Sui Overview Technical Features and Current Status of Ecological Development

Sui A Comprehensive Look at Its Technical Features and the Current State of Ecological Development

Author: [email protected]; Data Source: Sui Overview

The launch of the Sui blockchain is a sign of further innovation in blockchain technology. The chain is built by Mysten Labs, whose team members have had excellent professional achievements at Meta. Sui is a permissionless Layer 1 that has garnered widespread attention from the crypto community even before its mainnet launch.

This article will explore the technical features and ecosystem development of Sui, highlighting why it stands out and attracts many eyes in the ever-evolving blockchain industry.

Introduction to Sui

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

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What sets Sui apart from other similar platforms is its strong commitment to instant transactions, significantly reducing the delay in smart contract execution. Compared to other Layer 1 solutions, Sui demonstrates excellent transaction processing capabilities.

• Team

Mysten Labs, founded by former Meta (formerly Facebook) experts, is driving the development of the Sui chain. The core team members have been involved in Meta’s projects such as the Novi wallet and the Diem stablecoin. 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 funding round, raising $300 million with a valuation of $2 billion. In addition to being led by FTX Ventures, this round of funding has received support from industry giants such as Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture LianGuairtners, 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. The Sui testnet went live in August 2022 and underwent three testnet events with incentive measures to test the network’s performance. The first test, starting in November 2022, focused on the functionality of node operators and independent validators. The second test took place in January 2023, focusing on Sui’s token economics. The third test launched in February 2023 to further stress-test the network. These well-planned test phases set a solid foundation for Sui’s mainnet launch in May 2023. As of the end of November, Sui’s TVL reached $150 million, with a trading volume of over 1.95 billion transactions.

• Tokens

The token economy of Sui is designed to be consistent with its technical blueprint, built around five core pillars: SUI token, transaction fees, Sui storage fund, proof-of-stake mechanism (PoS), and on-chain governance voting. The total supply of SUI tokens is set at 10 billion. As of November 30th, the price of the token is $0.62, with a market capitalization of approximately $580 million.

Advantages of Sui

Sui excels in technological innovation and places great importance 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. Derived from the Diem project, Move language simplifies the process of digital asset and transaction management with its powerful asset handling capabilities and access control mechanisms, prioritizing security.

• Secondly, Sui possesses excellent horizontal scalability, allowing for real-time adaptation based on the network’s demand and enabling validators to adjust computational resources as needed. This ensures low and stable transaction costs even during network peak periods while incentivizing validators to allocate their network resources reasonably. 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 parallel process non-sequential actions such as asset transfers and NFT minting, which enhances transaction processing efficiency. Unlike traditional blockchains that require global consensus, Sui’s “Byzantine fault-tolerant consensus” promotes high transaction throughput and low latency. This allows for scalable transaction processing, near-instant transaction confirmations, and robust security. As of November 30th, Sui has already accumulated an impressive 1.96 billion transactions. In July, due to the popularity of the Sui 8192 game, the daily transaction volume of Sui surged to 22.96 million. Despite the peak period being over, Sui’s performance remains strong, with the daily average transaction volume stabilizing at 2.69 million in November.

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 fostered 85 different projects. These projects cover various fields, including:

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

• DEX: Cetus, KriyaDEX, FlowX Finance.

• Lending: Scallop Lend, Navi Protocol, OmniBTC.

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

On September 28th, Sui launched a Web3 game platform called Play Beyond, which integrates 18 different games. The portal website is designed to be clean and user-friendly, allowing players to easily access the convenience brought by Sui’s blockchain technology without the need for complex knowledge of cryptocurrencies. The launch of this platform reflects the development trend of the gaming industry towards immersive and user-friendly experiences in 2023.

Since the launch of the Sui mainnet, it has attracted over 5.72 million users with its rapid growth. Particularly noteworthy is that Sui 8192 became a hot topic of user engagement in July, attracting a lot of attention and continuing to grow its user base. At the same time, Sui’s user loyalty incentive program has further promoted its development. The Quest 2 event held from July 28th to September 5th highlighted Sui’s potential in the DeFi field, while the Quest 3 event held from October 12th to November 9th focused on game projects. These user loyalty programs have played a crucial role in encouraging user participation and exploration of the diverse functionalities within 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, users are allowed to create on-chain accounts using existing mainstream Web2 services such as Google, GitHub, Microsoft, Apple, and Facebook. This integration eliminates the reliance on 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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