stablecoin rails.
Q: What makes Sui suitable for high-frequency DeFi applications?
A: Sui’s object-oriented data model and parallel transaction processing enable sub-second finality and high throughput—ideal for DEXs, derivatives, and automated vaults.
Q: When will DEEP token be launched?
A: DeepBook V3 and the DEEP token are scheduled for launch on October 14, marking the start of community governance.
Q: Are there any yield farming opportunities on Sui today?
A: Yes—platforms like AlphaFi, Haedal, Unihouse, and Bucket offer various yield-generating strategies including leveraged staking, liquid staking rewards, gaming revenue sharing, and points-based incentives.
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