How USDC’s Expansion to Sui Enhances Crypto Network Security and Liquidity

• Despite the integration’s impact, Sui’s native cryptocurrency, SUI, has not seen a price surge but remains a top performer.
• Circle supports Sui’s fast, secure network through compatibility with Circle Mint and APIs, boosting USDC liquidity and access.

The stablecoin USD Coin (USDC) is now natively integrated into Sui, a blockchain network compatible with the Ethereum Virtual Machine (EVM). Announced on October 8, this development marks a step for Circle, the company behind USDC, as it extends its reach across multiple blockchain platforms.

Previously, a wrapped version of USDC, known as wUSDC, was available on Sui, facilitated by Wormhole. However, Circle emphasized that wUSDC is not issued by them and does not represent their official token.

This native integration means that USDC issued directly by Circle is now operating on Sui, without the need for bridging solutions. This enhances the stability and security associated with USDC transactions on the network.

Circle’s announcement on their official blog states:

“Native USDC on Sui is now available! We are excited to announce that native USDC is now accessible on the Sui mainnet to both developers and users, without the necessity for bridges. Circle Mint and Circle’s APIs are fully compatible with USDC on Sui, facilitating access to USDC liquidity and the benefits of Sui’s fast and secure network.”

With this new integration, USDC is now natively present on 16 different cryptocurrency networks, including Ethereum, Solana, Arbitrum, Near, and Polkadot. The expansion into these diverse networks underscores Circle’s commitment to broadening the usability and accessibility of USDC across the digital finance landscape.

Despite the significance of this integration for the Sui network, the price of Sui (SUI), the native cryptocurrency of the network, has not experienced a notable surge following the announcement. Nonetheless, SUI remains one of the top-performing cryptocurrencies in the past week and continues to be a trending asset in the crypto market.

Last week, a report by ETHNews explored the potential future price expectations for Sui, reflecting the community’s optimism and speculative outlook towards its growth. The seamless integration of USDC on Sui is expected to bolster the network’s functionality and appeal to a broader range of users and developers, promoting further innovation and adoption within the crypto ecosystem.

Sui Implements SCION to Improve Internet Routing

The internet operates through a network of Autonomous Systems (ASes), which are managed by various entities such as Internet Service Providers (ISPs), companies, governments, and universities. Data on the internet travels in packets that move from one point to another using the Border Gateway Protocol (BGP). 

This protocol directs packets based on destination IP addresses alone, without considering traffic conditions. Consequently, packets may encounter delays if they are routed through congested networks, similar to traffic congestion on roads.

🛡️Sui has become the first Layer-1 project to run SCION (now in Testnet), a stronger alternative to the routing and forwarding protocols in today's Internet, improving Sui's security and resilience.

🔒SCION protects Sui validators against many attacks that are possible on the…

— Sui (@SuiNetwork) October 3, 2024

 

The integration of SCION , which stands for Scalability, Control, and Isolation On Next-Generation Networks, into Sui’s infrastructure aims to address these routing inefficiencies. SCION is designed to offer a smarter routing system that can actively avoid congested paths, ensuring that data packets find the quickest route to their destinations.

One key benefit of SCION is its ability to safeguard the network’s validators from various cyber threats, including Distributed Denial of Service (DDoS) attacks and rerouting attempts. These threats can disrupt network operations and lead to financial losses, as was the case in 2018 when attackers rerouted DNS traffic and stole $17 million in Ethereum.

My hot take. #Sui + #Walrus + #SCION will redefine the Internet. By @Mysten_Labs

— Adeniyi.sui (@EmanAbio) October 5, 2024

The adoption of SCION by Sui provides the blockchain with a tool to maintain communication and consensus among nodes during cyber attacks. This capability allows the network to operate uninterrupted, even in adverse conditions.

Source: Tradingview

The current price of SUI (Sui/USDT) is 1.9491 USDT, with a decrease of 1.90% over the past 24 hours. Over the past week, the price has increased by 10.94%, and over the past month it has increased significantly by 107.54%. Over the year, the increase has been 151.44%.