Layer 1 blockchain and smart contract platform Sui is taking the lead among all other blockchains in attracting inflows.
According to data from Wormhole, a massive $310 million in assets has flowed from Ethereum to Sui over the past month alone. Its remarkable rise is underscored by the substantial migration of funds from Ethereum, with over 64% of nearly $500 million in bridged assets choosing Sui as their destination through the Wormhole Portal.
This influx coincides with Sui’s remarkable traction, surging to $600 million in Total Value Locked and ascending to the top 10 of DeFi ecosystems. Most of these bridged assets are stablecoins, with USDC and USDT leading the pack, accounting for $134 million and $78 million in volume, respectively.
This trend reflects a growing confidence in Sui’s technological robustness and vibrant community, according to Greg Siourounis, Managing Director at the Sui Foundation.
Furthermore, Sui’s internal data highlights a significant uptick in the growth of bridged stablecoins, particularly USDC and USDT, which surged over 400% in less than five months, signalling a shift towards Sui as a primary hub for DeFi activities.
Notably, top projects are increasingly choosing Sui for expansion or complete migration. Solend, a leading lending protocol on Solana, has allocated a full team to launch Suilend, a new lending protocol on Sui. Similarly, Bluefin, a decentralized derivatives exchange, shifted its focus entirely to Sui, citing the platform’s performance capabilities.
To solidify its position as the DeFi platform of choice, Sui has announced strategic partnerships with Ondo Finance and Banxa. The collaboration with Ondo Finance will introduce interest-bearing stablecoin substitutes on Sui, while the alliance with Banxa will facilitate seamless on and off-ramps, expanding Sui’s appeal to a broader audience.
