BlueMove NFT Marketplace Turned DEX Sees Its TVL Surge Over 1,700% in a Month to a Record $5.7M

BlueMove was initially launched as an NFT marketplace for the Sui and Aptos blockchains, but its swap feature has since become its primary component.

BlueMove, a decentralized exchange (DEX) and former non-fungible token (NFT) marketplace, has seen its total value locked (TVL) increase by over 1,700% in the last month, reaching a record $5.7 million as of press time.

Initially launching as an NFT marketplace for the Sui and Aptos blockchains, BlueMove's swap feature has quickly become its main offering. The DEX feature is available exclusively on Sui, and BlueMove is now the fifth-largest DEX on the blockchain. Among the 30 Sui-based dapps tracked by DefiLlama, BlueMove has seen the best performance by far.

On September 7, the platform had less than $300,000 in TVL. At the beginning of October, it crossed the $4 million mark, and now it has reached a record $5.7 million.

BlueMove operates as an automated market maker (AMM) with multiple liquidity pools and also functions as a DEX aggregator, routing token swaps through major Sui DEXs like Cetus.

Over the last 24 hours, trading volume on BlueMove reached $7.9 million compared to $63 million on Cetus. BlueMove has also processed over 95,000 transactions, which is half of what Cetus has handled. These are impressive numbers given that Cetus is the largest DEX on Sui with over $194 million in TVL.

According to DEX Screener data, BlueMove's rapid growth has been fueled by Sui-based meme coins. All of the top 40 tokens by trading volume are meme coins, and the vast majority of the 600 assets listed on the DEX are memes.

Currently, the top three most active tokens with over $500,000 in trading volume are aaa cat (AAA), Suinami (NAMI), and Suijak (SUIJAK).

Meanwhile, TVL on Sui has reached a new record of $1.34 billion thanks to a 70% monthly increase. Among the top 30 chains, Sui has had the best monthly performance and is now the eighth-largest blockchain in DeFi, surpassing Aptos and Polygon.

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