Sui public chain has recently shown a strong growth momentum. In just 5 months since its launch, the number of ecological applications of Sui public chain has rapidly expanded from less than 10 at the beginning to nearly 100 applications. This growth rate is remarkable.
Even more impressive is that Sui’s ecosystem TVL (total locked value) has also hit a new high. According to data from DeFiLlama, in just three months from July 17 to October 25 this year, Sui’s TVL soared from US$13.08 million to US$65.24 million, an astonishing increase of 398.7%.
At the same time, business data such as the number of daily transaction addresses and daily transaction numbers of the Sui public chain also showed a trend of continuous growth.
According to data from Sui’s official website, there are currently 85 applications of different types on the platform, among which infrastructure, games and DeFi applications are the most prominent, which has laid a solid foundation for the development of Sui.
The birth of Sui public chain stems from a series of remarkable backgrounds and innovative forces. Let us explore the origin of Sui and understand how this new Layer1 public chain was born.
Mysten Labs, the creator of Sui, was founded in 2021 by former Novi project leaders Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. These founders have extensive research and product experience, covering software language compilers, static analysis (programming security), distributed systems, cryptography, and cloud computing, and have worked at well-known companies such as Apple, Oracle, Microsoft, R3, and Facebook.
In particular, co-founder Evan Cheng was awarded the ACM Software Systems Award for his design of LLVM, a technology currently used in most Apple and Google devices, which is also an impressive achievement.
In the birth of Sui, funds played a key supporting role. Mysten Labs has completed two rounds of financing. The A round of financing raised $36 million, led by a16z, and participated by investors such as Redpoint, Lightspeed, Coinbase Ventures, and Electric Capital. In the B round of financing, Mysten successfully raised $300 million at a valuation of approximately $2 billion, led by FTX Ventures, and joined by investors such as a16z, Jump Crypto, and Binance Labs.
It is important to note that these financing rounds of Mysten Labs were limited to the sale of equity, and no SUI tokens were offered. In addition, the Sui Foundation, as an independent foundation, aims to build the Sui community and provide support for developers who create products on Sui.
Finally, the Sui public chain was officially launched on May 3, 2023, marking the official emergence of this innovative Layer1 public chain in the crypto field and becoming the focus of global attention. From its founding background to financing support, the Sui public chain has taken a solid step and paved the way for the future development of Layer1. In the following section, we will explore in depth how Sui helps blockchain game innovation and the rise of DeFi in its ecosystem.
Sui public chain is actively entering the field of crypto games. They firmly believe that to build crypto games that are both interesting and fascinating, the underlying blockchain must have five key attributes, including:
1. Comprehensive functionality: Sui adopts an object-oriented architecture, using objects as the basic unit of data storage instead of using the traditional account model. This means that developers can define, create and manage programmable objects to represent user-level assets. Each object has different properties, including ownership, and its value can be updated according to the control logic of the smart contract that created it. It is worth mentioning that although smart contracts create these objects, they do not store them, but store the objects and their metadata directly on the chain. This architecture provides more flexibility and programmability for digital assets in games.
2. Dynamic and nested assets: Sui's object-oriented data model enables digital assets to have two unique properties: the ability to evolve during gameplay without creating new contracts (dynamic assets), and the ability to own other assets (nested assets). Dynamic assets can develop and evolve during gameplay without the need for system upgrades or modifications. All assets can retain their rich history, which means that the value and history of in-game items can be effectively recorded and managed.
3. Sui Kiosk: Customizable embedded trading strategies: One of Sui’s original features is Sui Kiosk, which provides creators with the ability to set trading terms for their assets. These terms not only include royalty payments, but also cover all aspects related to sharing, selling and managing assets, which creators can customize according to their needs, which enables creators to better manage their digital assets.
4. Native Web3 abstract functions: Sui recognizes that players do not want to be Web3 experts to participate in great games. Therefore, Sui provides native Web3 abstract functions such as zkLogin and sponsorship transactions to simplify the gaming experience and make it easy for players to participate. Users can create accounts using existing web credentials from companies such as Google and Twitch, and game studios can pay any gas fees associated with game transactions without requiring users to have any knowledge of blockchain.
5. Scalability, speed and cost predictability: The Sui public chain stands out for its outstanding performance and is one of the fastest chains. Its finality reaches sub-second level and is able to process almost 300,000 transactions per second, which means that games can be played at the speed required by players. In addition, Sui's horizontal expansion and unique gas pricing mechanism combine to enable the Sui network to meet demand without increasing gas fees. These low and predictable costs allow game studios to better plan and manage their infrastructure costs.
