BlueMove, a non-fungible token (NFT) marketplace turned decentralized exchange (DEX), saw its total value locked (TVL) surge over 1,700% in the past month to a record $5.7 million as of this writing.
BlueMove was initially launched as an NFT marketplace for the Sui and Aptos blockchains, but its swap feature has since become its primary component.
The DEX feature is available exclusively on Sui. After surging 1,740% in one month, BlueMove is now the fifth-largest DEX on Sui. It is by far the best performer among the 30+ Sui-based dapps tracked by DefiLlama.
On September 7, the platform had less than $300,000 in TVL. At the start of October, it broke the $4 million mark, and today, it has surged to a record $5.7 million.
BlueMove functions as an automated market maker (AMM) with multiple liquidity pools and also acts as a DEX aggregator, routing token swaps through major Sui DEXs like Cetus.
During the last 24 hours, trading volume on BlueMove reached $7.9 million versus $63 million on Cetus. Also, BlueMove has processed over 95,000 transactions, half of what Cetus has handled. These are impressive figures, considering that Cetus is the largest DEX on Sui with over $194 million in TVL.
BlueMove’s rapid growth has been driven by Sui-based meme coins, as shown by DEX Screener data. All of the top 40 tokens by trading volume are meme coins, and the overwhelming majority of the 600+ assets listed on the DEX are memes.
Today, the top three most active tokens with over $500,000 in trading volume are aaa cat (AAA), Suinami (NAMI), and Suijak (SUIJAK).
Meanwhile, TVL on Sui reached a new record of 1.34% billion thanks to a 70% monthly increase. Sui has been the best monthly performer among the top 30 chains and is currently the eighth-largest blockchain in DeFi, surpassing Aptos and Polygon.
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