Data shows: $310 million in assets flowed from Ethereum to Sui, igniting capital inflow into the innovative ecosystem.

Recent data shows that approximately $310 million in assets were transferred from Ethereum to the Sui network last month, a figure that surpasses the total of all other blockchains combined. In the 9 months since its launch, Sui has experienced explosive rise, with a large amount of funds migrating from the Ethereum ecosystem.

According to data from a certain cross-chain bridge platform, assets worth nearly $310 million have flowed into the Sui network through this platform in the past 30 days. This platform is one of the most important cross-chain bridges for wrapping tokens and NFTs, and it is also the most commonly used bridge on a certain decentralized exchange.

Due to the significant attention received by the Sui ecosystem in the past month, data shows that its total locked value (TVL) on-chain has exceeded $600 million, ranking it among the top 10 in the DeFi ecosystem, with most of the funds coming from Ethereum. In the past 30 days, more than 64% of the nearly $500 million in funds transferred from Ethereum through this cross-chain bridge has flowed into Sui, a figure that exceeds the total funds flowing into Solana, Arbitrum, Polygon, and all other chains.

Data also shows that these bridged assets are mainly stablecoins, with the transaction volumes of USDC and USDT bridged to Sui being 134 million USD and 78 million USD, respectively.

The Managing Director of the Sui Foundation stated: "The phenomenon of users migrating assets to Sui is becoming increasingly common, indicating that people have growing confidence in Sui's underlying technology and the builders, developers, and enthusiasts of the supporting ecosystem. The community looks forward to continuing to push the boundaries of DeFi, providing industry-leading experiences for users and developers."

Internal data shows that starting from the fourth quarter of 2023, the bridging of stablecoins USDC and USDT has significantly accelerated the rise of the Sui ecosystem. The TVL of these two stablecoins skyrocketed from less than 50 million to over 250 million, increasing by more than 400% in less than 5 months.

In recent months, Sui has gradually become a major center for DeFi activity, with top projects choosing to build on Sui. In December 2023, two leading projects that started on other protocols chose to expand to Sui or fully migrate to Sui.

A well-known lending protocol has a TVL of nearly 180 million USD on Solana, and it has dedicated a full team to launch a new lending protocol on Sui. Additionally, a decentralized derivatives exchange developed on a certain L2 chain has exceeded 1 billion USD in trading volume for its v1 application, but it will focus entirely on the latest version built on Sui, and the trading volume on the Sui network reached 230 million USD in the first four months.

Recently, Sui announced two important plans aimed at establishing Sui as the preferred DeFi platform for builders, developers, and their users. First, Sui will collaborate with a certain RWA platform to launch an interest-bearing stablecoin alternative on Sui. Second, Sui will partner with a leading cryptocurrency payment infrastructure platform to enable deposit and withdrawal functions. These initiatives will enhance the appeal of the Sui platform to attract a broader user base.