Sui has taken a turn: The first year of development and technological breakthroughs put Sui at the forefront of Web 3.

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

The protocol's launch, development direction and industry-leading technology point to future success

The Sui Mainnet's first anniversary is celebrating a historic year in which the Sui community has grown from a startup ecosystem to the upper tier of Layer 1 blockchains, gathering household name partners and delivering several technological breakthroughs in the process. In the year By the time it launched in 2023, the chatter around Sui had reached a level of excitement unmatched by any chain launched since. Sui's first year anniversary represents the culmination of the network's impressive first year.

Despite decades of anti-competitive and anti-consumer behavior and public distrust of centralized institutions as blockchains grow rapidly and lack technology, within a year, Sui has managed to disrupt the situation as a decentralized solution. In measure. Sui Innovations starts with Move, Sui's novel programming language created by Misten Labs co-founder and CTO Sam Blackshear. Move introduces a new architecture centered around objects, enabling performance and functionality not available on existing blockchains. The result is a blockchain that is unique in the industry – a universal coordination layer for intelligent assets.

Evan Cheng Ko – Founder and CEO of Mysten Labs. “Developers are leveraging Sui's performance, and its scalable, scalable, on-chain storage and native accessibility features to create sustainable business models with a consumer ownership-first approach. While the network's achievements to date are impressive, the road to the next billion users onboarding to Web3 has only just begun.

Technological innovations

Sui's results confirmed the team's approach. In addition to not experiencing a single minute of downtime or degraded performance since the launch of the mainnet, over the past 12 months, Sui has achieved the following:

Lightning Fast Transaction Speeds – Last Time Locked in Only 400 Milliseconds Massive Scale – 297,000 High TPS Recording Mainnet Performance in a Controlled Environment – 65.8M Transactions Done in One Day, Lowest Fee of Any Blockchain – Predictable. Stable transaction fees even during high usage

However, technological improvements are constant on Sui. In recent weeks, at the first global in-person conference, Sui Basecamp, Sui unveiled Mysticeti, which significantly shortened Sui's end-to-end time to completion, and Pilotfish, which enables unlimited horizontal scaling by allowing individual verifiers to use more. Machines to extend their capacity.

Sui introduces unique technology implementations that simplify adoption and make it accessible to end users at the enterprise and retail level. zkLogin is on-chain authorized from traditional OAuth providers such as Google and Twitter, allowing all users to work directly on-chain through the familiar single sign-on process, removing the barrier of managing wallet addresses and pedigrees. zkSend is a Sui-only app that uses zkLogin to allow users to send and claim tokens by simply sharing or clicking a link. Sponsored Transactions, enabled by Sui's ultra-low fees, empower builders to remove the last barrier to engagement. Finally, Inoki, announced on Sui Basecamp, removes the requirements for enterprises looking to integrate blockchain technology with a turnkey solution that allows them to seamlessly build on Sui.

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

Network Speed ​​- Sui is your access to Defi, Gaming and Business.

Also due to the strength of the network and especially the popularity of the ecosystem at the beginning of its development, Swi quickly became one of the main destinations for the DeFi movement. Within 9 months of its mainnet launch, Sui was ranked in the top 10 of all blockchains in TVL. A month later, Sui's DEX volume reached the top 10 levels. Overall wormhole statistics show Sui as the top destination for connecting to Ethereum, over a 30-day period where Sui was seen more than all other blockchains combined and more than double the next closest blockchain. In each of these cases, Sue covered several well-known long-standing networks.

Builders and enterprises are increasingly integrating with Sui. Bluefin, the first exchange to do billions in transaction volume on another chain, closed that integration to build on Sui. On Solana, leading lending protocol Solend selected Sui for its first integration beyond its original network, which raised more than $30M TVL with the launch of the Suilend protocol. Additionally, First Digital Labs, the creator of FDUSD, the fastest-growing stablecoin with a market cap of over $4B in crypto, has opted for its first expansion since launching on Ethereum and BNB.

Sui Foundation Managing Director Greg Siouronis said: “As we celebrate Sui's first anniversary, the growth and innovation in the Sui ecosystem has been sensational and Sui has quickly moved to the forefront of Layer 1 blockchains. “Global footprints continue to expand at an incredible pace as developers see Sui as the best platform to enable real-world solutions to address 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 flexibility that makes games built on Sui more expressive, Sui is the perfect blockchain for game studios. Dozens of development teams are building 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, uses Sui to relaunch its fan loyalty program, and at Sui Basecamp in April, Sui joined forces with gaming infrastructure developer Playtron to announce SuiPlay0X1, the first handheld gaming device with native blockchain capabilities and widespread recognition.

Other notable ecosystem partnerships achieved in Sui's first year include Alibaba Cloud and Google Cloud, which focus on improving security, scalability, developer tools and user experiences for Web 3.0 and AI-powered applications. BytePlus, the ByteDance arm of Web3, has partnered with Sui ecosystem partner Myston Labs to explore data warehousing, AI recommendation algorithms, and AI visual algorithms on web3 gaming platforms and SocialFi projects on Sui.

The crowd for Sui Basecamp 2024 represents the culmination of Sui's arrival, as more than 1,000 projects, partners, investors and enthusiasts from 65 countries around the world come to Paris in April to celebrate Sui at the prestigious Tier 1 International Conference.

Connect

Sui Foundation[email protected]