Ethereum

2024

when

<h4><b>The <a href="https://sui.io/" target="_blank" rel="noopener">Sui Network</a> is currently on fire. Over the last 30 days, it’s up by 130%. It keeps breaking records left and right. For example, it <a href="https://x.com/SuiNetwork/status/1840471482495095257" target="_blank" rel="noopener">reached</a> $1 billion in TVL. </b></h4> 
<p>Or how about Sui entering the top 20 measured by market cap? Now, Sui reached a new milestone by launching their native bridge in mainnet. <span style="font-weight: 400;">So, the Sui Bridge is a big deal for Sui. Let’s find out why.</span></p> 
<h5><b>Why Is this Native Bridge a Big Deal?</b></h5> 
<p><span style="font-weight: 400;">This native bridge is a big deal for Sui for various reasons. It’s an important step forward in Sui’s future interoperability. This bridge allows you to send assets between various chains and their ecosystems. In other words, Sui now has a native bridge. This means that it’s not relying on third-party bridges anymore.</span></p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Now live on Mainnet – Sui Bridge! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f309.png" alt="🌉" class="wp-smiley" style="height: 1em; max-height: 1em;"><br> This marks a huge milestone for the future of interoperability on Sui. Put simply, Sui Bridge will further help break down barriers between Web3 ecosystems and get those assets and data flowing freely. ༄</p> 
 <p>Get all the info on this momentous… <a href="https://t.co/voxikmKgMK">pic.twitter.com/voxikmKgMK</a></p> 
 <p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1840829418455126182?ref_src=twsrc%5Etfw">September 30, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p><span style="font-weight: 400;">Until now, the <a href="https://www.altcoinbuzz.io/?s=wormhole" target="_blank" rel="noopener">Wormhole Bridge</a> played an influential role in bridging assets to and from Sui. In the immediate future, it will keep playing this essential role. The Wormhole Bridge currently connects Sui to 24 other chains. However, for the time being, the native bridge only connects to Ethereum.</span></p> 
<p><span style="font-weight: 400;">So, let’s stick with $ETH for a moment. Depending on which bridge you use, you receive a different $ETH version on Sui. For example, with this native bridge, you receive $ETH. However, when using Wormhole, you receive a wrapped version of $ETH or $WETH.&nbsp;</span></p> 
<p><span style="font-weight: 400;">Over the next couple of weeks, Sui will address this issue. All apps on Sui will receive an update. This way they can reflect the correct assets. Once that is in place, it’s easier to detect and manage these assets accordingly. </span><span style="font-weight: 400;">Currently, the $ETH-$USDC pools don’t have liquidity. However, Sui plans to migrate the liquidity from the $WETH-$USDC pools within a week.&nbsp;</span></p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">And also – a major shout out and thank you to the leading DeFi protocols on Sui:<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a7.png" alt="💧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/navi_protocol?ref_src=twsrc%5Etfw">@navi_protocol</a> with $371M+ TVL<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a7.png" alt="💧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/CetusProtocol?ref_src=twsrc%5Etfw">@CetusProtocol</a> with $174M+ TVL<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a7.png" alt="💧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/suilendprotocol?ref_src=twsrc%5Etfw">@suilendprotocol</a> with $170M+ TVL<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a7.png" alt="💧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/Scallop_io?ref_src=twsrc%5Etfw">@Scallop_io</a> with $170M+ TVL<br> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a7.png" alt="💧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/AftermathFi?ref_src=twsrc%5Etfw">@AftermathFi</a> with $99M+ TVL</p> 
 <p>Data from <a href="https://twitter.com/DefiLlama?ref_src=twsrc%5Etfw">@DefiLlama</a></p> 
 <p>— Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1840471505966412117?ref_src=twsrc%5Etfw">September 29, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><b>Bridging Time from Ethereum to Sui</b></h5> 
<p><span style="font-weight: 400;">At current time, it takes 13 minutes to bridge from <a href="https://www.altcoinbuzz.io/?s=ethereum" target="_blank" rel="noopener">Ethereum</a> to Sui. That’s because it takes two epochs on Ethereum to complete a transaction. Sui network validators, only consider finalized deposit transactions on Ethereum. It’s the Sui network validators who operate this bridge. This protects your funds in case of an Ethereum reorg.</span></p> 
<p><span style="font-weight: 400;">Sui doesn’t charge a fee on its bridge. Instead, it subsidizes claim gas costs. That’s when you bridge from Ethereum to Sui. The other way around, you will have fees at the Ethereum side of the bridge. For using the bridge, check out this Sui </span><a href="https://blog.sui.io/sui-bridge-launches-on-mainnet/" target="_blank" rel="noopener"><span style="font-weight: 400;">blog</span></a><span style="font-weight: 400;">. The picture below shows the user-friendly interface.</span></p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Sui Bridge is opening new doors to cross-chain interop, starting with Ethereum (ETH &amp; WETH) &lt;-&gt; Sui. More asset types will follow.<br> You can try it here by connecting your Sui and Eth wallets: <a href="https://t.co/ua8m8VweC8">https://t.co/ua8m8VweC8</a> <a href="https://t.co/zHPIK5K580">https://t.co/zHPIK5K580</a> <a href="https://t.co/IsxXyPcaPx">pic.twitter.com/IsxXyPcaPx</a></p> 
 <p>— Kostas Kryptos (@kostascrypto) <a href="https://twitter.com/kostascrypto/status/1841006990207648210?ref_src=twsrc%5Etfw">October 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><b>Conclusion</b></h5> 
<p><span style="font-weight: 400;">Sui launched its native bridge on the mainnet. This is a big deal for Sui. Over time, this should allow Sui to be less dependent on third-party bridges. Currently, the bridge connects Ethereum and Sui. Expect more options and assets in the future.</span></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.</p> 
<p>We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.</p> 
<p>Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/product-release/sui-bridge-now-live-on-mainnet/">Sui Bridge Now Live on Mainnet</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Sui Bridge Now Live on Mainnet

Altcoin Buzz

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