TechFlow reported, according to data from the cross-chain bridge protocol Wormhole, $370 million in liquidity was moved from Ethereum to other blockchains last month, with nearly 90% flowing into Sui and Solana.
According to DL News, Dan Reecer, Head of Operations at Wormhole, said part of the appeal can be attributed to Sui's incentive programs within its ecosystem, which "have driven significant DeFi activity." The growth in Solana's liquidity may be linked to users seeking points across different applications after observing recent community rewards from apps like Jito.
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