SUI is a star blockchain project launched by Mysten Labs . Like Aptos, SUI has attracted attention of the public.
Currently, most of the blockchain networks are not efficient enough, and they are full of pain points when used on a large scale . The goal of SUI is to provide a large-scale and efficient programmable blockchain platform , allowing active creators and developers to build a high-efficient blockchain that can satisfy a large number of Web3 users in the future . SUI is built by Mysten Labs . It can provide a high workload, low latency and low gas fees working environment.
Evan Cheng, CEO
Sam Blackshear, CTO
Adeniyi Abiodun , COO
George Danezis , Chief Scientist
They are the original team members of Novi Research , focusing on Diem blockchain, Move programming language, high-performance consensus and execution when they were at Meta.
In 2021, Evan Chang and Sam Blackshear decided to leave Meta and build a company dedicated to web3 infrastructure development . They started a new journey with Mysten Labs in September of the same year .This team has solid experience in building the foundations of high-volume architectures, and SUI naturally inherits this advantage.
Diem, formerly known as Facebook Libra, is a blockchain-based stable coin payment system launched by Meta. Unfortunately, due to regulatory issues, the project was halted in 2022 and its assets were sold. Visa, Uber, eBay, Spotify, Coinbase are all Diem partners. It can be pegged to fiat currencies such as the US dollar. Reserves consist of cash and short-term government securities . Although the project was stopped, Diem left many valuable assets: talent, such as the SUI team,and technical assets , such as the programming language MOVE. I will talk more about the MOVE in future articles.
2021 , Mysten Labs closed a $36 million funding round led by a16z, with participation from Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, and Lux Capital .
In September 2022 , Mysten Labs completed a $300 million Series B financing with a valuation of $2 billion, led by FTX Ventures, with participation from A16z Crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, O'Leary Ventures.
The top investment institutions has made SUI a dazzling star in this bear market, and it also indicates that the project can be expected in the future.
SUI has extremely high work performance. The data on a SUI node running on a MacBook Pro shows that it can process more than 120,000 transactions per second. SUI applies a "multi-lane" approach to transaction validation, making sure those independent transaction flows can progress without impediment from the others. SUI can increase the workload by increasing the equipment of each verification node . The principle is that each independent transaction can be verified in parallel , thus realizing the ability to process transactions on a large scale. The future applications of SUI include games and Defi, and these applications require low latency and high efficiency. The natural properties of SUI will meet the needs of these applications. The Byzantine broadcast and BFT consensus used by SUI can achieve extremely low latency. Simple transactions can be verified immediately, complex transactions only needs 2-3 seconds .
SUI uses the MOVE programming language to implement smart contracts. MOVE is more expressive compared to other smart contract languages.
The total supply of SUI is 10 billion . Part of the tokens will be released at the launch of the mainnet , and the rest will be released gradually over the next few years. These tokens can be used as Proof of Stake (PoS), gas fees and votes.
SUI do not has the deflationary mechanism, but its total supply is limited. The on-chain activity and staking will reduce the circulation of the token. As the demand of SUI tokens increases, the price will increase.
Ethos Wallet
This is a wallet built on SUI. If you are a developer, you can integrate the API in seconds.
Website: https://ethoswallet.xyz/
Suiet
Suiet is a completely open source SUI wallet, which focuses on privacy and does not track your information
BlueMove
BlueMove is the leading NFT marketplace on Aptos and SUI. The project already has 2 popular collections of NFT collectibles: BlueMove Dragon and BlueMove Phoenix.
SUI Gallery
SUI Gallery is an NFT marketplace platform designed to be built for the billion users. In August, SUI Gallery conducted its first NFT airdrop on the developer network.
MovEX
MovEX combines the best of AMM and order book and delivers the ultimate trading and liquidity provision experience for everyone by creating a hybrid liquidity pool. Internally, MovEX has a settlement engine that distributes orders between AMM and order book, guaranteeing both minimal slippages for traders and fairness for liquidity providers.
SUI Punks
SUI Punks is the first NFT collectible in the SUI NFT ecosystem, a pixelated NFT project that is currently available for sale on Opensea.
https:// suipunks.xyz/
ComingChat
ComingChat is a project that provides social privacy, digital wallet, digital identity and NFT creation platform for Metaverse projects.
Prospect
Will SUI challenge Ethereum in the future? Although the future is promising, it is difficult. First of all, the efficiency of Optimism and Arbitrum on Ethereum have been relatively high, and projects such as zkEVM , zkSync , and Scroll are also develop very fast. The Layer 2 has already tell the story SUI wants to tell. Moreover, the security and stability of the new chain require time and transaction to prove. Although there is a hard way to walk, we still wish SUI has a good performance after its release.