Alisa Davidson
Published: October 01, 2024 at 3:07 am Updated: October 01, 2024 at 3:07 am
Edited and fact-checked:
October 01, 2024 at 3:07 am
In Brief
Sui Foundation announced the launch of Sui Bridge on Mainnet, enabling trust-minimized asset transfers between the Ethereum and Sui networks.
Organization dedicated to advancing and promoting the Sui blockchain, the Sui Foundation announced the launch of its Sui Bridge on the Mainnet, which aims to enhance interoperability. The Sui Bridge serves as a native solution for transferring assets to and from external ecosystems.
This launch allows for trust-minimized asset transfers between the Ethereum and Sui networks. The new feature provides users with a direct and native pathway to move assets , while all transactions are being secured by Sui’s network validators, which ensures they are safeguarded by the same strong infrastructure that underpins and safeguards the Sui blockchain.
With multiple bridging options available, individuals might come across various versions of the same bridged asset. For instance, ETH transferred to Sui through the Sui Bridge (ETH) is distinct from ETH transferred via Wormhole (WETH). To enhance user experience, applications on Sui will be updated in the coming weeks to clearly distinguish between these different assets, helping users effectively identify and manage them. At present, the Sui Bridge supports transfers of ETH and WETH between the Sui and Ethereum networks.
In order to initiate a transfer, individuals are advised to access the Sui Bridge web interface, link an Ethereum and Sui wallet, select the desired token, specify the amount to be bridged, and then click “Bridge assets.” After approving the transaction through their wallet, users will be redirected to a transaction details page, where they can monitor the progress of the bridging process. Transfers from Ethereum to Sui typically take around 10 minutes to complete due to Ethereum’s probabilistic finality. Once finalized on Ethereum, bridged tokens are usually sent directly to the recipient’s address on Sui without requiring manual claims. However, in certain cases, recipients might need to manually claim their tokens via the user interface.
Sui To Launch Native USDC And Cross-Chain Transfer Protocol On Its Network
Sui is developed in Rust, which supports smart contracts written in Sui Move—a customized version of the Move programming language tailored by the project team. It operates using a Delegated Proof-of-Stake (DPoS) consensus mechanism, which is secured by the network’s native token, SUI. Both validator operators and token holders contribute to the security by staking SUI or delegating their tokens to existing validators.
Recently, Sui announced its plans to launch the native USDC on the network. This initiative aims to improve Sui’s utility and interoperability for users and builders, providing additional liquidity, simplifying transactions, as well as boosting overall market efficiency within the Sui ecosystem.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Thank you for taking the time to explore the launch of Sui Bridge on the Mainnet and Sui’s plans to introduce native USDC on its network. The advancements made by the Sui Foundation in enhancing interoperability between Ethereum and Sui networks showcase the continuous innovation in the blockchain space.
As the digital finance landscape evolves, it is exciting to witness the development of technologies like Sui Move and the Delegated Proof-of-Stake consensus mechanism. These improvements not only enhance the usability of Sui but also contribute to the overall efficiency and security of the ecosystem.
For more trending news articles on blockchain, cryptocurrency, and decentralized finance, be sure to check out DeFi Daily News. Stay informed and engaged with the latest updates from the world of decentralized finance!
