Mysten Labs APAC head: $120B deposited in on-chain finance, signaling commercialization

Derik Han, Head of Asia-Pacific (APAC) at Mysten Labs, stated that $120 billion is currently deposited in on-chain finance globally, which is now generating numerous real-world commercial use cases built on Layer 1 blockchain infrastructure. He made the remarks while introducing practical applications of on-chain finance at the ninth News1 Blockchain Leaders Club event in Seoul on Jan. 28, according to a report by News1. Han highlighted that Sui-based on-chain finance services alone hold $2 billion in assets. He emphasized that despite being a newer blockchain launched in 2023, Sui has processed a cumulative 12 billion transactions and is now known as the fastest existing Layer 1 blockchain due to consistent speed enhancements. Han added that Layer 1 blockchains are actively collaborating with various companies on on-chain finance initiatives and will work to solve issues such as fragmented liquidity.