Written by: TechFlow
Preface
With the arrival of the bull market, Sui Ecosystem, the star public chain that was highly anticipated in the bear market, has changed its low-key attitude. Not only has the price of the currency performed strongly, but the TVL of the ecosystem has also continued to grow by more than US$600 million, showing a strong upward momentum.
The continuous influx of funds has attracted a lot of market attention, and Sui's technical features such as high throughput, low latency and strong scalability have been seen by more people. The developer community is becoming more active, and various protocols in the ecosystem are also beginning to flourish.
As the top trading platform in the Sui ecosystem, Bluefin provides users with a multi-variety trading experience of derivatives + spot products with its efficient transaction processing speed, transparent on-chain security mechanism and user-friendly operation interface.
More than just a trading platform, Bluefin’s vision is to build ecological infrastructure and create a decentralized financial ecosystem on the Sui network.
In a market environment with large-scale fluctuations, it is a good time to explore the potential of the public chain ecosystem. Bluefin will soon hold a TGE, and will also release the spot asset aggregator and Bluefin Pro in the second half of the year.
This article will introduce Bluefin’s upcoming updates and TGE details, and tell the story of Bluefin’s development history and grand vision.
Bluefin’s Position in the Sui Ecosystem
Market demand and performance supply are not yet aligned
Although Sui is known for its high performance and user-friendliness, these advantages have not been fully utilized in many applications, resulting in its high performance and low latency characteristics not being fully demonstrated to users. Many applications are still complex in design, not intuitive enough, and fail to take full advantage of Sui's user-friendliness. Ordinary users still face high learning costs when using it. These problems limit the further promotion and application of the Sui ecosystem.
Derivatives trading is also gradually becoming the focus of users in the DeFi field. However, many existing platforms still have deficiencies in performance and user experience, and cannot meet users' needs for efficient and low-latency transactions. Secondly, high transaction fees are also a common problem, especially when the transaction volume is large and the market fluctuates violently, users need to pay high fees. This has created certain obstacles to the further development of the DeFi track.
Sui ecosystem needs to break the circle "explosion point"
It is not difficult to see from the steadily growing TVL that Sui is gradually developing in the direction of a large public chain as planned. However, despite the increasingly improved infrastructure, most of the projects in the Sui ecosystem are still in the early stages. There is currently a lack of sufficient innovative applications to attract ordinary users, and there is no strong user group and community influence to form a synergy. If Sui wants to shine like Solana and Base in this round of "bull market without mutual takeover", the Sui ecosystem currently lacks a "burning point" that can break the circle of the ecosystem to attract the attention of mainstream users.
In this context, Bluefin came into being as a unique protocol. Bluefin saw the high-performance potential of Sui that needed to be utilized. By leveraging the unique architecture of the Sui network, Bluefin challenged the current market limitations, found the right ecological position, and broke the circle with strength.
Bluefin leverages Sui ecosystem to accelerate development
As an early explorer of DEX, the mature and excellent Bluefin is the result of the team's repeated technological iterations.
Initially, the Bluefin v1 beta was launched on Arbitrum in 2023. However, the Bluefin team soon realized the limitations of the platform on Arbitrum in terms of scalability and cost-effectiveness, and the team set its sights on the Sui public chain. Attracted by the unique architecture and advantages of the Sui blockchain, the Bluefin team began to adjust the code base and build Bluefin adapted to the Sui network. Finally, Bluefin v2 was deployed on the Sui mainnet at the end of 2023, with a transaction volume of more than US$3.2 billion in December 2023 alone.
As the team expected, after transitioning to Sui, Bluefin found a solution that aligned with its high performance and user experience goals.
From the original Bluefin Classic to Bluefin v2, to the upcoming Bluefin Pro, it has evolved through multiple versions. The performance and user experience of each version have been significantly improved, and the iterative Bluefin has gradually gained a firm foothold and become an excellent trading platform. In the future, Bluefin aims to expand into the direction of finance and infrastructure, build infrastructure on the Sui chain, and create an ecological financial network.
Sui, providing a high-speed channel for transactions
In the Sui network, single-owner objects have extremely high efficiency and parallel processing capabilities. Including token transfers and smart contract releases, these operations are processed by Sui without consensus, thus achieving large-scale parallel processing and only locking relevant data.
At the same time, Sui processes each transaction separately, avoiding the block batching problem, so the delay time of each transaction is shorter and easier. Then the arbitration driver assembles these transactions into certificates and completes the transaction after successful verification. And Sui uses causal sorting for transactions containing its own objects, so that large-scale parallelization and sharding can be achieved through multiple machines, greatly improving the scalability of the Sui network.
Sui's high performance, low cost and strong scalability enable Bluefin to achieve sub-second settlement speeds and ultra-low transaction costs comparable to centralized exchanges.
Reduce the presence of wallets and maximize user experience
Bluefin makes the on-chain interaction process invisible to users through the account abstraction function, allowing users to trade easily without a wallet.
Bluefin integrates with zkLogin to simplify the user registration process. Users only need a Google account to log in directly to Bluefin for trading, without the need for a wallet. At the same time, zero-knowledge proof also ensures that sensitive user data privacy is protected.
In order to provide a user experience comparable to that of centralized exchanges, the project team has simplified the asset deposit process as much as possible.
Bluefin has integrated Wormhole to provide users with a smooth cross-chain solution that can be implemented within the Bluefin platform, supporting DeFi users to make one-click deposits from any chain. For Web3 newcomers or users of centralized exchanges such as Binance, Bluefin will support direct fiat currency deposits and direct deposits from CEX.
