New Projects Can Still Beat Out ‘Big Dog’ Incumbents of Web3 (Here’s Proof) | Web3 Daily

TL;DR

Sui is lower than 12 months previous, and simply grew to become a high 10 DeFi blockchain, overtaking lengthy established initiatives like Bitcoin and Cardano.

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You realize what we love concerning the Web3 area?

The little man can nonetheless be a risk.

You ain’t gettin’ that in Web2! (Are you able to think about a scrappy startup dethroning Apple or Google? Not an opportunity).

What prompted this proclamation? Sui.

It’s a undertaking that we knew next-to-nothing about till this morning, outdoors of:

Its title (which we consistently get confused with the Sei undertaking).

And the truth that it was constructed by the oldsters engaged on Meta’s since-defunct ‘Diem’ token.

Now, get this:

Sui is lower than 12 months previous, and simply grew to become a high 10 DeFi blockchain, overtaking loooong established initiatives like Bitcoin and Cardano.

Right here’s the place that’s vital, and in addition the place it’s a bit deceptive:

Sui grew to become a high 10 DeFi blockchain when the greenback worth locked up within the undertaking topped $430M — that’s genuinely spectacular for such a younger undertaking!

Overtaking Cardano in whole worth locked? Additionally spectacular!

Overtaking Bitcoin? Surprisingly, not as spectacular.

A lot of the worth ‘locked’ in DeFi initiatives, like Sui, comes from their staking and lending performance — two issues Bitcoin doesn’t natively help.

(So it’s form of like saying “Nike makes higher trainers than Toyota.”)

Nonetheless, all of these items thought-about, Sui’s fast escalation goes to indicate that we’re nonetheless so early, and Web3 continues to be but to be ‘received.’

Can we get a “hell yeah!” and a working chest bump??

(Guys?).