The Sui Foundation has announced the launch of the Sui Bridge on its mainnet, enabling secure asset transfers between Ethereum and Sui. The bridge focuses on simplifying the process of moving assets between chains, starting with Ether (ETH) and Wrapped Ether (WETH).

Sui Launches Bridge to Transfer Assets Between Ethereum and Sui

According to a blog post by the Sui Foundation, the launch of the Sui Bridge is a major step forward in Sui’s efforts to improve interoperability within the Web3 ecosystem. By providing an in-house solution, the bridge enhances connectivity between decentralized finance (DeFi) applications on both Ethereum and Sui, allowing for smoother asset transfers.

Sui operates as a layer 1 (L1) blockchain, addressing the scalability and performance challenges of Web3. This L1 blockchain uses parallel transaction processing, a unique object-centric data model, and the Move programming language for enhanced security. Designed for high-throughput and ultra-low-cost applications, Sui aims to provide fast finality, low latency, and horizontal scalability to accommodate a variety of use cases.

Unlike third-party solutions like Wormhole, the Sui Bridge relies on the network’s validators for security, ensuring that transactions receive the same protections as other on-chain activities in the Sui ecosystem. Currently, the bridge supports transfers of ETH and WETH, with plans to expand capabilities and asset coverage in future updates.

According to the Sui Foundation, the bridge interface is designed to be easy to use, allowing users to connect their Ethereum and Sui wallets, select the token to transfer, and initiate the conversion process. Most tokens will be automatically sent to recipients on Sui, although in rare cases, users may need to manually claim their tokens.

Looking ahead, the Sui Foundation plans to expand the bridge's functionality to accommodate more assets and use cases. Liquidity will also move from existing WETH-USDC pools to ETH-USDC pools, reflecting Sui's continued growth in the decentralized finance space.

Will Sui Price Trigger a Sell-Off After Unlocking $112 Million Worth of Tokens?

After a strong uptrend, the price of Sui (SUI) has been steadily increasing over the past few weeks. The rally has reached an impressive 133% over the past month. However, the current trend shows a slight decline in the market as investors worry about the upcoming Sui token unlock.

Sui is set to release about $112 million worth of tokens, representing 2.4% of the total circulating supply. The event is scheduled for October 1. Such token releases often lead to market volatility and can cause prices to drop due to a sudden increase in supply.

However, the value of SUI has increased by 18% in 7 days and 76.4% in 14 days, respectively, thanks to the news of Grayscale launching the SUI Trust and Circle launching USDC on the Sui blockchain. This has increased investor confidence, as evidenced by the total value locked (TVL) in the project, which has increased fivefold since January. As of October 1, TVL reached a record high of $1.012 billion.

Sui TVL | Source: DefilLama

While the upcoming token unlock may cause high volatility, the strong growth in SUI’s TVL suggests lasting hope in the cryptocurrency’s value. Observers and investors are closely watching to see if the altcoin’s recent gains can withstand the increased supply.

Source: https://tapchibitcoin.io/sui-bridge-ra-mat-tren-mainnet-ket-noi-ethereum-va-sui.html