Sui Network attracted $310 million, ranking among the top 10 in the Decentralized Finance ecosystem.

The Sui network has recently attracted a large amount of funds migrating from Ethereum. Data shows that last month, assets transferred from Ethereum to Sui via cross-chain bridges reached nearly $310 million, surpassing the total for all other blockchains combined. This reflects the explosive rise of its ecosystem since Sui launched 9 months ago.

As one of the important cross-chain bridges, statistics from a data platform show that approximately 310 million USD worth of assets flowed into the Sui network through the bridge in the past 30 days. Currently, the total value locked (TVL) on the Sui chain has exceeded 600 million USD, ranking among the top 10 in the DeFi ecosystem. Of the nearly 500 million USD in funds bridged from Ethereum in the last 30 days, over 64% has been transferred to Sui, a figure that surpasses the total amount transferred to all other chains.

These bridging assets are mainly stablecoins, with the transaction volumes of USDC and USDT bridging to Sui reaching 134 million dollars and 78 million dollars respectively. An executive from the Sui Foundation stated that the trend of users migrating assets to Sui is becoming increasingly evident, reflecting the growing confidence in Sui's underlying technology and community strength.

It is worth noting that internal data shows that since the fourth quarter of 2023, bridging stablecoins USDC and USDT have exhibited an accelerated rise in the Sui ecosystem. The TVL of these two stablecoins soared from less than $50 million to over $250 million, growing by more than 400% in less than 5 months.

In recent months, Sui has become a major center for DeFi activity, with multiple top projects choosing to build on Sui. For example, the largest lending protocol on a certain public chain (with a TVL of nearly $180 million) has formed a team to launch a new lending protocol on Sui. Additionally, a decentralized derivatives exchange developed on a certain L2 network, which has exceeded $1 billion in trading volume on its original platform, has now decided to completely shift its focus to the latest version built on Sui.

Recently, Sui also announced two important plans aimed at establishing itself as the preferred DeFi platform. First, Sui will collaborate with a certain RWA platform to launch interest-bearing stablecoin alternatives on Sui. Secondly, Sui will partner with a leading crypto payment infrastructure platform to enable deposit and withdrawal functions through this platform. These initiatives will further enhance the appeal of the Sui platform, attracting a broader user base.