Solana's strongest competitor has emerged with good news! Sui's official cross-chain bridge goes live

Following Sui Foundation's announcement at Token 2049 to collaborate with Circle to issue USDC on the Sui mainnet, Sui Foundation has now officially launched the official cross-chain bridge Sui Bridge. This move further adds to the recent development of the thriving Sui ecosystem, bringing more positive news online.

Launch of Official Cross-Chain Bridge, Sui DeFi Ecosystem Matures

Sui Bridge is the official cross-chain bridge of Sui, designed to solve cross-chain liquidity issues. Currently, it only supports cross-chain transfers between Ethereum and Sui chains, with only ETH and WETH available for cross-chain transfers. However, the value of Sui Bridge lies in being the official cross-chain bridge, and its real utility may come into play once USDC is officially launched, serving as a gateway to introduce Ethereum liquidity into Sui.

Wormhole as the Main Competitor, What are the Advantages of Sui Bridge?

Currently, Sui's cross-chain protocol is mainly dominated by Wormhole, known for its diverse cross-chain options including Ethereum, Solana, Arbitrum, Base, Sui, BSC, Optimism, Fantom, Polygon, Avalanche, Celo, Aptos chains. It offers a wide range of asset choices, even allowing meme coins to be transferred cross-chain.

However, the convenience of Wormhole also has its limitations. For instance, in the author's personal experience, transferring USDC from Arbitrum to Sui via cross-chain resulted in the awkward situation where the Sui assets were not recognized by the DeFi protocols on Sui. While such cross-chain transactions are feasible, users may still encounter issues with selecting the correct coin. In terms of user-friendliness, the official cross-chain bridge option from Sui may be more user-friendly, despite offering fewer choices.

Will PEPE Frog Finally Return to Sui? Data Reveals Ethereum and Sui Inflow Volumes Have Balanced Out

From the data on Wormhole Scan, it can be observed that in the past seven days, the assets flowing out of Ethereum via Wormhole were almost evenly split between Sui and Solana, sharing the liquidity flowing out of Ethereum.

Furthermore, by examining the inflow volume into Sui, it is evident that Ethereum remains the main source of inflow into Sui. At the same time, the amount of assets flowing into Ethereum and Sui are almost equivalent. The impact of Sui Bridge opening up USDC for cross-chain transfers on the flow of such cross-chain funds can be observed. Currently, on the Sui Bridge testnet, coins like $wBTC, $USDT, $USDC, $PEPE can be seen, suggesting that we may see PEPE Frog returning to Sui in the future.

Sui Foundation Makes a Big Move! On-Chain TVL Continues to Grow

Similar to the price surge on August 5th, Sui's TVL skyrocketed from $340 million to $1.07 billion. Comparing this figure with the price increase, it's evident that both have grown almost in tandem.

Currently, the highest TVL on Sui's chain is in the lending protocol Navi Protocol, amounting to $375 million. The largest Dex on-chain, Cetus, and lending protocols Suilend and Scallop, are all maintaining levels around $170 million. It's worth noting that the Sui Foundation is willing to invest in promoting the on-chain ecosystem. For instance, through Scallop, borrowing can yield up to a 77% annual return.

Suilend and Solend on the Solana chain are developed by the same team, while Cetus benefits from the meme craze on Sui. With multiple positive factors, we may see the stable growth of Sui DeFi. Previously, institutions have shown optimism that Sui could become Solana's strongest competitor.

SUI's price has doubled from its bottom! Institutional Report: Sui is Solana's Strongest Competitor