Summary: The safest way to bridge to the Sui network is through a trusted cross-chain platform like Portal Bridge that supports transfers to the new layer 1. With Portal, users can connect their web 3 wallets to transfer assets from Ethereum, Arbitrum, BNB Chain and 10 other networks to Sui with low fees and fast finality.
We recommend Portal Bridge due to its competitive advantages, which include minimal fees, rapid transaction confirmation, and a wide variety of supported assets to move cross-chain.
Can I Bridge to Sui?
Yes, bridging from other networks to Sui is possible and achieved through a centralized or decentralized bridging service that allows the transfer of assets between two networks. This procedure involves locking the original tokens on one blockchain and creating corresponding tokens on the other.
For instance, when moving Ethereum’s native token (ETH) to the SUI network, the ETH would be locked, and an equivalent amount of wrapped ETH (WETH) would be produced on the SUI network.
How to Bridge to SUI Network
To bridge tokens to the Sui network, the only option currently available is Portal Bridge, which is the official bridge for Sui. Their platform allows users to bridge USDC, WETH, USDT and other tokens from Ethereum, BNB Chain, Polygon, Avalanche and a few other chains.
To help you get started, here is our simple 4 step guide on bridging to SUI:
- Visit Portal Bridge and connect your Web3 Wallet and SUI Wallet.
- Choose your origin chain (e.g Ethereum) and the SUI network as the two networks.
- Enter the number of tokens you want to bridge.
- Confirm the transactions on your wallet, and your funds will arrive in your Sui Wallet within a minute.
SUI Network Bridge Fees
The exact costs of transactions, including those involving a cross-chain bridge, can vary based on several factors:
- Network Traffic: Both the network you bridge from and the SUI network adjust their transaction fees in response to network usage. When the network is heavily used, the fees increase.
- Gas Costs: Transaction fees are determined in gas and paid in the chain’s token you are transferring from. Gas prices fluctuate based on network demand.
- Transaction Complexity: Transactions that are more complex, such as those interacting with smart contracts, may require more computational resources, thereby increasing the cost.
- SUI Network Charges: The SUI network adopts a distinct approach where fees are comparatively lower.
- Bridging Service Costs: Some cross-chain bridging services, may apply additional fees for their services.
Typically, you can expect to pay anywhere between $20-$30 for transfers from Ethereum to the SUI network and $10-$20 for transfers from the SUI network to Ethereum.
Understanding Sui Bridging Risks
Employing a blockchain bridge to move assets between networks, including the SUI network, involves risks such as potential smart contract vulnerabilities, unreliable validators, consensus mechanism failures, user errors due to the complexity of the process, and potential regulatory changes. To mitigate these risks, it is essential to use reputable bridge services like Synapse and thoroughly understand the bridging process.
In conclusion, bridging to the SUI network is possible and can be accomplished through reputable services like Portal Bridge. By understanding the associated costs, risks, and processes, users can effectively transfer assets between networks.
Keep in mind the fees, which can vary depending on several factors, and the potential risks like smart contract vulnerabilities, unreliable validators, and consensus mechanism failures. By using trusted bridge services and being well-informed, you can enjoy the benefits of cross-chain asset movement while minimizing the risks involved.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.