Sui emerged as a standout blockchain platform in 2024, showcasing rapid growth, technological innovation, and a thriving ecosystem. Despite launching its mainnet less than a year before 2024, the network achieved remarkable milestones across decentralized finance (DeFi), developer adoption, global community engagement, and infrastructure advancement. From record-breaking total value locked (TVL) to groundbreaking consensus upgrades and real-world hardware integration, Sui proved its potential to shape the future of Web3.
This article explores the 17 most significant achievements of Sui in 2024—highlighting how the network evolved from a promising newcomer into a major player in the blockchain space.
February 4: TVL Surpasses $500 Million
Just months after mainnet launch, Sui’s total value locked (TVL) crossed the $500 million mark—an early signal of strong market confidence. This milestone placed Sui among the top blockchain networks for DeFi activity. The surge was driven by growing user adoption and the deployment of high-performance DeFi protocols that leveraged Sui’s low fees and instant transaction finality.
The achievement demonstrated that developers and investors saw Sui not just as an experimental chain, but as a scalable, secure environment ideal for financial innovation.
👉 Discover how high-performance blockchains are reshaping DeFi
March 1: USDY Stablecoin Launches on Sui
Ondo Finance introduced USDY, a yield-generating stablecoin pegged to the US dollar, marking the first institutional-grade stablecoin on Sui. Unlike traditional stablecoins, USDY accrues interest automatically, offering users passive income without requiring active participation in lending protocols.
This launch signaled growing trust from traditional financial players in Sui’s architecture and security model. It also expanded DeFi opportunities for users seeking low-risk, dollar-denominated assets with built-in yield.
March 19: Sui Games Summit in San Francisco
Held during the Game Developers Conference (GDC), the Sui Games Summit brought together game studios, creators, and blockchain experts to explore the future of on-chain gaming. The event showcased upcoming titles built on Sui, emphasizing seamless asset ownership, real-time gameplay, and true digital scarcity.
By focusing on developer experience and player accessibility, Sui positioned itself as a leading platform for next-generation Web3 games.
April 3: Move 2024 Testnet Release
The Move programming language—a core innovation behind Sui—received a major upgrade with the release of Move 2024. New features like method syntax, field layout control, and loop labels made smart contract development more intuitive and efficient.
These enhancements lowered the barrier to entry for new developers while empowering experienced coders to build complex applications with greater precision and safety.
April 10: Sui Basecamp in Paris
Sui Basecamp returned as a two-day flagship event during Paris Blockchain Week, drawing over 1,100 attendees from 65 countries. The conference featured technical deep dives, ecosystem announcements, and networking sessions that strengthened global collaboration.
It served as a powerful demonstration of Sui’s international reach and vibrant community—key drivers of long-term network sustainability.
April 21: Sui Overflow Hackathon Concludes
Sui Overflow was the largest hackathon in the network’s history, spanning eight tracks including DeFi, gaming, NFTs, and infrastructure. Over two months, 352 projects were submitted, with 32 teams earning awards and funding.
The event highlighted the creativity within the Sui developer community and accelerated the pipeline of innovative applications entering the ecosystem.
May 3: First Anniversary of Mainnet Launch
Sui celebrated one year since mainnet went live. In that time, it achieved several technical breakthroughs—including zkLogin (a walletless login system using zero-knowledge proofs) and DeepBook (a high-throughput orderbook-based DEX). On-chain metrics also shone: daily transactions peaked at 65 million, proving Sui’s scalability under real-world load.
This anniversary wasn’t just a celebration—it was validation of Sui’s performance-driven design philosophy.
June 18: Walrus Decentralized Storage Launch
Mysten Labs unveiled Walrus, a decentralized data availability network that uses Sui as its coordination layer. Walrus enables efficient storage and retrieval of large datasets—critical for rollups, AI applications, and media-rich dApps.
By integrating storage directly into the Sui stack, Walrus enhances the platform’s utility beyond pure transaction processing.
August 6: Mysticeti Consensus Mechanism Announced
To further boost speed and efficiency, Sui introduced Mysticeti—a new consensus protocol designed for ultra-low latency, especially for transactions involving shared objects. This upgrade significantly improved throughput and predictability in congested conditions.
