Sui DeFi took a hit this week. SUI itself dropped 21% to $0.70, with the total TVL sliding to $429M, falling to #13 in rankings. The lending protocols took the worst blows: Suilend down 21.8%, NAVI down 17.4%, Scallop down 19.8%, a complete wipeout across the board. The DEXs didn’t fare much better: Cetus CLMM down 19.5%, Bluefin Spot down 15.9%. LST contenders SpringSui and Haedal both dipped a little over 19%. The whole chain’s DeFi landscape is painted red 📈
But there’s one protocol that barely budged. DeepBook V3 only fell 0.1% this week, with a steady TVL of $14.6M. While the entire chain bleeds, its liquidity remains untouched.
I checked the 7-day changes across protocols and made a comparison: Suilend -21.8%, SpringSui -19.6%, Cetus -19.5%, Scallop -19.8%, Haedal -19.3%, Bluefin -15.9%, NAVI -17.4%. Drops are mostly between 15%-22%, like they all got hit with the same knife. DeepBook’s -0.1% is a complete outlier.
This isn’t surprising. DeepBook isn’t your average DEX; it’s the native Central Limit Order Book (CLOB) on the Sui chain. The underlying matching for top-tier DEXs like Cetus, Bluefin, and Turbos runs through DeepBook’s liquidity pool. The funds in there are essentially infrastructure-level, not retail capital looking to earn yield. Retail money moves fast, while infrastructure funds are tough to shift.
You can also see the hints from the token perspective. DEEP launched on Binance contracts (DBUSDT), indicating that the market is starting to price infrastructure separately. DeepBook just opened Season 1 rewards claims, incentivizing market makers and LPs within the ecosystem to continue locking their positions.
Sui is currently ranked #13 in DeFi, with a TVL of only $429M, which is an order of magnitude away from Base’s $3.77B. But in this environment of widespread collapse, infrastructure can still hold steady, suggesting that Sui DeFi has a portion of long-term capital locked in. Once the market warms up, these stagnant funds will be the first to add positions. While other protocols drop 20%, DeepBook remains unscathed; this is the resilience of infrastructure.
🌊 In this round of reshuffling, the protocols truly operating at the base level are ironically the quietest. DeepBook’s -0.1% proves one thing: when the tide goes out, infrastructure doesn’t need to run.
—— 👼 Sui English
But there’s one protocol that barely budged. DeepBook V3 only fell 0.1% this week, with a steady TVL of $14.6M. While the entire chain bleeds, its liquidity remains untouched.
I checked the 7-day changes across protocols and made a comparison: Suilend -21.8%, SpringSui -19.6%, Cetus -19.5%, Scallop -19.8%, Haedal -19.3%, Bluefin -15.9%, NAVI -17.4%. Drops are mostly between 15%-22%, like they all got hit with the same knife. DeepBook’s -0.1% is a complete outlier.
This isn’t surprising. DeepBook isn’t your average DEX; it’s the native Central Limit Order Book (CLOB) on the Sui chain. The underlying matching for top-tier DEXs like Cetus, Bluefin, and Turbos runs through DeepBook’s liquidity pool. The funds in there are essentially infrastructure-level, not retail capital looking to earn yield. Retail money moves fast, while infrastructure funds are tough to shift.
You can also see the hints from the token perspective. DEEP launched on Binance contracts (DBUSDT), indicating that the market is starting to price infrastructure separately. DeepBook just opened Season 1 rewards claims, incentivizing market makers and LPs within the ecosystem to continue locking their positions.
Sui is currently ranked #13 in DeFi, with a TVL of only $429M, which is an order of magnitude away from Base’s $3.77B. But in this environment of widespread collapse, infrastructure can still hold steady, suggesting that Sui DeFi has a portion of long-term capital locked in. Once the market warms up, these stagnant funds will be the first to add positions. While other protocols drop 20%, DeepBook remains unscathed; this is the resilience of infrastructure.
🌊 In this round of reshuffling, the protocols truly operating at the base level are ironically the quietest. DeepBook’s -0.1% proves one thing: when the tide goes out, infrastructure doesn’t need to run.
—— 👼 Sui English