Is DeFi on Sui truly leveling the playing field, or simply building a new one? Truthfully, I’ve been thinking about that question for many years now. In fact, it would be very difficult to ignore the Total Value Locked (TVL) increasing exponentially from $25 million to more than $2.1 billion. We're talking serious growth, folks. As good as these numbers are, they don’t give you the complete picture. They leave out who’s actually benefiting — and who’s being left behind.

Lower Barriers, Higher Stakes?

Sui’s DeFi ecosystem provides strong reasons behind democratization. Think about it: traditional finance is riddled with gatekeepers, hefty fees, and complex processes that shut out many. DeFi, in theory, tears down those walls. Sui, with its object-centric data model and Move programming language, is clearly planning for faster transactions and cheaper costs. A jump in stablecoin volume from $400 million to nearly $1.2 billion is clear evidence—that’s not just a speculative bubble—this is stuff that people are using.

Lower barriers don't automatically equal equal access. My grandmother, God love her, can hardly figure out her email, much less trade on a decentralized exchange. And she's not alone. The learning curve for DeFi is steep. Cryptic labels such as “LSDs,” acronym for Liquid Staking Derivatives from decentralized protocols such as SpringSui by Suilend, Aftermath Finance, Volo, and later Haedal Protocol can baffle anyone. In the same way, “ZK Login” may seem equally confusing.

This isn't just about technical skills. For one, it’s access to information, access to a reliable internet connection, and yes, access to the confidence to show up and participate. A single mom working two jobs to make ends meet doesn’t have time or energy. She doesn’t have the time to be studying intricate DeFi protocols, especially those that might provide more attractive yields. That's who we're leaving behind.

The media loves to trumpet this new development — DEX volume going over $110 billion. But let's be real: are those trades being made by everyday people, or by sophisticated traders and institutions? Are we really giving people choice and control, or are we just building a better sandbox for oligarchs to rake in additional gobs of cash?

New Tech, Old Problems Persist?

Sui's architecture is innovative. You defend all sorts of stablecoins including native USDC, USDY, AUSD and FDUSD. On top of that, you support a deep list of wallets including Phantom, Slush and Backpack, and integration with crosschain bridges such as Axelar and Wormhole. Combined, all of this serves to create a compelling and supportive ecosystem.

Here's the unexpected connection: it reminds me of the early days of the internet. We were sold on a bright, shiny, decentralized, democratized new world of information. And though the internet did connect billions, it deepened divides by making life easier for those who already had the advantages. The digital divide is certainly an issue, but it reflects the financial divide as well.

Think about the cost of gas fees. Though Sui intends to reduce them to almost nothing, for those with a small amount of resources, even a low fee may be too much. What about scams and rug pulls? The fact that DeFi is currently entirely unregulated creates a perfect storm for the type of bad actors that plague the space. How many others have lost their entire life savings in pursuit of promises of impossible yields. This is not a purely technical argument; it’s an issue of trust and security.

We need to ask ourselves: are we building a financial system that's truly accessible to all, or one that replicates the biases and inequalities of the old system, just with a shiny new interface? Are strategic partnerships with institutions like Fireblocks, 21Shares, Wormhole, OKX Wallet, Ledger, Ondo Finance, ATHEX Exchange, and Microsoft really helping the average person? Or worse, are they entrenching the influence of the influential?

Inclusion Requires Active Effort Now

Sui’s future roadmap—like their plans for scaling GameFi, starting with an open SuiPlay0X1 console—is inspiring. Yet enthusiasm and interest are not enough to guarantee an inclusive outcome. We’ll require the opposite – an active effort, intentional design, and a commitment to serving all users, far beyond the tech-savvy elite.

The breakthrough potential of Sui DeFi to democratize finance depends on its technology. It will truly thrive—or not—if it delivers on its promise of inclusivity. It isn’t enough to just create a better mousetrap, we need to make sure everyone gets access to the cheese.

  • Education is paramount. We need clear, accessible educational resources that demystify DeFi and empower people to make informed decisions. Not just explainers of how things work, but also warnings about the risks involved.
  • User experience matters. We need interfaces that are intuitive and easy to use, even for those who are new to crypto. ZK Login is a step in the right direction, but we need more innovations that simplify the user experience.
  • Community support is essential. We need strong, supportive communities that can help newcomers navigate the complexities of DeFi and provide a safe space to ask questions.
  • Regulation (yes, I said it!). While DeFi is inherently decentralized, some level of regulation is needed to protect consumers from fraud and abuse. A light touch, perhaps, but regulation nonetheless.

The only question remaining is what are YOU going to do to help make that happen.

The question is, what are YOU going to do to help make that happen?