Grand Cayman, Cayman Islands, February 15, 2024, Chainwire
According to Wormhole data, nearly $310 million in assets were bridged from Ethereum to Sui over the last month, more than all other blockchains combined.
Sui, a layer 1 blockchain that has experienced explosive growth since its launch nine months ago, has seen a significant migration of funds from Ethereum to the Sui ecosystem, with approximately $310 million in the past 30 days. Considerable assets are flowing through wormhole portals. The data publisher is wormhole scan.iowhich tracks the flow of funds through wormholes, one of the most important cross-chain bridges for wrapped tokens and NFTs, and the most used on Uniswap, the leading decentralized exchange.
Over the past month, the Sui ecosystem has gained impressive momentum, with the total amount locked exceeding $600 million, placing it among the top 10 DeFi ecosystems. Wormhole data shows that the origin of many of these funds is Ethereum. Of the approximately $500 million worth of funds bridged from Ethereum through wormholes in the past 30 days, more than 64% were moved to Sui. This is more than all the funds sent to Solana, Arbitrum, Polygon, and all other chains combined. .
According to Wormhole data, most of these bridged assets are stablecoins, with USDC and USDT bridged to Sui accounting for $134 million and $78 million of the volume, respectively.
Source: wormholescan.io
“The prevalence of users migrating their assets to Sui demonstrates growing confidence in Sui’s underlying technology and the strength of the community of builders, developers, and enthusiasts that power the ecosystem.” , said Greg Ciolounis, Managing Director of the Sui Foundation. “The Sui community looks forward to continuing to push the boundaries of DeFi and delivering industry-defining experiences for users and builders alike.”
Source: Sui internal data
Also noteworthy in the context of Sui's emergence in DeFi, Sui's internal data reflects the accelerated growth of bridge stablecoins USDC and USDT into the Sui ecosystem starting in Q4 2023. . The TVL of USDC and USDT has sharply increased from below $50 million. Well over $250 million, an increase of over 400% for him in less than five months.
In recent months, in addition to empirical data, we have also seen qualitative trends indicating that Sui will become a major hub of excitement and activity in DeFi, with top projects choosing to build on it. In December 2023, two major projects started with other protocols selected Sui for expansion or complete migration.
Solend, which remains the top lending protocol with approximately $180 million in TVL on Solana, has committed its entire team to the launch of a new lending protocol called Suilend on Sui. Similarly, decentralized derivatives exchange Bluefin, which had already achieved over $1 billion in trading volume with its v1 application on Arbitrum, abandoned its initial implementation and replaced it with a version built on Sui. Fully focused on the latest version, the trading volume reached $2.3 billion in the first four months. on the network. Both projects cited Sui's performance abilities in explaining their moves.
Recently, Sui announced two more important steps to make Sui the DeFi platform of choice for builders, developers, and users. First, Sui announced the launch of an interest-bearing stablecoin alternative service on Sui with Ondo Finance, the third largest platform offering tokenized real-world assets on public blockchains. . Equally important, our new partnership with Banxa, a leading payment infrastructure provider for the crypto-compatible economy, will enable on- and off-ramps via the Banxa platform. Together, these steps will further broaden the appeal of the Sui platform and allow it to reach a wider audience.
contact
Sui Foundation
media@sui.io
Source: the-blockchain.com
