$370 million in funds moved from Ethereum to other blockchains in the past month, with nearly 90% going to Sui and Solana
According to data from the Wormhole protocol, a total of $370 million in liquidity has been transferred from Ethereum to other blockchains in the past month, with nearly 90% going to Sui and Solana. Dan Reecer, the head of operations for Wormhole, believes that the outflow of funds may be driven by memecoins and airdrop speculation. Multiple Solana DeFi protocols, including Kamino, MarginFi, Parcl, and Solend, have announced their own reward systems. In addition, the incentive program within Sui's ecosystem has "driven a lot of DeFi activity," which may also explain some of the outflow of funds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec
BlackRock clients see Bitcoin as hedge amid rising US debt concerns
Former US President Donald Trump Made a Payment Using Bitcoin
The 45th President of the United States, Donald Trump, paid the bill using Bitcoin (BTC) at a venue he visited today. Here are the details.
Cencora Pays Record $75M Ransom in Major Cyberattack
In its July quarterly report, Cencora reported $31.4 million in expenses mainly due to the cybersecurity breach.
Trending news
MoreCrypto prices
More
