Sui turns 1: A debut year of growth and technological innovation puts Sui at the forefront of Web3

adminMay 3, 2024

Grand Cayman, Cayman Islands, May 3, 2024, Chainwire

Protocol launches, growth trajectory, and industry-leading technology will bring further success in the future.

On the one-year anniversary of Sui’s mainnet launch, the Sui community is celebrating a groundbreaking year that saw it grow from a nascent ecosystem to the top tier of layer 1 blockchains, attracting high-profile partners, and introducing a variety of technological innovations along the way. Ahead of its 2023 launch, the conversation surrounding Sui has reached a level of excitement unmatched by any chain launched since. Sui’s one-year anniversary marks the culmination of incredible milestones the network has achieved in its first year.

While centralized institutions face growing public distrust due to decades of anti-competitive and anti-consumer behavior, and legacy blockchains lack the speed and technology to solve the problems, Sui has the potential to make the situation most disruptive in just one year. It has emerged as a decentralized solution. To scale. Sui’s innovation begins with Move, Sui’s new programming language created by Mysten Labs co-founder and CTO Sam Blackshear. Move introduces a new object-centric architecture, enabling performance and features not available in existing blockchains. The result is the industry’s only blockchain, a universal orchestration layer for intelligent assets.

“Like many groundbreaking innovations before us, we knew we had to build technology that could tackle and solve problems without applying labels, but a year after launch, it’s clear that Sui is a vibrant developer ecosystem.” Co. Evan Cheng said. -Founder and CEO of Mysten Labs. “Developers are leveraging Sui’s power, scalable and composable on-chain storage, and native accessibility features to build sustainable business models with a consumer ownership-first approach. “While the network’s performance to date has been impressive, the road to onboarding the next billion users to web3 has only just begun.”

technological innovation

The results Sui achieved validated the team’s approach. Not only has Sui not experienced a single minute of downtime or performance degradation since mainnet launch, but over the past 12 months, Sui has achieved:

Lightning-fast transaction speeds — Final completion time is only 400 milliseconds.
large scale — Up to 297,000 TPS in a controlled environment
Record mainnet performance — 65.8 million transactions were executed per day, the most transactions on any blockchain in history.
very low fees — Predictable and stable transaction fees even during peak usage

But at Sui, technology improvements are constantly being made. Sui has launched in recent weeks, including its first global face-to-face conference, Sui Basecamp, Mysticeti, which significantly reduces Sui’s end-to-end completion time, and individual validators scale machines for various capacities.

Sui has also introduced a unique technology implementation that makes adoption easier and makes blockchain accessible to mainstream users at both the enterprise and retail levels. zkLogin is on-chain authentication through existing OAuth providers like Google and Twitter, eliminating the hurdles of managing wallet addresses and seed phrases by allowing all users to work directly on-chain through the single sign-on (SSO) process they have become accustomed to. Remove . zkSend is a Sui-specific application that leverages zkLogin to allow users to send and request tokens by simply sharing or clicking a link. Sponsorship deals, made possible by Sui’s ultra-low fees, allow builders to remove the final hurdle for participation. Finally, Enoki, announced at Sui Basecamp, removes the requirement for enterprises to integrate blockchain technology with a turnkey solution that provides access to seamless deployment on Sui.

“The speed at which the ecosystem’s deep and talented developer community has introduced powerful protocols and industry-first technological innovations is incredible, and it’s only been a year,” said Adeniyi Abiodun, co-founder and CPO of Mysten Labs. “Sui’s purpose is to redefine how individuals and businesses collaborate to create, grow and share value in a digital-first economy, and since its mainnet launch, Sui has demonstrated significant and unique capabilities in this regard.”

Network Momentum – Sui is the destination for DeFi, gaming, and commerce.

Additionally, due to its strong network and particularly nascent ecosystem, Sui has quickly established itself as one of the preeminent destinations for DeFi activity. Within 9 months of mainnet launch, Sui was in the top 10 of all blockchains on TVL. A month later, Sui’s DEX volume also entered the top 10. Overall, Wormhole statistics show that Sui has seen more inflows than all other blockchains combined, including a 30+ day period where it has seen more than twice as many inflows as the next closest blockchain, making it the best destination for connecting Sui on Ethereum. It shows. In each case, Sui has trumped numerous high-profile networks that have been around for much longer.

Construction companies and companies integrated with Sui also continue to grow. Bluefin, a derivatives exchange that has already executed billions of dollars in trading volume in the first iteration of other chains, has closed that integration to build Sui. Solend, Solana’s leading lending protocol, chose Sui for its first integration since the initial network and launched the Suilend protocol, which has already amassed over $30 million in TVL. Additionally, First Digital Labs, the creator of FDUSD, the cryptocurrency industry’s fastest-growing stablecoin with a market capitalization of over $4 billion, selected Sui for its first expansion since the launch of Ethereum and BNB.

“As we approach the one-year anniversary of Sui’s launch, the growth and innovation within the Sui ecosystem has been incredible, quickly catapulting Sui to the forefront of layer 1 blockchains,” said Greg Siourounis, Executive Director of the Sui Foundation. “Sui’s global presence continues to expand at an incredible pace as more and more builders see Sui as the best platform for implementing real-world solutions to solve the world’s most pressing challenges.”

Gaming is another focus for Sui that will continue in the coming months and years. With low, predictable fees that allow game developers to build with confidence, and dynamic objects that make games built on Sui more expressive, Sui is the optimal blockchain for game studios. NHN (Pebble City), ONBUFF x SNK (Samurai Shodown), NDUS Interactive (Xociety), Orange Comet (The Walking Dead: Lands), Ambrus Studio (E4C: Final Salvation). Leading professional esports team Team Liquid will leverage Sui to relaunch its fan loyalty program, and at Sui Basecamp in April, Sui will join gaming infrastructure developer Playtron to launch the SuiPlay0X1, the first handheld gaming device with native blockchain capabilities. was released and received widespread favorable reviews.

Other notable ecosystem partnerships achieved by Sui in its first year include partnerships with Alibaba Cloud and Google Cloud. They focused on improving security, scalability, developer tools, and user experience across a variety of Web 3.0 and AI-based applications. ByteDance’s web3 division, BytePlus, has partnered with Sui ecosystem partner Mysten Labs to explore collaboration on data warehousing, AI recommendation algorithms, and AI visual algorithms on Sui’s web3 gaming platform and socialFi project.

The crowd gathered for Sui Basecamp 2024 represented the pinnacle of Sui’s arrival. More than 1,000 projects, partners, investors and enthusiasts from 65 countries around the world came to Paris in April to celebrate Sui at Layer 1’s proud first global conference.