Sui’s total value locked reached approximately $1.21 billion according to the validated September 22 snapshot. NAVI Protocol accounted for over $420 million in deposits, making it one of the largest contributors to Sui’s DeFi ecosystem. The TVL increase, being dollar-denominated, can result from either fresh deposits or rising token prices. Sui’s DeFi market now sits firmly above the billion-dollar threshold, but questions remain about whether this growth is durable and whether the ecosystem is sufficiently diversified.
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