New developments in stablecoins, institutional investment, and Bitcoin made the final months of 2024 a particularly exciting time for Sui DeFi, while structural improvements around Sui Bridge and DeepBook supported widespread growth.
In one of the biggest announcements, SatLayer, in collaboration with Babylon, enabled the integration of Bitcoin restaking through Lombard’s LBTC, the largest liquid staking provider on Babylon’s platform.
This and other news helped existing Sui DeFi protocols post enormous gains in the quarter, with high Total Value Locked (TVL) and significant volume growth. As these protocols grow and expand their offerings, they create the conditions for an even more vibrant and lasting Sui DeFi ecosystem.
Sui Q4 DeFi metrics
Sui reached a peak TVL of $1.8 billion, presaging an early 2025 surge to over $2 billion TVL. Average TVL for the period, at $1.4 billion, more than doubled the amount from the previous quarter. Cumulative volume was even more impressive, hitting $44.3 billion, almost 10 times greater than the cumulative volume of $4.5 billion at the end of the previous quarter. Total volume between the third and fourth quarters rose by an impressive 444.79 percent.
Sui Q4 DeFi Metrics (October 1 to December 31) Peak TVL $1,823 m (12/16/24) TVL Average $1,348 m Peak Volume $674 m (12/20/24) Total Q4 Volume $24,427 m Q4/Q3 Volume Growth 444.79% End of Q4 Volume $44,283 m (cumulative)
Top Sui DeFi protocol metrics
DEXes End of Q4 TVL Q4/Q3 TVL Growth Q4 Volume Q4/Q3 Vol Growth Cetus $213 m 25.81% $17,289 m 522.34% Aftermath $114 m 126.18% $1,077 m 552.71% Bluefin AMM $94 m 429.44% $1,700 m N/A Kriya $64 m 146.10% $2,410 m 869.60% DeepBook $23 m -22.10% $1,266 m 443.63% Turbos $19 m 0.12% $1,715 m 239.14% FlowX $18 m -0.91% $111 m 281.42% Aggregators Q4 Volume Q4/Q3 Vol Growth Cetus $7,108 m 1724.62% 7k $2,080 m 971.92% Hop $1,207 m 120.05% Aftermath $1,077 m 412.76% FlowX $692 m 257.03% Scallop $213 m 617.74% NAVI $132 m N/A Lending End of Q4 TVL End of Q4 Borrowed Suilend $519 m $159 m NAVI $457 m $206 m Scallop $159 m $77 m Derivatives End of Q4 TVL Q4/Q3 TVL Growth Q4 Volume Q4/Q3 Vol Growth Bluefin $94 m 429.44% $8,757 m 189.22% Typus $23 m 82.25% $124 m 292.59% Yield Aggregators End of Q4 TVL AlphaFi $78 m Kai Finance $18 m Strater $8 m Mole $3 m Stablecoins Market Cap Liquid Staking End of Q4 TVL USDC* $271 m SpringSui $222 m BUCK $54 m Haedal $162 m USDT** $42 m Navi $151 m FDUSD $18 m Aftermath $66 m USDY $17 m SpringSui Ecosystem $28 m AUSD $17 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 Q4, 2024.
Bitcoin-backed liquid staking
Babylon Labs and Lombard Protocol announced a partnership, in conjunction with Satlayer, to bring Bitcoin liquidity to Sui, enabling Bitcoin holders to stake their BTC and receive LBTC, a liquid staking token, for use in Sui’s DeFi ecosystem. This integration will allow LBTC to be used for lending, borrowing, and trading, unlocking Bitcoin’s $1.8 trillion liquidity within Sui.
DeepBook token launch
Sui's native liquidity layer, DeepBook, launched its own token, called DEEP. The token encourages wholesale liquidity through a number of mechanisms, such as volume-based fees and maker incentives, which lets DeepBook maintain consistent liquidity depth even in periods that would otherwise see low liquidity.
USDC and FDUSD land on Sui
Capping off an incredible year for stablecoins on Sui, both USDC and FDUSD deployed in late 2024. As stablecoins, both are backed on a one-to-one basis on the value of the US dollar. Stablecoins on Sui make it easier for DeFi users to onramp and offramp digital asset value to fiat currencies.
sSUI liquid staking
Suilend, which launched its protocol on Sui in mid-2024, developed the SpringSui liquid staking standard and its associated liquid staking token (LST), sSUI. LSTs are tokens given in exchange for staked tokens, letting the user continue to put their token value to work. The SpringSui standard improves on existing LSTs by offering instant unstaking, maintaining more liquidity with assets.
Bluefin Spot CLMM
Bluefin, the DeFi protocol that experienced impressive growth through its perpetual derivatives on Sui in late 2023, launched its Spot Concentrated Liquidity Market Maker (CLMM). Unlike perps, which let users set up leveraged positions, spot trading gives instant settlements through a wallet-based interface. These two distinct DeFi options give Bluefin users a range of tools.
Shio MEV protocol
Sui newcomer Shio launched its Maximum Extractable Value (MEV) layer, technology that broadens access for users to gain value through strategies such as arbitrage, sandwiching, and liquidation. The company offered SIP-19, an improvement proposal to Sui that allows transactions to be grouped and ordered outside of the Sui consensus mechanism.
NAVI aggregator
Longtime Sui lending protocol NAVI developed and deployed its aggregator, giving its users a new DeFi option. This aggregator helps users find the most efficient swaps for their digital assets, making a wide range of different tokens available. A leaderboard and promotions gamify the experience, adding a competitive element.
