Data shows: Sui attracted $310 million in funds flowing from Ethereum, with TVL exceeding $600 million.

The Sui network has recently witnessed a significant rise in asset inflows, particularly from funds migrating from Ethereum. Data shows that approximately $310 million in assets was transferred from Ethereum to Sui last month, surpassing the total of all other blockchains combined. Over the past 9 months since its launch, Sui has experienced explosive growth, with substantial funds migrating from the Ethereum ecosystem.

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

The Sui ecosystem has gained significant attention in the past month, with the total value locked on-chain at (TVL) exceeding 600 million USD, placing it among the top 10 in the DeFi ecosystem, most of which is sourced from Ethereum. In the past 30 days, of the nearly 500 million USD transferred from Ethereum through a cross-chain bridge, over 64% flowed into Sui, surpassing the total amount sent to all other public chains.

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

An executive from the Sui Foundation stated: "The phenomenon of users migrating assets to Sui is becoming increasingly common, indicating that people are growing more confident in the underlying technology of Sui and the strength of the builders, developers, and enthusiasts community that powers the ecosystem. The community looks forward to continuing to push the boundaries of DeFi and providing industry-defining experiences for users and developers."

Internal data shows that starting from the fourth quarter of 2023, the bridging stablecoins USDC and USDT have significantly accelerated the rise of the Sui ecosystem. The TVL of USDC and USDT skyrocketed 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 hub for DeFi activity, with top projects choosing to build on Sui. By December 2023, two leading projects that started on other protocols have chosen to expand to or fully migrate to Sui. Among them, the largest lending protocol on a certain public chain, with a TVL close to $180 million, has invested a full team to launch a new lending protocol on Sui. Another decentralized derivatives exchange developed on a certain Layer 2, which has exceeded $1 billion in trading volume on its original platform, has decided to fully focus on building the latest version based on Sui, achieving a trading volume of $230 million on the Sui network in the first four months.

Recently, Sui announced two important plans aimed at making Sui 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 establish a partnership with a leading cryptocurrency payment infrastructure platform to enable deposit and withdrawal functionalities. These initiatives will further enhance the appeal of the Sui platform, attracting a broader user base.