TL;DR
- BlueMove DEX’s TVL Surge: BlueMove, a decentralized exchange on the Sui blockchain, saw its total value locked (TVL) soar by 1,700% in a month, reaching $5.7 million.
- Growth Metrics: The platform’s TVL grew from less than $300,000 on September 7 to over $5.7 million by early October, making it the fifth-largest DEX on Sui.
- Driving Factors: The surge was driven by Sui-based meme coins, with BlueMove processing over 95,000 transactions and achieving a trading volume of $7.9 million in the last 24 hours.
BlueMove, a decentralized exchange (DEX) based on the Sui blockchain, has experienced an extraordinary surge in its total value locked (TVL), skyrocketing by 1,700% over the past month to reach a record $5.7 million.
Initially launched as an NFT marketplace for the Sui and Aptos blockchains, BlueMove has pivoted to focus on its swap feature, which has now become its primary component.
Impressive Growth Metrics
The platform’s rapid growth has been nothing short of remarkable. On September 7, BlueMove had less than $300,000 in TVL. By the start of October, it had surpassed the $4 million mark, and today, it stands at an impressive $5.7 million.
This growth has propelled BlueMove to become the fifth-largest DEX on Sui, outperforming over 30 other Sui-based decentralized applications (dapps) tracked by DefiLlama.
Driving Factors Behind the Surge
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. In the last 24 hours alone, BlueMove’s trading volume reached $7.9 million, compared to $63 million on Cetus.
The platform has processed over 95,000 transactions, which is half of what Cetus has handled, highlighting its growing influence. The surge in BlueMove’s TVL has been driven primarily by Sui-based meme coins.
According to DEX Screener data, all of the top 40 tokens by trading volume on BlueMove are meme coins. The top three most active tokens, each with over $500,000 in trading volume, are aaa cat (AAA), Suinami (NAMI), and Suijak (SUIJAK).
Sui Blockchain’s Performance
The Sui blockchain itself has also seen significant growth, with its TVL reaching 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 both Aptos and Polygon.
BlueMove’s rapid ascent underscores the dynamic and fast-evolving nature of the DeFi ecosystem on the Sui blockchain. As the platform continues to grow, it will be interesting to see how it shapes the future of decentralized finance.
