Sui Launches Native Bridge to Ethereum

Ethereum users can now bridge ETH to the Layer 1 Sui blockchain and vice versa.

Launched on Sept.30, the Sui bridge provides a native link between Sui and Ethereum, allowing seamless asset transfers between the two chains.

“The launch of Sui Bridge is an important moment in Sui’s interoperability journey, enabling trust-minimized asset transfers between Ethereum and Sui,” Sui wrote in its blog post.

Before this launch, Wormhole, a decentralized cross-chain interoperability protocol, was the only option to bridge between Sui and Ethereum. Wormhole enables users to bridge tokens and data across several blockchain networks, utilizing a network of validators called "guardians" to monitor cross-chain events and validate transactions.

According to data from Wormholescan, approximately $2.5 billion in assets have been bridged from Ethereum to Sui, with over $267 million transferred in the past 30 days alone.

On Monday, Sui climbed into the top 20 cryptocurrencies by market capitalization, surpassing Litecoin and reaching a market cap of $5.2 billion. SUI is up 135% in the past 30 days.

Sui's total value locked (TVL) now stands at $1.61 billion, an increase of 527% year-to-date, according to data from DeFiLlama.

The Sui Bridge currently only supports ETH and WETH transfers.

"This focused launch approach ensures a stable and secure user experience for bridge users. Future updates will expand support for additional assets and functionality,” the Sui team noted.

Sui Ecosystem Surges

Sui’s ecosystem has been maturing, driven by recent developments.

On Aug. 7, Grayscale, one of the world’s largest digital asset managers, launched its SUI Trust. In less than two months, the single-asset trust has amassed $2.3 million in assets under management (AUM), highlighting growing institutional interest in the Sui network.

On Sept. 17, Circle, the issuer of USDC, announced that USDC would be coming to Sui through the Cross-Chain Transfer Protocol.

Sui’s monthly active addresses rose to 4.1 million in September, an increase of approximately 41% from 2.9 million in August and a staggering 834% jump from 439,000 in January, according to Artemis Data.