Sui | Aptos

• Over the course of the last six months, the Sui blockchain has continued to exceed expectations. With increasing transaction volume, cheaper fees, and deeper liquidity, Sui is becoming a hub for DeFi. When observing decentralized exchange (DEX) activity and total value locked (TVL), we can see the trends are correlated. Both TVL and DEX volume have dramatically increased since the start of the year, indicating strong interest in trading, supplying and lending the native SUI token.

• Daily DeFi activity has remained steady throughout the year and averages around 2,000 daily DeFi users. Daily users spiked around October — a spike potentially caused by the launch of Deepbook V3, the third iteration of the central limit order book (CLOB) on Sui. Deepbook's DEEP token also went live along with the CLOB's V3.

• When breaking down protocol growth on Sui, the lending protocol Suilend has had the most significant impact — Suilend is responsible for over 20% of Sui's TVL despite starting at less than $10,000 TVL at the start of the year. Even when the Sui blockchain's TVL has corrected, Suilend has continued its pace in increased TVL growth.

• Aptos TVL reached a record high of $911M, ranking Aptos 11th among all chains on Oct. 22, 2024. A key contributor to this growth is Echo, a Bitcoin liquid restaking protocol which recently launched on Aptos with nearly $150M in TVL. Echo is already the fourth-largest DeFi protocol on Aptos following Aries Markets, Amnis Finance and Thala Labs. TVL has increased nearly 600% since the start of 2024 —hitting an all-time high of $1.3B if including restaking— with growth projected to continue following the arrival of USDT, the world’s leading stablecoin, on Aptos.

• Tether launched native USDT on Aptos, marking the stablecoin’s first deployment on a Move ecosystem. Bringing the world’s leading stablecoin to Aptos means bringing the fastest, most affordable dollar onchain for millions of users. Aptos’ stablecoin marketcap is nearing $275M, up $50M since the start of October. Stablecoins also now account for just over 25% of TVL on Aptos.

• Monthly active users have doubled month-over-month on Aptos, with more than 8M active accounts registered on network. This is up nearly 50% since the start of the month which saw 4.1M active accounts, signaling onchain usage activity on Aptos is at all-time highs.