Grand Cayman, Cayman Islands, February 15, 2024, Chainwire
Wormhole data shows that nearly $310 million in assets were transferred from Ethereum to Sui in the past month – more than all other blockchains combined.
Sui, a Layer 1 blockchain that has seen explosive growth since its inception nine months ago, is seeing a substantial migration of funds from Ethereum to the Sui ecosystem, with nearly $310 million in assets moving through the Wormhole Portal in the last 30 days has flowed. The data was published by wormholescan.iothat tracks the flow of funds through Wormhole, one of the most important cross-chain bridges for wrapped tokens and NFTs, and the most widely used on the leading decentralized exchange, Uniswap.
As the Sui ecosystem has gained remarkable traction over the past month – surpassing $600 million in Total Value Locked and entering the top 10 DeFi ecosystems – Wormhole’s data shows that the origin of many of these funds is Ethereum . Of the nearly $500 million in funds moved from Ethereum to Wormhole in the last 30 days, more than 64% of it was moved to Sui – more than all the money sent to Solana, Arbitrum, Polygon, and all other chains combined. .
According to the 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 number of users migrating assets to Sui demonstrates a growing belief in the power of Sui’s enabling technology and the community of builders, developers and enthusiasts that power the ecosystem,” said Greg Siourounis, Managing Director of the Sui Foundation. “The Sui community looks forward to continuing to push the boundaries of DeFi and delivering an industry-defining experience for users and builders alike.”
source: Sui Internal Data
Also notable in the context of Sui’s rise in DeFi, Sui’s internal data reflects the acceleration of growth from the bridged stablecoins USDC and USDT to the Sui ecosystem that began in Q4 2023. The TVL of USDC and USDT went from hovering below $50 million to peaking. well over $250 million, an increase of over 400% in less than five months.
In recent months, in addition to the empirical data, there has also been a qualitative trend indicating that Sui has become a major center of DeFi excitement and activity – top projects choosing to build on Sui. In December 2023, two leading projects that started with different protocols chose Sui for expansion or full migration.
Solend, which remains the top lending protocol on Solana with nearly $180 million in TVL, has dedicated an entire team to launching a new lending protocol on Sui that will be called Suilend. Similarly, Bluefin, a decentralized derivatives exchange that had already reached over $1 billion in transaction volume with its v1 application on Arbitrum, halted its initial deployment to fully focus on the latest version built on Sui, which achieved a volume reached $2.3 billion. on the network. Both projects mentioned Sui’s performance capabilities when explaining their movements.
More recently, Sui announced two more major steps to make Sui the DeFi platform of choice for builders, developers and their users. First, Sui, together with Ondo Finance – the third largest platform bringing tokenized real-world assets onto public blockchains – announced the launch of interest-bearing stablecoin replacements on Sui. Just as importantly, a new partnership with Banxa, a leading payment infrastructure provider for the crypto-enabled economy, will enable on- and off-ramps through the Banxa platform. Combined, these steps will broaden the appeal of the Sui platform and reach a much wider audience.
Contact
Sui Foundation
media@sui.io