cryptonews.net 01 October 2024 14:32, UTC

The launch of the Sui Bridge is a major step in Sui’s efforts to improve interoperability in the Web3 ecosystem, according to a blog post from the foundation. By offering its own solution, the bridge improves communication between decentralized finance (DeFi) applications on both Ethereum and Sui, facilitating smoother asset transfers. Unlike third-party solutions like Wormhole, the Sui Bridge relies on network validators for security, ensuring that transactions receive the same protections as other on-chain transactions in the Sui ecosystem.

The bridge currently supports ETH and WETH transfers, with future updates slated to expand its capabilities and range of assets. According to the Sui Foundation, the interface is user-friendly and allows participants to connect their Ethereum and Sui wallets, select the token to transfer, and begin the connection process. Most tokens are automatically sent to recipients on Sui, although the foundation says that in rare cases some users may need to manually claim their tokens.

In the future, the Sui Foundation plans to expand the functionality of the Bridge to cover a wider range of assets and use cases. Liquidity will also migrate from the existing WETH-USDC pools to ETH-USDC pools, reflecting Sui’s ongoing developments in the decentralized finance space. The foundation also expressed gratitude to early testers for their valuable feedback, which helped improve the user experience.

Image: Binance Academy