Authored by: TinTinLand
In less than a year, the Layer1 blockchain Sui, founded by the Mysten Labs team, has rapidly risen to the top ten in decentralized finance (DeFi). According to DeFi Llama's data, Sui's total value locked (TVL) has grown by over 1000% in just four months, surpassing many mature projects. Currently, the Sui ecosystem includes 22 DeFi protocols, with two of them having a TVL exceeding $1 billion, and four other protocols with a TVL exceeding $40 million.
Greg Siourounis, Managing Director of the Sui Foundation, expressed recognition of this achievement: "This momentum not only validates the advanced technology of Sui, but also reflects the dedication of the Sui community. The key is that we observe the products built by developers on the Sui platform being used to solve real-world problems, which will lay a solid foundation for us to build a sustainable decentralized network."
This article is the third in a series about the Sui ecosystem, aiming to comprehensively showcase the development trajectory and future potential of Sui. In the first two articles, we explored "How Sui is building the next Web3 platform for one billion users?" and "Let's Move Sui: Unlocking the high-performance potential of blockchain, exploring innovative development experiences." We invite all developers and blockchain enthusiasts to continue following TinTinLand, where we will bring you more exciting content!
Current Development Status of Sui Ecosystem
Key Data and Network Performance
Since the mainnet launch in 2023, the development speed of the Sui ecosystem has been remarkable. As of May 2024, there are over 500 active nodes in the Sui ecosystem, distributed globally, ensuring the network's decentralization and high availability. Over the past year, the Sui ecosystem has not experienced a minute of downtime or performance degradation, and has achieved several remarkable technical achievements. For example, the final confirmation time for transactions is only 400 milliseconds, and the peak transaction processing speed in a controlled environment has reached 297,000 transactions per second, with a daily transaction volume of up to 65.8 million transactions.
In addition, the daily transaction volume of Sui has been maintained at a steady level. From May to the present, the total number of transactions processed by the Sui network has exceeded 309 million, with over 100,000 active wallets participating in transactions on average each day. With its unique object-centric model and parallel processing mechanism, Sui is capable of processing over 100,000 transactions per second, far exceeding the performance limitations of traditional blockchains. This efficient transaction processing capacity not only provides users with a smoother experience, but also attracts more developers and projects to build on Sui.
Move 2024 Version Update
The core smart contract programming language Move, adopted by the Sui ecosystem, has undergone a major update. The 2024 update not only adds features such as enums, macro functions, and method syntax, greatly enriching developers' programming toolboxes and enabling them to develop applications more efficiently and flexibly.
Enums allow developers to define a single type that can contain multiple data forms, which is more flexible than structs because the fields of a struct are always fixed, while an enum can change its fields based on variable types. For example, in enum Option { None, Some(T) }, None does not contain fields, while Some contains a field of type T.
In addition, the macro function feature of Move allows it to simulate higher-order functions, such as map, filter, fold, etc., which are used in many programming languages to succinctly handle collections. Although Move itself does not support runtime behaviors such as lambda functions or function pointers, the introduction of macro functions allows these higher-order operations to be inlined at compile time, thereby improving efficiency and expressiveness.
These updates are expected to first go live on Devnet, and then gradually be rolled out to Testnet and Mainnet, ensuring stability and reliability in production environments.
? View the Move 2024 version migration guide immediately:
https://github.com/tnowacki/sui/blob/ccbf0c4b86112886abbbea25b7991dd5decd1f0f/docs/content/guides/developer/advanced/move-2024-migration.mdx
Infrastructure Development
To further enhance network performance and user experience, Sui introduced several technological innovations at the recent global inaugural offline conference, Sui Basecamp, including Mysticeti, which significantly shortens the final confirmation time, and Pilotfish, which allows validation nodes to scale capacity across multiple machines. These innovations enable Sui to horizontally scale almost limitlessly, greatly enhancing the network's scalability.
In addition, Sui has introduced some unique technologies to make blockchain more user-friendly. For example, zkLogin enables on-chain authorization with traditional OAuth providers such as Google and Twitter, allowing all users to operate directly on-chain through single sign-on, eliminating the barriers of managing wallet addresses and seed phrases. zkSend, leveraging zkLogin, allows users to send and receive tokens by sharing or clicking a link. With Sui's extremely low transaction fees, the sponsored transaction feature enables developers to eliminate the last barrier for user participation. The Enoki solution provides enterprises with plug-and-play blockchain technology, enabling seamless integration with the Sui network and simplifying enterprise-level blockchain applications.
Community and Developer Activities
The rapid development of the Sui ecosystem is inseparable from the support of an active community and developers. Sui has organized various forms of activities, including online seminars, hackathons, and developer competitions. On April 21, 2024, Sui launched the first global hackathon, Sui Overflow. The event aims to inspire the innovative potential of developers worldwide. It covers seven tracks, including infrastructure and tools, zkLogin, gaming, DeFi, mobile, and mass applications. Participants can showcase their work and compete for over $1 million in prizes. This hackathon is not only a platform to showcase technology and creativity but also a crucial opportunity to drive the flourishing development of the Sui ecosystem.
? Join Sui Overflow now: https://Sui.io/overflow
? Check out: "Analysis of the first global hackathon tracks of Sui, are you ready?"
Want to participate in the hackathon but don't know where to start? Don't worry! On May 16 (Thursday) at 20:00, TinTinLand invited Sui technical ambassador uvd to provide a comprehensive analysis of the Sui Overflow tracks and an analysis of outstanding projects. If you missed the live broadcast, you can watch the replay below to get expert guidance and find the best direction for your hackathon journey!
