Sui (SUI)

Sui (SUI) is a Layer 1 blockchain that launched its Mainnet on May 3, 2023, with a unique object-based architecture designed to offer high throughput, low latency, and efficient transaction processing. Developed by Mysten Labs, Sui’s technology enables parallel transaction execution, making it highly scalable for decentralized applications (dApps), including gaming, decentralized finance (DeFi), and social networking.

Core Features of Sui Network

Sui’s architecture is designed to support parallel execution of transactions, allowing higher throughput, scalability, and lower costs. Sui’s object-centric model simplifies the process of transferring, mutating, and interacting with digital assets, making it a promising platform for Web3 gaming, DeFi, and other applications.

The SUI token is the native asset of the Sui platform and has a total supply cap of 10 billion tokens. At launch, approximately 5% of the total supply was made available, with the remainder set to be released gradually over several years to ensure network stability and proper token distribution.

The SUI token serves four main functions:

1. Staking: SUI holders can delegate tokens to validators, securing the network and earning rewards.

2. Gas Fees: Used to pay for transaction and data storage costs.

3. Trading: SUI is a liquid asset for various applications within the ecosystem.

4. Governance: Token holders participate in on-chain voting for protocol upgrades​.

SUI Token Distribution

• Community Reserve (50%): This is the largest allocation, used to fund staking rewards, grants, and other activities to promote network growth.

• Early Contributors (20%): Rewards for developers, contributors, and partners who contributed to the creation of the Sui ecosystem.

• Investors (14%): These tokens were sold in Seed and Strategic rounds to early investors who supported Sui’s development.

• Mysten Labs Treasury (10%): Tokens reserved for the ongoing development and operational costs of Mysten Labs, the team behind Sui.

• Community Access Program (6%): Allocated to help onboard new users and drive adoption​. 

Token Release Schedule 

Source: Sui 

Source: Sui 

• Throughput: 297,000 transactions per second (TPS) 

• Average gas fees: $0.0005 (0 gas fees paid by users via sponsored transaction feature)

• Total value locked (TVL): $1.04 billion (as of October 2024) 

• Number of wallets: 8 million (activated) 

• Network downtime: 0 

Key Developments

• DeepBook Launch: Sui introduced DeepBook in July 2023, its native decentralized limit order book, enhancing DeFi capabilities by allowing efficient market and limit token swaps​.

• zkLogin and zkSend: Launched in late 2023, these features made onboarding Web3 users easier by integrating OAuth providers like Google and Facebook. The introduction of zkSend simplified token transfers by using link-based transactions.

• Mysticeti and Pilotfish: These were introduced to improve Sui's consensus mechanism and scalability. Mysticeti reduced transaction finality time, while Pilotfish allowed validators to scale horizontally by using multiple machines. 

• Verifiable Delay Functions (VDF) and Randomness Beacon: Released in early 2024, these features improve on-chain randomness for secure applications like lotteries and other decentralized applications. 

2023 Notable Developments

• May 2023
  Sui Mainnet Launch: Sui opens its network to public use, supported by over 100 validators and 400 nodes, enabling developers to launch decentralized applications (dApps).
  DeepBook Launch: Sui introduces its native liquidity layer, a central limit order book for efficient token swaps within DeFi protocols.

• July 2023
  Sui celebrates one million active accounts, signaling early adoption and strong network utility.
  Sui executes 65 million transactions in one day, demonstrating its scalability with 5,414 transactions per second without significant gas fee spikes.

• August 2023
  Three million active accounts milestone reached.
  zkLogin Launch: This feature allows users to authenticate using existing credentials (Google, Facebook, Twitch), simplifying Web3 onboarding.

• October 2023
  DeFi growth accelerates: Total Value Locked (TVL) rises 341%, and zkSend launches, enabling seamless token transfers.

• November 2023
  Sui records surpass $100 million TVL across DeFi protocols.
  Sui reaches nine million active accounts and introduces Move 2024, improving the Sui programming language.

2024 Roadmap and Significant Milestones

• January 2024
  Sui’s DeFi TVL surpasses $500 million, driven by innovative DeFi protocols.

• February 2024
  Record value is bridged from Ethereum to Sui, marking more inflows than to any other blockchain. This growth is fueled by the launch of Pilotfish, an advanced consensus mechanism enhancing scalability.

• April 2024
  Basecamp Summit: Sui hosts a global event with over 1,000 attendees.
  Mysticeti Launch: A redesigned consensus engine that improves transaction speed and reduces latency.
  Enoki Platform: Simplifies blockchain adoption for enterprises.
  Overflow Hackathon: Sui hosts a coding event with a $1 million prize pool to foster developer innovation.
  FDUSD Integration: The launch of the FDUSD stablecoin on Sui helps the network reach $700 million TVL by April, solidifying Sui's DeFi position.

• August 2024
  SuiNS Decentralization: The Sui Name Service (SuiNS) begins transitioning to a decentralized governance model, empowering the community to shape its future.

• September 2024
  SuiPlay0X1 Handheld Gaming Device: Pre-orders open for the first Web3 gaming handheld, which integrates Sui games along with Steam and Epic Games, offering blockchain-based in-game asset ownership.
  Native USDC Integration: USDC launches on Sui, enhancing liquidity and expanding opportunities in the DeFi ecosystem.
  Sui Bridge Goes Live: Sui Bridge launches, enabling native asset transfers between Sui and Ethereum, supporting ETH and WETH transfers with future plans to expand support for additional assets.

2025 Roadmap Projections

• SuiPlay0X1 Handheld Gaming Device: Expected to be delivered in 2025, this first-of-its-kind Web3 gaming device will integrate Sui games, Steam, and Epic Games, offering players blockchain-based ownership of in-game assets alongside AAA gaming experiences. The device is designed to provide a seamless gaming experience with high-performance hardware.

• AI and Web3 Integration: Sui plans to further integrate artificial intelligence into its ecosystem, especially for gaming and DeFi applications, enhancing user experience with intelligent smart contracts.

• Expansion of Sui Ecosystem: Sui is set to add more dApps and scale its ecosystem to support enterprise use cases. This includes supporting a wider range of industries and furthering its capabilities in Web3 gaming​. 

Sui has rapidly grown its ecosystem, with over 86 projects, including 23 gaming projects, 16 DeFi protocols, 34 infrastructure projects, and other dApps across various categories. The network’s object-based architecture and the Move programming language offer developers a powerful foundation to build secure, scalable, and user-friendly applications.

In summary, Sui is positioned as a major player among L1 blockchains, offering innovative solutions for scaling and user-friendly experiences, especially in gaming and DeFi. Its strong tokenomics, roadmap, and active ecosystem development make it an interesting Layer-1 blockchain project to watch. 

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