The Sui blockchain is gaining popularity and emerging as a strong competitor to Solana. This momentum is fueled by increasing interest from developers, a growing attraction to Sui-based DeFi protocols, and successful integrations with real-world Web3 applications.

Recent data from DefiLlama shows that the total value locked (TVL) on the Sui blockchain has reached a record high of $2.1 billion, although it has slightly dipped to $2.088 billion at present. This surge represents a 17% increase from the lows experienced in early May.

Additionally, lending protocols on the Sui blockchain have experienced a significant 78.86% increase in TVL over the past month. This growth is driven by liquidity incentives, attractive yields, and a growing interest from both retail and institutional DeFi users. The NAVI Protocol, Sui's flagship lending and borrowing platform, is a major contributor to this trend.

Furthermore, the NAVX token of the Navi Protocol has been listed on Binance Alpha after its initial listing on the OKX exchange. This move enhances liquidity for NAVX and raises the profile of the broader Sui DeFi ecosystem, positioning the chain as a strong contender in the Layer-1 (L1) landscape.

Moreover, real-world applications on the Sui blockchain are also gaining traction, particularly in areas like loyalty and commerce. Mojito, known for powering NFT marketplaces for luxury brands, has introduced Mojito Loyalty, a loyalty platform built on Sui that seamlessly integrates with Web3 projects.

Overall, the growth of DeFi protocols like Navi and real-world platforms like Mojito showcases a promising outlook for the Sui ecosystem. The blockchain's scalability, low fees, and user-centric design are driving actual adoption, from high-yield lending to engaging loyalty programs.

Despite the positive developments in the DeFi sector, the SUI price has only seen a modest 0.86% increase in the last 24 hours, trading at $4.00 at the time of writing.