Bluefin hopes to completely eliminate the need for Web3 wallets. Users can bypass wallet installation and get a faster, friendlier, and more secure transaction experience without compromising the integrity of the technology.
Bluefin's dedication to user experience has naturally resulted in the most authentic data feedback. Since the launch of v2, Bluefin's user base has continued to grow.
Team background and ecology
Bluefin's leadership team comes from well-known companies such as Meta, Goldman Sachs, Amazon, and NYSE. Founder Rabeel Jawaid is a research scientist at the Singh Nanotechnology Center at the University of Pennsylvania and was also an investment analyst at Optimus Capital Management.
According to existing information, in addition to the undisclosed Pre-seed round, Bluefin has completed US$29.2 million in financing, led by Polychain, Three Arrows Capital and DeFiance Capital, with participation from many star institutions and individuals.
Currently, Bluefin has partnered with several leading market makers and companies such as Wintermute, Amber, Keyrock, Meta, Goldman Sachs, Amazon, etc.
Currently, Bluefin has interconnected with multiple on-chain financial protocols such as CetusProtocol, Turbos Finance, KriyaDEX, AVEO, and cooperated with well-known NFT communities such as Pudgy Penguins, MadLabs, and Azuki, and will distribute $BLUE token airdrops to community members of cooperative projects during TGE. In the future, Bluefin will work with more high-quality projects to create a prosperous on-chain financial network.
The future is here, Bluefin Pro's technical highlights
While Bluefin v2 continues to evolve, the Bluefin team will be launching Bluefin Pro in the second half of this year, which will represent a highly optimized version of the product. Its main features will be reduced fees, trade execution latency, and cross-margin accounts.
Using Owned Object Transactions
Cross Margin Support: Bluefin Pro will introduce cross margin trading accounts, a key feature of the trading platform.
30 milliseconds to confirm transactions: Bluefin Pro ensures that the user experience is fast confirmation regardless of on-chain processing time. It achieves off-chain transaction confirmation in less than 30 milliseconds at a speed of approximately 30,000 TPS.
400ms on-chain finality: Fast on-chain finality will ensure Bluefin Pro remains efficient and responsive even under high traffic conditions.
Gas costs: Bluefin transaction calls typically consume 1,000 to 2,000 gas units, with an average gas cost of about $0.01, ensuring low costs and predictability. The Bluefin Foundation covers these gas costs.
Take the example of single owner object and owned object transaction:
In Bluefin Pro's technical architecture, "single-owner objects" and "owned object transactions" are two closely related but independent concepts: single-owner objects provide the basis for owned object transactions, while owned object transactions use this basis to achieve efficient transaction processing.
Taking library book borrowing as an example, Sui is the management system of the entire library, responsible for recording the status and borrower of each book, and ensuring that each book has a unique tag (ownership). Bluefin is the administrator in the library, using Sui's system to quickly process book borrowing and returning operations.
Each book has a unique tag that identifies who has borrowed the book. This is like a "single-owner object", where each book (object) has a clear borrower (owner).
When you want to borrow or return a book, the library only needs to check the tag of the book, without checking the status of all books. This is like "owning object transactions", only need to check the relevant books and owners, without global check of the entire system.
TGE is coming soon, how to participate in Bluefin
In the future, the distribution of Bluefin project token $BLUE will focus on incentivizing ecosystem growth (52%), of which 13% will be used for Bluefin airdrops, 19.5% will be used to reward transactions, liquidity provision and future growth plans, and 4.5% of the token share will be used to add liquidity at launch, all of which will be unlocked at TGE.
The remaining 48% is allocated to investors and core contributors of the project, and will be released linearly starting 12 months after the TGE.
For users, there are four ways to participate
Transaction Mining
Currently, users can earn points by trading on the Bluefin platform. The Bluefin Trading Rewards Program distributes Blue points and Sui rewards to traders every week. The rewards are determined proportionally based on the fees paid by the user in a week. Click the "Reward Pool" button on the Bluefin Rewards dashboard to view the weekly reward pool.
Trading Level League
Level league activities are coordinated with transaction mining. Users participating in Bluefin transactions will obtain NFTs of different levels according to transaction data. The higher the level, the richer the airdrop rewards.
Under the level mechanism, users can freely formulate participation strategies. Using a single number to increase the level or using multiple numbers to try to get a minimum living allowance will both have corresponding expected returns.
Bluefin Stable Pools
Users can support order book liquidity through Bluefin Stable Pools, earn stable returns, and minimize downside risks.
Open Referral
Through the Open Referral program, users can create their own referral link and share the 10% bonus with the invitees.
Conclusion
The emergence of Bluefin effectively fills the current market gap. As a high-performance on-chain trading platform, Bluefin sees the huge potential behind Sui's excellent technical architecture. Through its innovative application layer design, Sui's technical advantages are fully demonstrated. Not only does it have significant advantages in transaction speed and cost, Bluefin has also made great efforts in user experience, so that even novice users can easily get started. Through Bluefin, users can intuitively experience the powerful performance of Sui, which not only improves user trading experience, but also further promotes the popularity and application of the Sui ecosystem.
Not only is Bluefin deeply compatible with Sui in terms of technical performance, but it has also greatly improved user participation and community loyalty through a unique user reward mechanism and community activities, bringing new vitality and continued attention to the Sui ecosystem. In the future, Bluefin will further develop financial networks, improve spot markets, and build ecological infrastructure.
As the issuance of the token $BLUE approaches, Bluefin, which has made sufficient preparations, may become the "ignition point" that leads the Sui ecosystem to break out of the circle and lead the Sui ecosystem into a more mature financial world.