$370 million in funding has moved from Ether to other blockchains in the past month, with nearly 90 per cent going to Sui and Solana

According to crypto bridge protocol Wormhole, $370 million in liquidity has moved from Ether to other blockchains over the past month, with nearly 90 per cent of that going to Sui and Solana. Dan Reecer, head of operations at Wormhole, believes the outflow of funds may have been driven by memecoin and airdrop speculation, including on Kamino, MarginFi, Parcl, and Solend, which have all announced their own points systems for multiple Solana DeFi protocols. Additionally, incentive programmes within Sui's ecosystem "drive a lot of DeFi activity", which could also explain some of the outflows.