Mysticeti reinforced Sui’s reputation as one of the fastest blockchains for complex, concurrent operations.
September 2: SuiPlay0X1 Gaming Device Unveiled
At Korea Blockchain Week, Sui launched SuiPlay0X1—the first mobile device purpose-built for Web3 gaming. The phone allows players to securely manage game assets, interact with dApps, and enjoy optimized performance for on-chain games.
This move bridged the gap between blockchain technology and consumer hardware, making Web3 gaming more accessible than ever.
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September 5: AUSD Stablecoin Goes Live
Agora launched AUSD, another USD-pegged stablecoin on Sui. With this addition, users gained more choice in low-volatility assets for trading, lending, and payments. AUSD strengthened Sui’s position as a preferred destination for stablecoin innovation.
September 29: TVL Reaches $1 Billion
Buoyed by top-tier DeFi protocols and increasing user trust, Sui’s TVL hit $1 billion. This milestone reflected confidence in Sui’s fast settlement times, low costs, and robust security model. As of late 2024, TVL had surged past $1.7 billion—showcasing sustained momentum.
September 30: Native Sui Bridge Launches
Sui introduced its native cross-chain bridge, enabling seamless transfers of SUI and ETH tokens between networks. Designed with security and ease-of-use in mind, the bridge supports future expansion to other chains and assets—laying the foundation for broader interoperability.
October 8: USDC Arrives on Sui
Circle officially brought USDC to Sui, ensuring full 1:1 dollar backing and regulatory compliance. As one of the most trusted stablecoins globally, USDC’s arrival attracted institutional interest and increased liquidity across DeFi platforms on Sui.
October 14: DEEP Token Launches for DeepBook
DeepBook—the native automated market maker (AMM) and orderbook hybrid on Sui—launched its governance token, DEEP. Holders can now vote on protocol upgrades, fee structures, and incentive programs.
This marked a shift toward decentralized governance for one of Sui’s core financial infrastructures.
November 14: Sui Name Service (SuiNS) Goes Decentralized
SuiNS transitioned to full decentralization under community governance. The launch of the NS governance token enabled users to participate in decision-making while unlocking liquidity for domain holders.
Human-readable wallet addresses became more accessible and user-friendly—improving onboarding for new users.
November 20: FDUSD Joins Sui Ecosystem
First Digital Labs integrated FDUSD as a native asset on Sui. As the fourth major stablecoin to launch on the network in 2024, FDUSD reinforced institutional confidence in Sui’s reliability and compliance readiness.
Frequently Asked Questions (FAQ)
Q: What makes Sui different from other blockchains?
A: Sui stands out due to its object-centric data model, parallel transaction execution via Narwhal & Tusk, and the Move programming language. These innovations enable high throughput, low latency, and enhanced security—ideal for DeFi, gaming, and real-time applications.
Q: Is Move difficult to learn for new developers?
A: Not at all. Move is designed with safety and clarity in mind. With resources like Move Playground and comprehensive documentation, even developers new to blockchain can start building quickly on Sui.
Q: How does zkLogin work?
A: zkLogin allows users to sign into dApps using familiar identity providers (like Google or Apple) without revealing personal data. It uses zero-knowledge proofs to verify identity securely—eliminating the need for seed phrases or wallets for basic access.
Q: Can I earn yield on stablecoins in Sui DeFi?
A: Yes. Protocols like those supporting USDY offer built-in yield. Additionally, lending markets and liquidity pools provide various ways to generate returns on stablecoin holdings.
Q: What are Sui’s plans for 2025?
A: Expect major game launches, deeper institutional integrations, mobile ecosystem expansion through devices like SuiPlay0X1, and continued performance upgrades like Mysticeti going live.
Q: How can I start building on Sui?
A: Visit the official developer portal to access SDKs, tutorials, testnet tokens, and grants programs. The active community also offers support through Discord and forums.
The momentum built in 2024 sets a strong foundation for what’s ahead. With increasing developer activity, expanding DeFi offerings, and real-world product integrations, Sui is poised for exponential growth.