MystenLabs
Please help. People's funds are tied up due to the Sui Bridge problem.
Hello.
Currently, many people have been stuck bridging suiUSDT on Sui Bridge for over 48 hours. I understand that Sui Bridge has a daily quota. The quota for the Ethereum chain from Sui chain appears to be equivalent to 18 million USD. However, the current price of suiUSDT is unstable at 0.9983 USDC, so a few people seeking price arbitrage are monopolizing the entire quota every day.
Their process is as follows:
- Buy USDC from a major exchange like Binance in the USDC/USDT market at a price of 1.0 to 0.9997 USDT.
- Send USDC to the Sui chain.
- Buy suiUSDT from the suiUSDT/USDC market at a price of 0.999 to 0.996 USDC.
- Send USDT to the Ethereum chain via Sui Bridge.
- Repeat...
- This means they can buy suiUSDT cheaply, and then buy USDC cheaply again.
Problem
- A small number of people monopolize the daily Sui Bridge quota.
- They profit from thousands to tens of thousands of dollars per bridge, so they operate nonstop.
- To monopolize the quota, they use scripts to send transactions, spending hundreds to thousands of dollars on gas fees alone.
- If this situation persists, ordinary users will no longer be able to use Sui Bridge, and their funds will be frozen until the suiUSDT price stabilizes.
- The daily quota of 18M is too small for the suiUSDT price to stabilize. People's funds have already been frozen for over 48 hours, and this issue has existed for several months.
Suggested Solutions
- A queue system that ensures everyone has a turn, rather than a monopoly for a select few.
- While it's possible to see these people purchasing suiUSDT, this activity also helping to stabilize the suiUSDT price, but Sui Bridge's daily quota of 18M is not enough to stabilize the price in short time. It needs to be increased much much more.
- Limiting the value per bridging available would be even more effective. If this limit and the queue system exist together, ordinary people can also wait in line to receive their funds.
- A bridge cancellation system? If it were possible, there'd be no reason for people to be tied up for more than 48 hours.
Some people say, "Why limit those who pay large fees and take what they rightfully deserve?" I hope the Sui project and its ecosystem don't aim to monopolize resources solely for those who are skilled at handling APIs and writing good code.
Thank you for opening this issue, a team member will review it shortly. Until then, please do not interact with any users that claim to be from Sui support and do not click on any links!
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And here is why I'm writing this in here. The Sui Bridge Discord channel hasn't been helpful for over 48 hours. It's just a constant stream of messages telling me to wait, check every hour, and try again tomorrow. There's no other place to ask for help... in the discord channel me and people already been complaning over 48 hrs... and we really frustrated and upset.. .we really need help.
I just found @Bridgerz dev developing Bridge V2, #23432
I'm not good at code but I was able to get an explanation after comparing through AI.
So, it seems that the variable maxSkipLimiterNonce allows old bridging requests (old nonces) that lost in the withdrawal competition to be accepted without any bridging restrictions.
So like me, who are waiting over 48hrs or weeks ppl will be saved.
And the validators set the value of maxSkipLimiterNonce.
Thank you. I hope this is implemented asap.
