Wrapped Bitcoin (wBTC) by BitGo Can Now Move From Ethereum (ETH) 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).

Cryptocurrency Sui (SUI) saw a price surge on Tuesday, reaching $3.37 and registering an 8.5% gain. This follows the announcement that Sui Bridge now supports the movement of Wrapped Bitcoin (wBTC) into the Sui network.

According to a blog announcement by the Sui team on Feb. 3, the integration marks the transformation of wBTC into a “fully composable asset” within the Sui ecosystem.

With the integration, users can now lend, borrow, trade or utilize wBTC in various decentralized finance (DeFi) applications. Among those now supporting wBTC are Bluefin, Navi, and Suilend, the announcement noted.

“BTC 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.”

Meanwhile, analysts are optimistic about Sui’s long-term potential. Earlier, Patrick Bush from VanEck noted that Sui, which currently has 280 active developers, is seen as a competitor to both Ethereum and Solana.

According to Bush, Sui has the potential to reach a price of $16 by the end of 2025, a significant increase from its current value and representing a gain of 326%.

However, Bush also highlighted several risks that could impact Sui’s long-term growth. Among them is the crucial need for effective business development.

Additionally, Bush noted that Sui lacks “a cohesive strategy that integrates technical development with ecosystem expansion.” Furthermore, the Sui infrastructure has not yet been stress-tested, raising concerns about its ability to handle complex operations.