This article will focus on the technical features and current ecological development of Sui, exploring why it stands out in the ever-evolving blockchain industry and attracts a lot of attention.

Author: stella@footprint.network

The launch of the Sui blockchain is a sign of further innovation in blockchain technology. The chain, developed by Mysten Labs, whose team members have had outstanding professional achievements at Meta, attracted widespread attention in the crypto community even before its mainnet launch.

This article will focus on the technical features and current ecological development of Sui, exploring why it stands out in the ever-evolving blockchain industry and attracts a lot of attention.

Introduction to Sui

Sui blockchain is an innovative Layer 1 platform dedicated to providing a seamless on-chain experience for developers and users. The chain focuses on promoting the diversified development of dApps, boasting outstanding performance, fast transaction processing speed, and significant cost advantages.

The core advantage of Sui lies in its strong commitment to instant transactions, significantly reducing the delay in smart contract execution. Compared to other Layer 1 platforms, Sui demonstrates excellent transaction processing capabilities.

• Team

Mysten Labs, founded by former Meta (formerly Facebook) experts, is driving the development of the Sui chain. Core team members have been involved in Meta's Novi wallet and Diem stablecoin projects. Leveraging their deep expertise in the blockchain field, they are innovating in the Web3 space.

• Funding

On September 8, 2022, Mysten Labs completed its latest round of funding, raising $3 billion with a valuation of $20 billion. In addition to FTX Ventures leading the investment, this round of funding also received support from industry giants such as Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and Andreessen Horowitz (a16z).

• Development Milestones

In March 2022, Mysten Labs launched its Layer 1 Sui blockchain with an open software development kit (SDK). By May 2022, the company had completed the design of Sui's token economic model. Sui's testnet went live in August 2022, followed by three testnet activities with incentives to test the network's performance. The first test in November 2022 focused on node operators and independent validators. The second test in January 2023 focused on Sui's token economics. The third test launched in February 2023 further stress-tested the network. These organized tests laid a strong foundation for Sui's mainnet launch in May 2023. By the end of November, Sui's TVL reached $1.5 billion, with a transaction volume exceeding 19.5 billion.

• Token

Sui's token economic system is designed to align with its technical blueprint, built around five core pillars: SUI token, transaction fees, Sui storage fund, Proof of Stake (PoS) mechanism, and on-chain governance voting. The total supply of SUI tokens is set at 10 billion. As of November 30, the token's price was $0.62, with a market cap of approximately $5.8 billion.

Advantages of Sui

Sui excels in technical innovation and places great emphasis on interoperability.

• Firstly, Sui adopts the native programming language Move. Move is a programming language tailored for the Sui chain, designed to ensure the security and efficiency of smart contract development. Originating from the Diem project, the powerful asset handling capabilities and access control mechanisms of Move language greatly simplify the process of digital asset and transaction management, prioritizing security.

• Secondly, Sui has excellent horizontal scalability, able to adapt in real-time to the changing needs of the network, allowing validators to adjust computing resources as needed. This ensures that even during network peak periods, transaction costs remain low and stable, while incentivizing validators to reasonably allocate their network resources. Additionally, Sui's scalable on-chain storage feature allows for the creation of complex on-chain assets without relying on off-chain solutions, greatly simplifying blockchain asset management.

• Furthermore, Sui can process non-sequential actions (such as asset transfers and NFT minting) in parallel, improving transaction processing efficiency. Unlike traditional blockchains that require global consensus, Sui's use of "Byzantine Fault Tolerance consensus" promotes high transaction throughput and low latency. This not only enables scalable transaction processing but also ensures almost instant transaction confirmation and strong security. As of November 30, Sui had completed an astonishing 19.6 billion transactions. In July, due to the popularity of the Sui 8192 game, Sui's daily transaction volume surged to 22.96 million. Despite the peak period passing, Sui's performance remains strong, with the daily average transaction volume in November stabilizing at 2.69 million.

Data Source: Daily Transactions on Sui

Sui Ecosystem

According to data from the Sui official website, as of the end of November, the Sui ecosystem has nurtured 85 different projects. These projects cover multiple areas, including:

• Gaming: Sui 8192, Arcade Champion, Run Legends.

• DEX: Cetus, KriyaDEX, FlowX Finance.

• Lending: Scallop Lend, Navi Protocol, OmniBTC.

Among these projects, Sui 8192 has received widespread attention due to its high user engagement and large transaction volume. Sui 8192 is a fully on-chain, open-source, and challenging game developed on Sui by the Ethos team, inspired by the classic game 2048. The gameplay is quite intuitive: players achieve a score of 8,192 by moving and merging blocks with numbers, with each move and merge recorded as a transaction, updating the on-chain game state in real-time.

On September 28, Sui launched a Web3 game platform called Play Beyond, integrating 18 different games. This portal is designed to be simple and user-friendly, allowing players to easily access the convenience brought by Sui blockchain technology without needing to master complex cryptocurrency knowledge while enjoying the games. The launch of this platform reflects the trend in the gaming industry in 2023 towards immersive and user-friendly experiences.

Since the launch of the Sui mainnet, its rapid development has attracted over 5.72 million users. Particularly noteworthy is the popularity of Sui 8192 in July, which attracted a lot of attention and saw a continuous increase in user base. Additionally, Sui's user loyalty incentive program has further propelled its development. The Quest 2 event from July 28 to September 5 highlighted Sui's potential in the DeFi field, while the Quest 3 event from October 12 to November 9 focused on gaming projects. These loyalty programs have played a crucial role in encouraging users to participate and explore the diverse functionalities of the Sui ecosystem.

Data Source: Daily Active Users on Sui

In September, Sui took a series of measures to lower the barriers for users to enter the Web3 world by integrating OpenID Connect, allowing users to create on-chain accounts using existing mainstream Web2 services such as Google, GitHub, Microsoft, Apple, and Facebook. This integration eliminates the need for private keys or mnemonic phrases, greatly simplifying the onboarding process for new users. Additionally, Sui also utilizes zero-knowledge proofs (ZKPs) to maintain user privacy. These integration measures make the entire Sui ecosystem more accessible and user-friendly.

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