KEY TAKEAWAYS
- Sui integrates NEAR Intents, enabling seamless cross-chain transactions across 20 chains and over 80 assets without intermediaries.
- This integration enhances user experience by allowing direct asset swaps into Sui, eliminating the need for managing gas fees on multiple chains.
- NEAR Intents bring true interoperability to Web3, boosting Sui’s DeFi growth and expanding developer opportunities.
- Sui’s total value locked (TVL) and DEX volume have surged, highlighting its growing influence in the blockchain industry.
Today, Sui, a prominent layer-one blockchain designed for mass adoption, announced the integration of NEAR Intents, a product built on the NEAR blockchain. This integration enables Sui users to interact seamlessly across 20 chains and more than 80 assets, enhancing speed and simplicity in transactions. Users can now instantly swap assets from other chains, such as NEAR, BTC, ETH, SOL, XRP, DOGE, and ZEC, directly into Sui without the need for bridges or intermediary tools. The announcement was made here.
NEAR Intents introduce a new paradigm for cross-chain coordination. Instead of following traditional smart contract flows, users express their desired actions, which are then routed and executed by solvers that determine the most efficient fulfillment path. This approach offers a superior user experience compared to traditional cross-chain decentralized exchange (DEX) interactions.
With Intents, Sui users can now swap assets from major chains directly into the Sui ecosystem in seconds, eliminating the need to manage gas fees on multiple chains or navigate complex user interfaces. The integration supports various activities, including swapping, conducting over-the-counter (OTC) trades, and sending gift links for asset redemption, all while maintaining security and control.
Enhanced Interoperability and DeFi Growth
Illia Polosukhin, co-founder of NEAR Protocol, highlighted the benefits of this integration, stating that it brings true interoperability to Web3 and unlocks new experiences in decentralized finance (DeFi) and artificial intelligence (AI) for developers on Sui. Enhanced interoperability is seen as a growth catalyst, coinciding with Sui’s accelerating DeFi momentum. Sui currently holds over $1.7 billion in total value locked (TVL), ranking ninth among all blockchains. In the past 30 days, Sui recorded more than $8.1 billion in DEX volume, placing it eighth in the industry. Additionally, Sui’s stablecoin market cap surged to over $1 billion in June, marking a growth of more than 180 percent since the start of the year.
Christian Thompson, Managing Director of the Sui Foundation, emphasized the empowerment this integration offers users, allowing them to exchange value directly on their terms. The Intents-based swaps enable Sui users to trade, gift, and coordinate value quickly and privately, while developers can embed seamless peer-to-peer functionality into their applications without the overhead of bridging or complex infrastructure.
Future Prospects and Developer Opportunities
Alex Shevchenko, Co-Founder and CEO of Aurora Labs and Defuse, noted that this integration simplifies the user experience by abstracting away complexity while keeping everything on-chain, secure, and composable. The integration is live and ready for use, allowing developers to incorporate NEAR Intents directly into their Sui applications, thereby enhancing functionality and user reach. In the coming weeks, additional Sui-native tokens will be supported, further expanding the utility of this integration.
Why This Matters: Impact, Industry Trends & Expert Insights
The integration of NEAR Intents with the Sui blockchain marks a significant advancement in cross-chain functionality, allowing users to swap assets across multiple chains seamlessly and efficiently.
A recent industry report highlights a dominant trend in cross-chain protocols, which now account for 57% of total blockchain interoperability revenue, moving $1 trillion in assets annually. This trend aligns with the Sui-NEAR integration, which facilitates seamless asset transfers across multiple chains, enhancing user experience and operational efficiency.
According to Grayscale Research, Sui’s scalability and technical advantages position it well for growth and innovation. This supports the integration’s potential to accelerate the deployment of scalable, user-friendly Web3 applications, leveraging the combined strengths of Sui and NEAR for enhanced interoperability and user engagement.
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