Sui Bridge Now Live on Mainnet

The Sui Network is currently on fire. Over the last 30 days, it’s up by 130%. It keeps breaking records left and right. For example, it reached $1 billion in TVL.

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. So, the Sui Bridge is a big deal for Sui. Let’s find out why.

Why Is this Native Bridge a Big Deal?

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.

Until now, the Wormhole Bridge 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.

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. 

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. Currently, the $ETH-$USDC pools don’t have liquidity. However, Sui plans to migrate the liquidity from the $WETH-$USDC pools within a week. 

Bridging Time from Ethereum to Sui

At current time, it takes 13 minutes to bridge from Ethereum 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.

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 blog. The picture below shows the user-friendly interface.

Conclusion

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.

$cbBTC

Disclaimer

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.

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.

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