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Bluefin, a decentralized trading hub on the Sui blockchain, experienced a rapid increase in its total value locked (TVL), nearly doubling within a week, according to DefiLlama. The spot and derivatives exchange platform is at a record $198.2 million, becoming the third-largest protocol on Sui.
The increase in liquidity inflow may be partially caused by the dramatic collapse of Cetus, which suffered a major hack over a week ago, leading to a 75% decline in TVL. Cetus was one of the largest decentralized exchanges (DEXs) on Sui and is now left with about $62 million in TVL.
Bluefin offers three main products: Bluefin Spot, Bluefin Perps, and AlphaLend, a non-custodial lending protocol that enables investors to earn interest by depositing SUI, USDC, ETH, and USDT, among others.
The lending product was launched at the beginning of May and is the main driver behind Bluefin’s rapid growth lately. It currently has a record $80 million in TVL, with stSUI (AlphaFi staked SUI), SUI, and USDC accounting for the largest share.
Elsewhere, the flagship Bluefin Spot DEX has $95.4 million in TVL, the highest level since mid-January. The spot platform reached a record $109 million at the start of the year and is now nearing that peak again.
The DEX saw record inflows on May 27, when nearly $25 million worth of crypto was transferred to its pools, with USDC, USDT, and SUI accounting for the lion’s share.
Meanwhile, trading volume is at a record high as of May 30, breaking above the $400 million mark. DEX Tools data shows that BLUE/USDC and BLUE/SUI are the most traded pairs.
As for the derivatives trading platform, its TVL has been hovering above $20 million in May, although trading volume has been consistently declining since the beginning of the year.
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