Author: [email protected]
Data source: Sui Overview
The launch of Sui Blockchain is a sign of further innovation in blockchain technology. The chain is built by Mysten Labs, whose team members have outstanding career achievements in Meta. Sui is a permissionless Layer 1 that attracted widespread attention from the crypto community before it was launched on the mainnet.
This article will focus on Sui’s technical features and ecological development status, and explore why it is unique and attracts a lot of attention in the evolving blockchain industry.
Sui summary
Sui Blockchain is an innovative Layer 1 platform dedicated to creating a seamless on-chain experience for developers and users. This chain focuses on promoting the diversified development of dApps. It not only has excellent performance and fast transaction processing speed, but also has significant advantages in cost-effectiveness.
The core advantage that makes Sui Chain unique among similar platforms is its firm investment in real-time transactions, which greatly reduces the delay in smart contract execution. Compared with other Layer 1, Sui demonstrates excellent transaction processing capabilities.
- team
Mysten Labs, founded by former Meta (formerly Facebook) experts, is promoting the development of the Sui chain. The core members of the team have participated in Meta's Novi wallet and Diem stablecoin projects. They leverage their deep expertise in the blockchain space to innovate in the Web3 space.
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Financing
On September 8, 2022, Mysten Labs completed its latest round of financing, successfully raising US$300 million and its valuation reaching US$2 billion. In addition to the investment led by FTX Ventures, this round of financing also received support from industry giants such as Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and Andreessen Horowitz (a16z).
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development path
Mysten Labs launched its Layer 1 Sui blockchain in March 2022, equipped with a public software development kit (SDK). By May 2022, the company had completed the design of Sui’s token economic model. Sui's testnet was launched in August 2022, and subsequently three waves of testnet activities were conducted, combined with incentives to test the performance of the network. The first wave of testing will begin in November 2022, focusing on node operators and independent validator functions. The second wave of testing takes place in January 2023 and focuses on Sui’s token economics. The third wave of testing will launch in February 2023 to further stress test the network. These orderly test arrangements have laid a strong foundation for Sui to land on the mainnet in May 2023. As of the end of November, Sui's TVL reached US$150 million, and its transaction volume exceeded 1.95 billion.
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Token
The design of Sui's token economic system is consistent with its technical blueprint and is built around five core pillars: SUI tokens, transaction fees, Sui storage funds, proof-of-stake mechanism (PoS), and on-chain governance voting. The total supply of SUI tokens is set at 10 billion. As of November 30, the price of the token was $0.62, with a market capitalization of approximately $580 million.
Advantages of Sui
Sui is known for technological innovation and attaches great importance to interoperability.
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First, Sui uses the native programming language Move. Move is a programming language tailor-made for the Sui chain. It is designed to ensure the security and efficiency of smart contract development. The Move language originated from the Diem project, and its powerful asset processing capabilities and access control mechanisms greatly simplify the process of digital asset and transaction management, while putting security first.
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Secondly, Sui has excellent horizontal scalability and can adapt to real-time changes in network requirements, allowing verifiers to adjust computing resources as needed. This ensures that transaction costs remain low and stable even during network peak periods, while incentivizing validators to allocate their network resources appropriately. In addition, Sui’s scalable on-chain storage capabilities enable the creation of complex on-chain assets without relying on off-chain solutions, greatly simplifying blockchain asset management.
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Furthermore, Sui can process non-sequential actions (such as asset transfer and NFT casting) in parallel, thereby improving the efficiency of transaction processing. Unlike those traditional blockchains that require global consensus, the "Byzantine fault-tolerant consensus" adopted by Sui promotes high transaction throughput and low latency. This not only enables large-scale transaction processing, but also ensures almost instant transaction confirmation and strong security. As of November 30, Sui has completed a staggering 1.96 billion transactions. In July, due to the popularity of the Sui 8192 game, Sui's daily transaction volume surged to 22.96 million. Although the peak period has passed, Sui's performance is still strong, with average daily transaction volume in November stable at 2.69 million.
Data source: Daily Transactions on Sui
Sui ecology
According to data from Sui 's official website, as of the end of November, 85 different projects had been nurtured in the Sui ecosystem. These projects cover a variety of areas including:
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Games: Sui 8192, Arcade Champion, Run Legends.
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DEX：Cetus, KriyaDEX, FlowX Finance.
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Lending: Scallop Lend, Navi Protocol, OmniBTC.
Among these projects, Sui 8192 has received a lot of attention due to its high user engagement and large transaction volume. Sui 8192 is a game that runs entirely on the chain, is open source and has certain challenges. It is inspired by the classic game 2048 and is developed on Sui by the Ethos team. The gameplay is quite intuitive: players move and merge numbered blocks to reach a score of 8,192, and each move and merge will be treated as a transaction, updating the game status on the chain in real time.
On September 28, Sui launched a Web3 game platform called Play Beyond, which integrates 18 different games. This portal is designed to be simple and easy to use. It allows players to easily access the convenience brought by Sui blockchain technology while enjoying the game without having to master complex cryptocurrency knowledge. The launch of this platform reflects the development trend of the gaming industry in 2023 towards immersive and user-friendly experiences.
Since the Sui mainnet was launched, its rapid development has attracted more than 5.72 million users. It is particularly worth mentioning that Sui 8192 became a hot spot for user participation in July, attracting a lot of attention and its user base continues to grow. Meanwhile, Sui’s user loyalty incentive program further drives its growth. The Quest 2 event, which ran from July 28 to September 5, highlighted Sui’s potential in the DeFi space, while the Quest 3 event, which ran from October 12 to November 9, focused on gaming projects. These user loyalty programs play a vital role in encouraging users to participate and explore the diverse features of the Sui ecosystem.
Data source: Daily Active Users on Sui
In September, Sui took a series of measures to lower the threshold for users to enter the Web3 world. By integrating OpenID Connect, it allows users to use existing mainstream Web2 services (such as Google, GitHub, Microsoft, Apple and Facebook) to create on-chain accounts. . This integration eliminates dependence on private keys or mnemonic phrases, greatly simplifying the onboarding process for new users. In addition, Sui also uses zero-knowledge proofs (ZKPs) to maintain user privacy. These integrations make the entire Sui ecosystem more accessible and user-friendly.
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The content of this article is for industry research and communication only and does not constitute any investment advice. Market risk, the investment need to be cautious.
This article was contributed by the Footprint Analytics community.
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