Bitcoin DeFi (BTCfi) made significant strides on Sui during the first quarter of 2025, as companies created new ways to leverage Bitcoin liquidity. Options such as Lombard's LBTC, a Bitcoin-leveraged liquid staking token on Sui, now make it possible to put BTC to work, rather than just relying on market dynamics for value increases.
In addition, various Sui DeFi protocols refined their platforms to automate liquidity management. Where past yield strategies required users walk through multiple steps, updating their positions manually and periodically, new features such as Turbos' Zap and Cetus' Auto Vault LP make liquidity management and yield farming far more accessible.
Although these new products and features represent a compelling basis for DeFi growth on Sui, the quarter's strong start turned challenging over the quarter, with many metrics decreasing. In many cases, there was a dip between the first quarter of the year and the last quarter of 2024. However, progress over the full year, tracking back to the first quarter of 2024, shows positive growth.
Sui Q1 DeFi metrics
Hitting an all time TVL high in January of 2025, Sui DeFi showed a strong start to the year. That growth capped a very strong previous quarter. Although TVL dipped as the quarter progressed, it still remained high compared to previous quarters, averaging $1.51 billion for the first quarter of 2025. Volume showed a similar trend, with significant spikes into February. Overall, volume grew 4.47 percent between this quarter and the previous.
Sui Q1 DeFi Metrics (January 1 to March 31) Peak TVL $2,083 m (1/4/2025) TVL Average $1,510 m Peak Volume $631 m (2/2/2025) Total Q1 Volume $25,518 m Q1/Q4 Volume Growth 4.47% End of Q1 Volume $70,300 m (cumulative)
Top Sui DeFi protocol metrics
DEXes End of Q1 TVL End of Q4 TVL Q1/Q4 TVL Growth Q1 Volume Q4 Volume Q1/Q4 Vol Growth Cetus $145 m $213 m -31.82% $14,964 m $17,289 m -13.45% Bluefin AMM $63 m $94 m -32.93% $6,163 m $1,700 m 262.64% Aftermath $40 m $114 m -65.13% $1,538 m $1,077 m 42.83% DeepBook $23 m $23 m 0.95% $1,559 m $1,266 m 23.17% Turbos $10 m $19 m -49.39% $927 m $1,715 m -45.95% FlowX $7 m $18 m -61.89% $72 m $111 m -35.39% Aggregators Q1 Volume Q4 Volume Q1/Q4 Vol Growth Cetus $7,416 m $7,108 m 4.33% 7k $3,358 m $2,080 m 61.45% Aftermath $1,538 m $1,077 m 42.83% FlowX $519 m $692 m -24.88% Navi $377 m $132 m 185.40% Scallop $103 m $213 m -51.62% Lending End of Q1 TVL End of Q1 Borrowed Navi $425 m $120 m Suilend $369 m $103 m Scallop $202 m $54 m OmniBTC $1 m $254,440 Derivatives End of Q1 TVL End of Q4 TVL Q1/Q4 TVL Growth Q1 Volume Q4 Volume Q1/Q4 Vol Growth Bluefin $79 m $94 m -15.73% $8,113 m $8,757 m -7.35% Typus $10 m $23 m -57.03% $63 m $124 m -48.94% Sudo $567,360 $494,670 14.69% $62 m $45 m 37.75% Yield Aggregators End of Q1 TVL AlphaFi $47 m Kai Finance $24 m Mole $10 m Strater $110,750 Stablecoins Market Cap Liquid Staking End of Q1 TVL USDC* $405 m SpringSui $147 m FDUSD $63 m Haedal $143 m BUCK $49 m Navi $64 m AUSD $37 m Aftermath $25 m USDY $18 m SpringSui Ecosystem $5 m USDT** $10 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 Q1, 2025.
Lombard brings LBTC to Sui
Marking a huge step forward in BTCfi, Lombard launched its liquid Bitcoin token on Sui. LBTC makes it possible to earn yield on Bitcoin, similar to how liquid staking on Sui lets users put their staked tokens to work. After the launch last month, LBTC gained support on Sui protocols, including Aftermath, Bluefin, Cetus, NAVI, Suilend, and Turbos.
RedStone offers Bitcoin pricing data
Enhancing the potential for BTCfi on Sui, RedStone made its oracles available to Sui users and builders. RedStone oracles provide accurate and timely pricing data for Bitcoin, so DEXes trading in Bitcoin-backed assets can assure value and efficiency for users.
Suilend launches STEAMM
Billed as a superfluid AMM, STEAMM pools include assets such as USD, BLUB, BUCK, KDX, and LOFI, giving users a wide range of options. Users who supply liquidity to pools earn STEAMM points. Suilend will be adding new pools, and includes permissionless pool creation on its roadmap.
Bluefin acquires stake in Nexa
DeFi platform Bluefin announced it took a "significant stake" in Nexa, a DeFi data analysis platform focusing on Sui. Along with trading features, Nexa covers market sentiment, such as new and trending tokens. The stake, according to Bluefin, will help it "become the most powerful onchain trading venue."
Sudo and ZO launch ZLP Mint Dash campaign
Perpetual derivative (perps) purveyors Sudo and ZO create the ZLP Mint Dash campaign, incentivizing participants to mint ZO's liquidity token, ZLP, with a $5,000 prize drawing. Powered by Sudo's core perps DEX, ZO's intelligent perps DEX includes AI-powered trading insights and tools for AI DeFi integration.
Turbos' new Zap feature simplifies DeFi
Recognizing the complexity of engaging with liquidity pools and yield farming, Turbos, a decentralized crypto marketplace, launched Zap, offering a simplified interface for complex DeFi operations. Zap lets users easily choose and invest in liquidity pools, including Bitcoin, and supports liquidity withdrawals, opening up DeFi to new users.
Cetus automates liquidity management
The new Auto Vault LP Strategies feature on Cetus gives users one-click liquidity management, automatically rebalancing and compounding pool investments. Along with Cetus' own vault product, the company integrated Haedal's haeVault, with third party vaults to come.
Haedal launches liquid staking derivatives
Liquid staking derivatives (LSDs) on Haedal promise to increase yields beyond that of typical liquid staking. The company relies on two strategies: selecting the most cost-effective and highest APR validators, and a new set of products that generate additional yields and adoption.
Magma Finance debuts on Sui
New Sui DEX Magma Finance launched the initial version of its platform, bringing a new option for DeFi users on Sui. Along with its AMM, the company lets users earn its Magma token, then stake those tokens to gain voting rights and trading fees. One month after launch, Magma Finance achieved over $12 million in trading volume.
