Tech
Sui turns one: a year of growth and technological innovations that put Sui at the forefront of Web3
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Grand Cayman, Cayman Islands, May 3, 2024, Chainwire
The protocol’s launch, growth trajectory and industry-leading technology point to further future success
On the one-year anniversary of Sui’s Mainnet launch, the Sui community celebrates a milestone year that saw it move from a nascent ecosystem to the highest level of Layer 1 blockchains, amassing star partners and making multiple technological breakthroughs in the process. In the run-up to its launch in 2023, chatter around Sui reached a level of excitement that hasn’t been matched by any chain launched since. Sui’s one-year anniversary represents the culmination of the network’s extraordinary accomplishments 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 problem, in just one year Sui has emerged as the solution decentralized, more capable of disrupting the status quo on a large scale. Sui’s innovations begin with Sui’s new programming language, Move, created by Mysten Labs co-founder and CTO Sam Blackshear. Move introduced a new object-centric architecture, enabling performance and functionality that was simply not available on existing blockchains. The result is an industry-first blockchain: the universal coordination layer for smart assets.
“Like many transformative innovations before us, we knew the problem we needed to solve and created the technology to solve it without applying labels, but one year after launch, it’s clear that Sui is a vibrant developer ecosystem,” said Evan Cheng, Co -founder and CEO of Mysten Labs. “Developers are leveraging Sui’s performance and scalable, composable, on-chain storage and native accessibility capabilities to build sustainable business models with a consumer-first approach. While the network’s achievements to date are impressive, the road to onboarding the next billion users to web3 has only just begun.”
Technologic innovations
Sui’s results validated the team’s approach. In addition to not having experienced a single minute of downtime or a single case of performance degradation since the launch of the Mainnet, in the last 12 months Sui has achieved:
- Lightning fast transaction speed – the time needed for finalization was clocked at just 400 milliseconds
- Large scale — 297,000 peak TPS in a controlled environment
- Record Mainnet Performance — 65.8 million transactions executed in a single day, the most of any blockchain ever
- Extremely low commissions — predictable and stable transaction fees even with high usage
Yet technological improvements are a constant in Sui. In recent weeks, including at its first in-person global conference, Sui Basecamp, Sui introduced Mysticeti, which significantly reduces Sui’s end-to-end time to purpose, and Pilotfish, which enables nearly unlimited horizontal scaling allowing individual validators to use multiple machines to extend their capacity.
Sui has also introduced unique implementations of technologies that facilitate adoption and make blockchain accessible to mainstream users, both at the enterprise and retail levels. zkLogin is an on-chain authorization with traditional OAuth providers like Google and Twitter, allowing all users to operate directly on-chain with the single sign-on process they are accustomed to, eliminating the hurdle of managing server addresses. portfolio and seed phrases. zkSend is a Sui-exclusive application that uses zkLogin to allow users to send and request tokens simply by sharing or clicking a link. Sponsored transactions, made possible by Sui’s extremely low fees, allow builders to remove the final barrier to engagement. Finally, Enoki, announced at Sui Basecamp, removes requirements for companies looking to incorporate blockchain technology with a turnkey solution that gives them access to build seamlessly on Sui.
“The speed with which the ecosystem’s vast and talented developer community has delivered powerful protocols and industry-leading technology innovations has been breathtaking, 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 economy, and since its launch on the mainnet, Sui has demonstrated important and unique capabilities in this regard.”
Network Momentum – Sui is a destination for DeFi, gaming and trading
Also thanks to the strength of the network and especially for an ecosystem so early in its development, Sui has quickly become one of the most important destinations for DeFi activity. Within 9 months of Mainnet launch, Sui ranked in the Top 10 of all blockchains in TVL. A month later, Sui’s DEX volume also reached top 10 status. In all, Wormhole statistics show Sui as a top destination for connecting from Ethereum, even in a 30-day period where Sui saw more inflows than all other blockchains combined and more than double the next closest blockchain. In each of these cases, Sui eclipsed numerous well-known networks that had existed much longer.
Builders and businesses integrating with Sui are also contributing to the growing momentum. Bluefin, a derivatives exchange that had already executed billions of transaction volumes in its first iteration on another chain, stopped integration to build on Sui. Solend, a leading lending protocol on Solana, has chosen Sui for its first integration beyond its initial network, launching the Suilend protocol which has already amassed over $30 million in TVL. Additionally, First Digital Labs, creator of FDUSD, the fastest growing stablecoin in the cryptocurrency industry with over $4 billion in market capitalization, has chosen Sui for its first expansion since its launch on Ethereum and BNB.
“As we celebrate the one-year anniversary of Sui’s launch, the growth and innovation within the Sui ecosystem has been sensational, and Sui has quickly risen to the forefront of layer-1 blockchains,” said Greg Siourounis, CEO of About the Foundation. “Sui’s global footprint has continued to expand at a remarkable pace as more manufacturers see Sui as the best platform to enable real solutions to address the world’s most pressing challenges.”
Gaming is another focus of Sui that will continue in the coming months and years. With low, predictable fees that allow game developers to confidently create and dynamic objects that make Sui-based games more expressive, Sui is the optimal blockchain for game studios. Dozens of development teams are currently developing games on Sui, including established studios such as NHN (Pebble City), ONBUFF x SNK (Samurai Shodown), NDUS Interactive (Xociety), Orange Comet (The Walking Dead: Lands), and 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 joined gaming infrastructure developer Playtron in announcing SuiPlay0X1, the first portable game with native blockchain features that has achieved widespread success.
Other notable ecosystem partnerships reached in Sui’s first year include those with Alibaba Cloud and Google Cloud, focused on improving security, scalability, development tools and user experiences across a range of Web 3.0 and AI-powered applications. BytePlus, the web3 arm of ByteDance, has teamed up with Sui ecosystem partner Mysten Labs to explore collaboration on data warehousing, AI recommendation algorithms and AI visual algorithms in web3 gaming platforms and socialFi projects on Sui.
The crowds gathered for Sui Basecamp 2024 represented the culmination of Sui’s arrival, as more than 1,000 projects, partners, investors and enthusiasts from 65 countries around the world traveled to Paris in April to celebrate Sui at the vaunted inaugural global conference of Layer 1.
Contact
Sui Foundation
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