Market intelligence firm DappRadar says that layer-1 crypto projects Sui (SUI) and Aptos (APT) emerged as the standout performers in the decentralized finance (DeFi) space in Q3 of 2024.

In a new report, DappRadar says that Sui and Aptos saw an impressive increase in total value locked (TVL), the metric representing the amount of assets staked or locked in a platform.

During the period, the TVLs of both Sui and Aptos surpassed $1 billion, which marks nearly 80% growth for each of the two chains.

“Both platforms recorded impressive TVL growth, with each seeing a 78% increase since Q2. This surge catapulted them into the ranks of top DeFi chains, signaling growing investor interest in alternative ecosystems that offer innovative solutions and faster transaction speeds.”

Sui and Aptos experience a surge in their TVL amid a challenging period for the wider DeFi sector.

“The DeFi sector faced a challenging Q3 2024, with total value locked (TVL) continuing its downward trend. By the end of the quarter, TVL had dropped from $168 billion in Q2 to $160 billion, reflecting ongoing market uncertainties despite some positive regulatory developments.”

DappRadar says that Ethereum (ETH), the leading platform in the DeFi space, suffered a large decline in TVL despite the approval of by the SEC of the spot Ethereum exchange-traded fund (ETF), which was expected to boost the market.

“Ethereum remains the dominant force in the DeFi space, commanding a TVL of $95 billion in Q3 2024. However, this marks a significant 20% decrease from Q2.”