<\/p>\n
Momentum has surpassed $150 million in TVL, and now plans to bring over EVM and Solana projects to Sui using the Wormhole bridge.<\/p>\n
Daily trading volume on Momentum Finance, a decentralized exchange (DEX) on the Sui<\/a> blockchain, has surpassed $100 million.<\/p>\n As of press time, Momentum\u2019s total value locked stands at $156.4 million, ranking it as the sixth-largest protocol and the largest DEX on the Sui network, according to data<\/a> from DefiLlama. Sui\u2019s decentralized finance (DeFi) ecosystem has also continued to expand, with total TVL reaching $2.26 billion and the stablecoin market cap surpassing $1 billion.<\/p>\n In a press release shared with The Defiant, Momentum noted that its TVL first crossed the $100 million mark on June 26, and its daily swap volume reached the same milestone less than a month later.<\/p>\n Momentum\u2019s team told The Defiant that the rebound reflects the resilience of the Sui network and the ability of infrastructure players to respond quickly.<\/p>\n Founder Wendy Fu said the exchange experienced sharp growth following its March 31 launch, adding that trading volume jumped by more than 1.2 million percent \u2014 from about $7,000 in late March to over $90 million by late April \u2014 as new users entered the Sui ecosystem. Fu pointed out that Momentum focused on \u201cattracting fresh liquidity from outside the Sui ecosystem – rather than cannibalizing what was already circulating within it.\u201d <\/p>\n The growth follows a major security breach in May that targeted Cetus Protocol, a competing DEX on Sui. The attackers exploited<\/a> a mathematical error in the project\u2019s smart contract code, resulting in a loss of approximately $260 million in cryptocurrency.<\/p>\n The team later froze<\/a> around $160 million of the stolen funds and promised to return the money to liquidity providers once a forensic investigation is complete.<\/p>\n Commenting on that incident, Fu said the exploit was a \u201cpivotal moment for the entire Sui ecosystem. We dropped from $67M TVL to $42M overnight after reopening our DEX.\u201d<\/p>\n To address user concerns, Momentum coordinated with the Sui Foundation and Mysten Labs to \u201creinforce security across the board, initiated additional audits, and implemented new protocol-level safeguards.\u201d Following the upgrade, Fu claims the exchange\u2019s TVL recovered \u201cin just five days.\u201d<\/p>\n Momentum uses the ve(3,3) model, which aims to balance incentives for liquidity providers and future MMT governance token holders. The team says this mechanism helps ensure consistent liquidity by aligning incentives around active price ranges.<\/p>\n Fu told The Defiant that the DEX \u201cabsolutely\u201d has plans to expand beyond Sui, though a specific timeline wasn\u2019t revealed.<\/p>\n \u201cAs for expansion beyond Sui: absolutely. From day one, we\u2019ve envisioned Momentum as a multichain ve(3,3) DEX, taking cues from what Velodrome built on Optimism,\u201d Fu said.<\/p>\n The team is now collaborating with the Wormhole cross-chain bridge to facilitate the integration of EVM<\/a> and Solana<\/a>-based protocols onto Sui using the upcoming NTT bridge. Despite those plans, Fu emphasized that Momentum is \u201cfully committed to making Sui the best entry point for sustainable on-chain liquidity.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Momentum has surpassed $150 million in TVL, and now plans to bring over EVM and Solana projects to Sui using the Wormhole bridge. Daily trading volume on Momentum Finance, a decentralized exchange (DEX) on the Sui blockchain, has surpassed $100 million. As of press time, Momentum\u2019s total value locked stands at $156.4 million, ranking it […]<\/p>\n","protected":false},"author":2,"featured_media":400074,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-400066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=400066"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400066\/revisions"}],"predecessor-version":[{"id":400075,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/400066\/revisions\/400075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/400074"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=400066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=400066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=400066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Cetus Exploit<\/h2>\n
Expanding Beyond Sui<\/h2>\n