These 5 Sui Protocols Break TVL Records Amid Market Downturn - NFTgators

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.