In the first 90 days after Sui mainnet was launched, gas fees remained stable even as transactions surged, providing a solid foundation for the sustainable development of crypto games. Sui's efforts have provided new possibilities for blockchain game innovation and promoted the widespread application of blockchain technology in the gaming field. As Sui continues to develop, we can expect to see more innovative crypto game applications emerge.
Sui 8192 is an outstanding example of the potential of the Sui public chain. The game was created by Ethos (the developer of the Sui wallet) with the original purpose of inspiring other developers and demonstrating the capabilities of the Sui public chain. However, the game quickly became popular and became a powerful force in the full chain game.
According to data from the Artemis data platform, Sui processed more than 65.8 million transactions in a single 24-hour period, setting a record for the highest single-day transaction volume of any blockchain.
All the logic of Sui 8192 game is deployed on Sui public chain, which mainly includes three key parts:
1. Game: used to record the overall status of the game and the player's operations.
2. Game Board: This is the core logic of the game, which determines the rules and progress of the game.
3. Leaderboard: Provides a leaderboard function so that players can compete with each other.
The gameplay of Sui 8192 is simple: players need to gradually increase the value of the blocks by matching the same number blocks, and finally reach the block with the number 8192. The focus of the competition is to create the final number block in the fewest steps possible.
The unique feature of this game is that every step takes place in the form of instant, online processed transactions. This feature highlights the high performance and responsiveness of the Sui public chain, allowing players to enjoy a smooth experience in the game.
In the Sui 8192 game, every move requires a certain gas fee. In order to simplify the game process, Ethos has integrated a pre-approval mechanism in its wallet. At the beginning of each game, the wallet will start and allow players to set a specific number of tokens for pre-approval, which means that at each move, the wallet does not need to request approval again, thus reducing unnecessary interactions and allowing players to enjoy the game more smoothly.
The success of Sui 8192 is not just the success of a game, it also represents the huge potential of Sui public chain in the field of full-chain games. This success story has inspired more developers and demonstrated the infinite possibilities of blockchain technology in the fields of entertainment and games. With the development of Sui public chain, we can expect to see more innovative full-chain games emerge, bringing more fun and excitement to players.
Over the past three months, Sui Chain has experienced rapid growth in DeFi activity, with Total Value Locked (TVL) increasing by 341% and transaction volume increasing by 229%. This spectacular growth is an important milestone for Sui Chain, demonstrating the utility that Sui provides to third-party developers in its DeFi ecosystem and its ability to support millions of users for alternative financial services.
Sui public chain can provide services for DeFi protocols with its unique technical characteristics, which is the key to Sui's acquisition of users. First, it has parallel processing capabilities, which means that users can expect their transactions to be finalized in the shortest time, close to real-time market conditions. Secondly, Sui public chain is characterized by low gas fees, which means that users only need to pay a minimum number of tokens to make transactions without having to worry about high handling fees.
These technical advantages have attracted a large number of developers to choose Sui to develop their DeFi protocols, including decentralized exchanges (DEXes), lending platforms, and liquidity providers. Within six months after the launch of the Sui mainnet, DeFi protocols have flourished on Sui, providing users with a variety of options for participating in DeFi.
In addition, the Sui Foundation has supported DeFi developers through a strong funding program after the mainnet was launched, which is also reflected in the data. Over time, the transaction volume on Sui has further increased, providing a solid foundation for the prosperity of the Sui ecosystem.
The goal of the Sui public chain is to make developers aware of its potential and promote the development of DeFi in the Sui ecosystem in many ways. The team emphasizes that the long-term commitment of DeFi is not limited to token trading. Sui also has the potential to provide secure, stable and efficient solutions for retail financial services such as banking, deposit accounts, payments, credit and insurance, thereby reducing costs and providing a better user experience. In addition, institutions can also use the Sui public chain to realize asset tokenization, conduct transactions and foreign exchange operations and many other financial applications, creating unlimited possibilities.
The rise of the Sui Network has injected new vitality into the DeFi field and provided a solid foundation for broader financial innovation. This development also makes us full of expectations for the future.
Sui Chain, as a Layer1 public chain redesigned and built based on first principles, has become a rising star in the digital asset industry. Its mission is to provide creators and developers with a development platform that can host applications and services for the next billion users in Web3.
In the future, the digital asset industry will become mainstream, and in this new era, developers and consumers will pursue flexibility and security. They will seek a smart contract platform that can provide them with new use cases and a smooth experience. Sui is making great strides in this direction.
Sui's success will depend on its continued technological innovation and ecological expansion. If it can maintain this momentum, Sui is expected to stand out among many Layer1 public chains and become one of the leaders of the future digital asset industry. We look forward to seeing Sui create more exciting stories in its continuous development and contribute more possibilities to the future of Web3.
