While Bitcoin and Ethereum have suffered double-digit losses over the past week, dragging down the DeFi sector, several Sui-based protocols have managed to increase their total value locked (TVL) to record levels. These include Kriya, Bluefin, AlphaFi, Bucket Protocol, and Sparkling Finance.
Kriya
This one-stop DeFi platform for Sui saw its TVL surge from $24 million at the beginning of November to the current all-time high (ATH) of $84 million.
The Kriya ecosystem includes an automated market maker (AMM) DEX, a yield farming application, and a derivative trading platform. The platform’s liquidity is dominated by SUI and vSUI, representing SUI staked via Volo.
Bluefin
Bluefin, a decentralized spot and derivatives exchange, saw its TVL soar from $27 million at the beginning of December to a record $80.7 million.
The TVL expansion intensified earlier this month after the launch of its spot trading application and its BLUE token. The spot DEX currently has $60 million in TVL.
AlphaFi
AlphaFi is a yield farming protocol for Sui that launched in mid-July this year. The platform’s TVL increased from $30 million at the beginning of November to over $75 million.
The platform enables users to lock multiple tokens, including SUI, USDC, the native ALPHA, BLUE, and vSUI, to earn APY figures that can exceed 600%.
Bucket Protocol
Bucket, a leading collateralized debt position (CDP) protocol on Sui, has nearly doubled its TVL over the past two months to a record $53 million.
Users can deposit multiple tokens as collateral to mint BUCK, a USD stablecoin with a market cap of nearly $9 million.
Sparkling Finance
Sparkling is a liquid staking and yield application linked to the Bucket Protocol. It enables users to deposit BUCK and get sBUCK, a yield-bearing token that can be used across Sui’s DeFi ecosystem. Sparkling has over $30 million in TVL.
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