Replay: https://www.bilibili.com/video/BV1Yt421M7Q4/
Popular Tracks and Project Introductions
NFT
The performance of the Sui ecosystem in the NFT track is also remarkable. NFT projects uniquely identify digital artworks, collectibles, and in-game items using blockchain technology, giving them unique value.
Fuddies, a well-known NFT project on Sui, is renowned for its unique art style and strong community support. Fuddies is not just an art collection but also a vibrant community that regularly hosts various activities and benefits.
Learn more: https://t.co/KBRCAO8eOc
DeSuiLabs is dedicated to creating a series of high-quality NFTs covering art and gaming assets, among other areas. Its innovative technology and rich content have attracted a large number of users and investors.
Learn more: https://heylink.me/DeSuiLabs/
Inscription & MEME
Sacabam is a notable Inscription project in the Sui ecosystem, allowing users to record any content on the blockchain through simple operations, ensuring the immutability and permanence of information.
Learn more: https://linktr.ee/sacabamfun
The FUD project focuses on the dissemination and development of MEME culture. Through decentralized means, FUD provides a platform for users to create and share MEMEs, greatly enriching community culture.
Website: https://fudthepug.com/
Gaming
Panzerdogs is a multiplayer online game based on blockchain technology, allowing players to obtain and trade unique in-game assets. Its high interactivity and rich gameplay have attracted a large player base.
Website: https://home.panzerdogs.io/
Bushi is an innovative game incorporating blockchain technology, allowing players to experience unique battles and adventures while earning profits through the in-game economy.
Website: https://playbushi.io/
Infrastructure
Payth Network is committed to providing efficient and secure infrastructure services for the Sui ecosystem. Its innovative solutions include cross-chain bridges and payment gateways, greatly enhancing the usability and scalability of the Sui ecosystem.
Website: https://pyth.network/
Supra is a key infrastructure provider in the Sui ecosystem, focusing on providing high-performance blockchain services. Its unique technical architecture and strong performance set it apart in numerous projects.
Website: https://supra.com/
DeFi
The DeFi track holds an important position in the Sui ecosystem. Through smart contracts and blockchain technology, DeFi projects provide decentralized financial services to users, breaking down traditional financial barriers and enhancing the transparency and efficiency of financial activities.
Cetus is a leading decentralized finance platform in the Sui ecosystem, offering a range of DeFi products including lending, trading, and yield farming. Its advanced technology and user-friendly interface have attracted a large user base.
Website: https://www.cetus.zone/
Scallop.io is a platform integrating various decentralized financial services, aiming to provide users with a one-stop DeFi experience. Scallop.io not only supports basic functions such as lending, trading, and staking but also introduces innovative insurance and payment solutions, enhancing the security and convenience of users' financial activities. The platform adopts a user-friendly interface design and efficient operation process, making it easy for novice users to get started.
Website: https://scallop.io/
Wallet
Sui has also excelled in infrastructure development. Firstly, Sui Wallet, as the core tool for users to transact and manage assets, has been widely used. In addition to supporting browser extensions, Sui Wallet launched a mobile application for iOS and Android systems on May 9, 2024, providing users with a one-stop digital asset management solution. Furthermore, Sui Wallet delves deep into the NFT field, allowing users to organize and access their NFTs directly through the application without switching between different platforms, providing great convenience for NFT management.
The token exchange feature of Sui Wallet is also a major highlight. Users can directly exchange different Sui tokens within the application, eliminating the hassle of using external exchanges. This not only simplifies the trading process but also potentially reduces transaction fees, providing users with a more convenient trading experience.
Sui Wallet also supports built-in interaction with DeFi protocols. Users can directly manage their investments through the application, interacting with various DeFi applications and smart contracts. Additionally, Sui Wallet provides staking and management of SUI (Sui Network's native token), allowing users to not only support the network through staking but also receive corresponding rewards.
Experience Sui Wallet now: https://suiwallet.com/
Marketplace
Hyperspace is a decentralized marketplace on Sui where users can trade various digital assets, including NFTs and in-game items. Its simple and intuitive interface and powerful features have attracted a large user base.
Website: https://t.co/38nlztb4gE
Clutchy is a comprehensive decentralized marketplace where users can easily buy and sell various blockchain assets. Its powerful search and recommendation features make the user experience smoother.
Website: https://clutchy.app/marketplace
In the Sui ecosystem, popular tracks and projects continue to emerge, each showcasing Sui's strong innovation and unlimited potential.
For more information about projects in the Sui ecosystem, please visit: https://sui.directory/
Conclusion
Driven by both technological innovation and market demand, the Sui ecosystem continues to maintain rapid development. With the continuous advancement of blockchain technology, Sui will continue to optimize its underlying architecture, improve transaction speed and scalability, reduce user transaction costs, and attract more developers and users to join. For example, by introducing zero-knowledge proofs (ZKP) and sharding technology, Sui can further enhance the network's privacy and scalability. Additionally, the Sui ecosystem will actively explore cross-chain interoperability, promoting collaborative development with other blockchain networks to create a more open and interconnected blockchain ecosystem.
In this blue ocean full of opportunities and challenges, the Sui ecosystem, with its outstanding technical strength and active community support, demonstrates strong vitality and development potential. In the future, as technology continues to iterate and the market further expands, Sui will continue to play an important role in the blockchain field, bringing more innovative and efficient decentralized solutions to global users and developers. Let us look forward to the brilliant future chapters of the Sui ecosystem together.
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