- Evaluating SUI DeFi Protocols
The Sui Network (SUI) is a Layer 1 blockchain and smart contract platform, designed to make digital asset ownership faster, more private, secure, and accessible. As a relatively new project, launched around May 2023, the ecosystem is still in its early stages, so trustworthy SUI DeFi protocols are somewhat limited at the moment. I plan to update this article regularly as new protocols emerge and as I find others that are worth mentioning. If you come across any, or have experience with a decentralized exchange (DEX) not listed here, feel free to reach out and let me know!
Evaluating SUI DeFi Protocols
I’ve spent a lot of time exploring decentralized finance (DeFi) platforms. These include swaps, DEXs, and protocols. My goal was to find good opportunities for stablecoin investments.
Previously, I listed APYs for many liquidity pools and lending options in tables. However, this approach is no longer practical. APYs can change quickly due to market conditions and fluctuations in Total Value Locked (TVL). For instance, high APYs above 20% are often found in pools with low TVL. But as more liquidity is added, the APYs usually decrease.
Instead of listing every APY, I now focus on introducing the most popular platforms. Sometimes, I also highlight lesser-known DEXs, swaps, and protocols. I will share examples of notable APYs I’ve found to give you an idea of what’s possible.
To keep the content relevant, I won’t cover all stablecoin offerings. Instead, I’ll give an overview of each platform and explain why they’re worth considering. This way, you’ll still get valuable insights without needing constant updates.
Cetus Protocol
The Cetus Protocol is a decentralized exchange (DEX) and liquidity protocol designed to enable efficient trading and liquidity provision. It offers an automated market maker (AMM) system with concentrated liquidity, allowing liquidity providers to allocate capital within specific price ranges, improving capital efficiency. Cetus also supports cross-chain functionalities, connecting assets from other blockchains to the Sui network. Its focus is on providing fast, low-cost transactions due to the underlying high-performance infrastructure of the Sui blockchain.
Example: wUSDC/wUSDT and wUSDC/USDC are both around 35% APY at the moment.
Turbos Finance
Turbos Finance is a decentralized exchange (DEX) offering a low-latency trading experience with minimal fees. It features an automated market maker (AMM) model that enables users to trade and provide liquidity for various assets. Turbos Finance emphasizes scalability and speed, leveraging Sui’s high throughput to optimize trading efficiency. The platform also supports liquidity pools and yield farming, giving users opportunities to earn rewards by contributing liquidity to the network.
Example: USDT/wUSDC and USDT/USDC are both around 40% APY right now.
Scallop
Scallop is a decentralized financial platform and regulated neo-bank that bridges traditional banking with cryptocurrency. It provides services such as lending and borrowing cryptocurrencies, where users can earn interest by depositing assets into Scallop’s lending pools, represented by interest-bearing tokens called sCoins. These tokens accrue value over time as interest is added to the underlying deposits. Scallop also supports seamless fiat and crypto transactions through features like debit cards, exchange services, and traditional banking accounts. The platform aims to make crypto payments more accessible and integrate them into everyday financial ecosystems.
Example: You can lend USDC and wUSDC for around 15% APY around this time.
Navi Protocol
Navi Protocol is a DeFi liquidity platform built on the Sui blockchain. It allows users to supply and borrow assets, engage in leveraged yield farming, and benefit from innovative features like Automatic Leverage Vaults and Isolation Markets, which minimize systemic risks. By integrating advanced security measures and promoting simplicity via the Move programming language, Navi aims to make decentralized finance accessible to a broader audience. Additionally, it focuses on supporting the Sui ecosystem by enhancing liquidity and providing essential financial infrastructure.
Examples: Best Supply APY right now is USDT with 16.5%.
Kriya DeFi
Kriya DeFi is a SUI DeFi protocols that focuses on providing advanced trading and liquidity services. It facilitates perpetual futures trading, allowing users to trade with leverage in a decentralized manner. The protocol integrates various DeFi features like liquidity provisioning, staking, and yield farming, offering users opportunities to earn rewards while participating in a derivatives market. Kriya DeFi leverages Sui’s scalable infrastructure for fast, low-cost transactions, enhancing the user experience in leveraged trading and liquidity management.
Examples: Providing liquidity with USDC/wUSDCe with around 14% seems to be the best APY on Kriya Defi.
Staking and lending opportunities on other chains or exchanges: