Sui's Bucket Protocol Aims for $30 Million TVL Investment
The Sui network, a blockchain platform known for its fast finality, high throughput, and object-centric model, has been witnessing a boom in decentralized applications (dapps). Among the top performing dapps on Sui are Bitcoin DeFi (BTCfi) applications, with Threshold Network's tBTC leading the charge, bringing approximately $500 million in Bitcoin liquidity to the ecosystem.
However, it's not just BTCfi projects that are making waves on Sui. Bucket Protocol, a CDP protocol, has been gaining traction and currently ranks 8th among all dapps on the network. In the past month, Bucket Protocol has seen an impressive 80% surge in its total value locked (TVL), currently standing at approximately $29.6 million.
On Monday, October 21, Bucket Protocol experienced its third-largest day of USD inflows, with users depositing $2.46 million worth of tokens. The most commonly deposited tokens in Bucket Protocol are USDT, HASUI, Wrapped USDC (WUSD), vSUI, afSUI, and USDC.
Bucket Protocol allows users to deposit various Sui-based tokens as collateral to borrow BUCK, a USD-backed stablecoin. The protocol has also integrated with several dapps in the Sui ecosystem over the past few months, expanding support for multiple SUI-backed LSTs.
Partnerships with key players within the Sui ecosystem, such as Cetus, Navi, Aftermath Finance, Haedal, Scallop, Ondo Finance, Typus, and Kriya DEX, have further bolstered Bucket Protocol's position on the network. The protocol also offers an interest-paying Savings Pool for sBUCK, staked BUCK.
The market cap of the BUCK token is $22.3 million, making it a significant player in the DeFi space on Sui. On October 14, the total value locked (TVL) of the Sui chain reached a record high of $1.41 billion, with Bucket Protocol contributing to this growth.
Despite not being as extensively covered as the BTCfi ecosystem, Bucket Protocol is quickly making a name for itself on the Sui network. For those interested in more detailed or recent data on Bucket Protocol’s activity and performance on Sui, checking dedicated Sui dapp analytics platforms or official Bucket Protocol channels might be necessary.
In the flourishing Sui network, Bucket Protocol, a CDP protocol, is emerging as a significant player in the decentralized finance (DeFi) industry, thanks to its integration with various Sui-based dapps and partnerships with key industry players. With an impressive 80% surge in total value locked (TVL) over the past month and a market cap of $22.3 million for its BUCK token, Bucket Protocol is rapidly garnering attention in the technology sector, presenting a promising alternative to Bitcoin DeFi (BTCfi) applications.
