Sui has changed places in the ranking of chains by capital held. It is an object-model chain outside the Ethereum toolchain, and rank changes at this level are worth reading carefully because they are as often a repricing of collateral as a movement of deposits.
$1.1bn
Value locked, 7 January 2026
−59.8%
Change over ninety days
10
Rank by value locked
7
Rank ninety days earlier
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Value locked on Sui
Daily, in dollars, at that day’s marks.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Why the chain matters to an allocator
An execution environment is a counterparty set. It determines who validates a transaction, how final settlement becomes and when, which custodians will support the asset, and whether there is anybody to call when something fails. Those are the same questions asked of a clearing house. The answers differ sharply between chains and they are rarely in the marketing.
How this was measured
- Total value locked is DeFiLlama’s daily series: the dollar value of assets held in the smart contracts of protocols deployed on each chain, priced at that day’s marks. It moves when capital arrives or leaves and also when the price of the assets already there moves, which is the single most important caveat and is the reason this column reads it against price rather than alone. Fees are protocol revenue as reported by DeFiLlama, aggregated daily. A piece dated one day uses observations through the day before, and every figure names the date it belongs to.
