Wrapped Bitcoin by BitGo can now move from Ethereum to Sui via Sui Bridge, expanding BTCfi for the Sui ecosystem.
The price of Sui (SUI) surged to $3.37 on Tuesday, Feb. 4, gaining 8.5%, following the news that Sui Bridge now supports Wrapped Bitcoin (wBTC). With the integration, users can now move Bitcoin (BTC) from Ethereum (ETH) to the Sui network.
In a blog announcement on Feb. 3, the Sui team said that the network is turning wBTC into a โfully composable asset.โ Users can now lent, borrow, trade, or put their wBTC to work in various decentralized finance apps, such as Bluefin, Navi, and Suilend, all of which are now supporting wBTC, the announcement reads.
โBTC has always been a cornerstone of crypto, but its use has been largely limited to being a store of value. BTCfi on Sui changes that, turning wBTC into a fully composable asset that integrates seamlessly across DeFi protocols on Sui.โ
Sui
Meanwhile, analysts appear to be optimistic about Suiโs long-term potential. Patrick Bush from VanEck earlier noted that Sui, which currently has 280 active developers, is seen as a competitor to Ethereum and Solana. By the end of 2025, Bush says Sui can reach a price of $16, up from its current level, representing a 326% increase.
Still, the cryptocurrency faces several risks that could impact its long-term growth, Bush warns. One key challenge is its need for effective business development. Additionally, Sui hasnโt yet developed a โcohesive strategy that integrates technical development with ecosystem expansion,โ Bush writes. On top of that, Suiโs infrastructure hasnโt been stress-tested, raising concerns about its ability to handle complex operations.
