Sui Revealed as Top Destination for DeFi Inflows Over the Last 30 Days
Grand Cayman, Cayman Islands, February 15th, 2024, Chainwire
Wormhole data shows nearly $310 million in assets 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 inception nine months ago, is seeing a substantial migration of funds from Ethereum to the Sui ecosystem, with nearly $310 million worth of assets flowing through the Wormhole Portal in the past 30 days. The data is issued by wormholescan.io, which tracks the flow of funds through Wormhole, one of the most important cross-chain bridges for wrapped tokens and NFTs, and the one most used on the preeminent decentralized exchange, Uniswap.
As the Sui ecosystem has been gaining remarkable traction during the past month – surpassing $600M in Total Value Locked and entering the top 10 of DeFi ecosystems – the data from Wormhole shows that the origin of a lot of these funds is Ethereum. Of the almost $500M worth of funds that were bridged from Ethereum through Wormhole in the last 30 days, over 64% of it was moved to Sui — more than all of the funds sent to Solana, Arbitrum, Polygon, and every other chain combined.
According to the Wormhole data, most of these bridged assets are stablecoins, with USDC and USDT bridged to Sui accounting for $134M and $78M of the volume, respectively.
"The prevalence of users migrating assets to Sui demonstrates a growing belief in the strength of Sui’s underpinning technology and the community of builders, developers, and enthusiasts that power the ecosystem,” said Greg Siourounis, Managing Director at the Sui Foundation. “The Sui community looks forward to continuing to push the boundaries of DeFi and offering an industry-defining experience for users and builders alike."
Also notable in the context of Sui’s emergence in DeFi, Sui’s internal data reflects the acceleration of the growth in bridged stablecoins USDC and USDT to the Sui ecosystem that began in Q4 of 2023. TVL of USDC and USDT went from hovering below $50M to spiking well beyond $250M, a rise of over 400% in less than five months.
In recent months, in addition to the empirical data, there is also a qualitative trend that points to Sui becoming a primary hub of DeFi’s excitement and activity — top projects choosing to build on Sui. In December 2023, two leading projects that began on other protocols chose Sui for expansion or complete migration.
Solend, which remains the top lending protocol on Solana at nearly $180M in TVL, has devoted a full team to launching a new lending protocol on Sui that will be called Suilend. Likewise, Bluefin, a decentralized derivatives exchange that had already achieved over $1B in transaction volume on its v1 application on Arbitrum, shuttered its initial implementation to focus entirely on the newest version built on Sui, reaching $2.3B in volume in its first four months on the network. Both projects cited the performance capabilities of Sui in explaining their moves.
More recently, Sui announced two more important steps in turning Sui into the DeFi platform of choice for builders, developers, and their users. First, together with Ondo Finance—the third-largest platform bringing tokenized real-world assets onto public blockchains, Sui announced the launch of interest-bearing stablecoin substitutes on Sui. Just as important, a new partnership with Banxa, a leading payments infrastructure provider for the crypto-compatible economy, will enable on and off-ramps via the Banxa platform. Combined, these steps will broaden the appeal of the Sui platform to include a far wider audience.
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