The number of on-chain transactions of Sui has surged recently. What is the "culprit" Spam project, and how can one participate?
Author: Alex Liu, Foresight News
Explosive number of transactions on Sui
A recent news article from Degen News, a media outlet focusing on the Solana ecosystem, sparked intense discussions: "The daily transaction volume of Sui has exceeded that of Solana." Doubts and criticisms quickly followed: "There must be something wrong with the data, as I don't see many people using it!" "Did they count instructions as transactions again?" Sui had previously faced criticism for confusing instruction count with transaction count. (One transaction may include several instructions.)
Toly, co-founder of Solana, generously shared and congratulated the news, while Adeniyi, co-founder and CPO of Sui, clarified that "these are all independent transactions," emphasizing the authenticity of the data.
Related tweet
Why has the number of transactions on the Sui chain surged? Adeniyi @'d the "culprit" behind all this — the developer of Spam, Juzy. What is the Spam project, and how can one participate?
What is Spam?
In short, Spam is similar to Ore on Solana, a PoW project on a PoS chain. Users earn tokens by continuously sending transactions, with the more transactions sent, the more tokens earned. Gas fees are the only cost to obtain tokens.
The total supply of SPAM tokens is 100 billion, with 10 billion mined daily for a total of 100 days. The daily inflation rate of the tokens gradually decreases.
100% token inflation on the first day, decreasing to 1% on the last day
These tokens obviously have no functional value, but they have gained popularity due to their characteristics: equal participation for everyone, no whitelist; predictable and transparent token supply; fair distribution with no pre-mining by the team; and only gas costs.
So, it turns out that none of this is actually new. Fair distribution has been a hyped concept for the past six months, and the gameplay concept of Spam seems quite similar to Ore.
However, there is one difference. Conducting PoW on a PoS chain sometimes serves as a "performance test" for the underlying chain. Solana exposed issues during Ore's test, with transaction success rates dropping to a low point, resulting in several days of almost unusable state for the entire chain. Sui, on the other hand, seems to have withstood the stress test. Despite the surge in transaction volume, transaction success rates, confirmation speed, and fees all remain in good condition. Therefore, after the news of surpassing Solana's daily transaction volume, subsequent actions seem to have become a "joint marketing" effort between Sui and the project team. Sui's official accounts and co-founders have actively promoted Spam, and even the SPAM-SUI LP on Turbos has begun to receive official subsidies in SUI token incentives.
Spam founder announces token incentives for SPAM-SUI
How to participate in Spam?
To consume SUI Gas and mint SPAM, one needs to go to its web minter, where a browser-based wallet for Spam will be generated.
The web minter will automatically handle everything: sending transactions, minting coins, and claiming SPAM. Simply transfer any amount of SUI for transaction fees to the wallet, click start, and you're done. Overall, the process is actually simpler than Ore's.
Spam web minter
It is also possible to use an existing wallet for Spam, but it requires loading the private key into the web minter program. If there are other assets (such as NFTs), it is not recommended to do so, as storing the private key in the browser storage poses some risks.
Also, remember to register before using Spam! The counter for Spam works on this principle: a new counter is created every day, transactions must be sent on the first day, registration must be done on the second day, and from the third day onwards, SPAM can be minted at any time.
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