⬇️Bringing Assets to AlphaFi

Bridging assets from other blockchains

Fundamentals

There are a few basic concepts to cover before depositing assets on SUI from a centralized exchange or using a Bridge to move assets crosschain.

  1. AlphaFi is on the SUI Blockchain.

  2. You need a dedicated SUI Blockchain Wallet to start using AlphaFi or any DeFi protocol on SUI.

    • MetaMask and other multi-chain wallets won't work on SUI

    • We recommend using SUI Wallet, which is the official wallet from the SUI team.

  3. Assets like ETH, BTC, USDC & USDT are all Wormhole wrapped in SUI.

    • When bridging these assets to SUI, it is important to ensure your bridged assets are Wormhole wrapped.

  4. Portal bridge is a bridge built by Wormhole to move assets from one blockchain to another. We use Portal bridge for transferring tokens between SUI and other blockchains.

  5. Native USDC, USDT, and ETH are first wormhole wrapped and then transferred to SUI from other blockchains through Portal bridge

What are Wormhole Wrapped Assets?

Wormhole wrapped assets are tokens that let you use native Ethereum assets (like ETH) on other blockchains (like SUI or Solana).

Wormhole locks the original ETH in a smart contract on Ethereum and issues corresponding wrapped tokens that can be used on the other blockchains. One can always redeem your original ETH by returning the Wormhole wrapped tokens.

This is not to be confused with wrapped ETH (WETH), which allows ETH to be used as an ERC-20 token on Ethereum, while Wormhole wrapped ETH allows ETH to be used on other blockchains through the Wormhole portal bridge.

Different Ways to Bring Assets to SUI

Now that we've addressed the basics, there are many ways to bridge to SUI. Here's an overview. We will cover each one in detail, so jump to your method of choice.

  1. From a Centralised Exchange

  2. From the Ethereum Blockchain

  3. From the Solana Blockchain

  4. From any other Blockchain

1. From a Centralised Exchange

Note many mainstream CEX's like Bybit, Kucoin, Binance all support SUI token withdrawal now.

Bridging SUI

You can directly withdraw your SUI from the above central exchanges to the SUI blockchain by providing your SUI wallet address as the receiving address and specifying the SUI blockchain as the target blockchain.

Bridging USDC, USDT, ETH, BTC

Direct withdrawals to the SUI blockchain are not yet available for any assets except for the SUI token. So, it's best to withdraw your assets to another blockchain first and then bridge them to the SUI Blockchain using Portal Wormhole bridge. The easiest way to do this is to withdraw your assets to the Ethereum blockchain and then bridge those assets from Ethereum to SUI. Again using the Portal bridge.

When bridging small amounts of other tokens such as ETH from a central exchange, you can swap ETH to USDT, and USDT to SUI on the central exchange, withdraw SUI to the SUI blockchain directly to your SUI wallet, and then swap SUI to ETH on the AlphaFi swap. However, this results in multiple swap costs and slippage, so we do not recommend this approach for large amounts.

Note on swapping on SUI: As of right now the best swap rates on the SUI blockchain are found on hop.ag (this is a swap aggregator like 1inch on other chains) and sometimes on cetus.zone (which is the largest DEX on SUI). Our swap on AlphaFi currently pulls the liquidity and swap rates directly from hop.ag and in the future will pull the best rate from hop.ag and cetus.zone. AlphaFi charges no fee for the swap and we want users to get the best swap rates so please check all DEX's to get the best rates.

2. From the Ethereum Blockchain

You can bridge the following assets from the Ethereum Blockchain to the SUI Blockchain using Wormhole:

  • Native USDC

  • Native USDT

  • Native ETH

  • Wrapped BTC

To bridge these assets,

  • Visit https://portalbridge.com/

  • Under 'From' select the Ethereum network. Connect your Ethereum wallet. Choose your asset to bridge and enter the amount you would like to bridge.

  • Under 'To' select the SUI network. Connect your SUI wallet. Choose the asset you'd like to receive (in most cases this will be the worm-hole wrapped version of your asset. If you do not find the asset in available tokens, select the asset from Available tokens tab)

  • If you do not have any SUI in your SUI wallet already, you can select the box below the bridge to convert some of your assets you are about to bridge into SUI. We recommend doing 0.5 SUI which will allow you to do about 20 transactions.

  • Verify the data, make sure Automatic bridge is selected and approve the transaction (Automatic Bridge is selected is by default).

  • It might take up to 24 hours for your assets to show up on the SUI blockchain if you are moving large amounts (usually only for amounts larger than $500,000). You can monitor your transaction on wormholescan.io.

Note that the assets are automatically wrapped by Wormhole while transferring from Ethereum to SUI.

pro tip: try to transfer less than $500k in a single transaction for an instant transfer.

3. From the Solana Blockchain

When bridging assets from the Solana Blockchain, you have to follow two steps

  1. Swap your assets to their wormhole wrapped versions on Jupiter

    • ETH >>>> wETH

    • USDC >>>> wUSDC

    • USDT>>>> wUSDT

Note wUSDC that is used on SUI is called USDCet on Solana (please see below)

  • USDT >>>> wUSDT

Note wUSDT that is used on SUI is called USDTet on Solana (please see below)

  1. Bridge the Wormhole wrapped assets to the SUI Blockchain using Wormhole.

    • Visit https://portalbridge.com/.

    • Under 'From' select the Solana network. Connect your Solana wallet. Choose your asset to bridge and enter the amount you would like to bridge.

    • Under 'To' select the SUI network. Connect your SUI wallet. Choose the asset you'd like to receive (in most cases this will be the wormhole wrapped version of your from asset. If you do not find the asset in available tokens, select the asset from Available tokens tab).

    • Verify the data and approve the transaction.

    • It might take up to 24 hours for your assets to show up on the SUI blockchain (usually only for amounts larger than $500,000). You can monitor your transaction on wormholescan.

pro tip: try to transfer less than $500k in a single transaction for an instant transfer.

4. From any other Blockchain

To bridge assets to the SUI blockchain from any other blockchain, you have 3 options

  1. Deposit your assets to a centralized exchange and then follow Step 1. From a Centralised Exchange

  2. Bridge your assets to the Ethereum Blockchain and then follow Step 2. From the Ethereum Blockchain

  3. Bridge your assets to the Solana Blockchain and then follow Step 3. From the Solana Blockchain

Frequently Asked Questions

I do not see the asset I am trying to transfer on portal bridge.

Make sure you check the All Tokens tab in the wormhole bridge to select the source token

I have approved the transaction on the portal bridge, but I did not receive tokens in my SUI wallet

You can resume your transaction on the wormhole bridge by entering the transaction hash. You can find your transaction from any blockchain explorer in the source blockchain.

I do not seem to make any transactions on SUI even though I see transferred assets in SUI

You need SUI to cover the gas fee. You can either withdraw SUI directly to your SUI wallet from any central exchange or use portal bridge to convert from any native assets to SUI.

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