Compiled & organized: Deep Tide TechFlow
Guest: Adeniyi Abiodun, co-founder of Mysten Labs & developer of SUI
Host: Nic, Host
Podcast Source: More Coin Bureau
Original title: SUI Is Crushing It! Insights & Predictions with Adeniyi Abiodun!!
Broadcast date: November 11, 2024
Background information
Nic interviewed Adeniyi Abiodun, co-founder of Mysten Labs (the developer behind SUI). This emerging level 1 blockchain has performed excellently in 2024, showing strong growth momentum. Don't miss this exclusive interview for firsthand information about this platform, often referred to as the 'Solana killer.'
Deep Tide Note:
Mysten Labs is a company focused on blockchain technology and cryptocurrency infrastructure. It was founded by a group of former Facebook (now Meta) employees who played key roles in Facebook's blockchain project Diem and cryptocurrency wallet Novi. Mysten Labs aims to develop next-generation blockchain technology to improve the scalability, security, and decentralization capabilities of blockchain networks.
One of Mysten Labs' most notable projects is the Sui blockchain, which is a high-performance decentralized blockchain platform designed to support large-scale applications and fast transaction processing. The Sui blockchain adopts a new consensus mechanism and data structure to achieve higher throughput and lower latency.
What is SUI, and how did it start?
In the podcast, Adeniyi Abiodun introduced the background and goals of SUI. He emphasized that SUI is a global coordination layer aimed at addressing the increasingly centralized nature of the internet. Adeniyi and his team previously worked on Facebook's Libra project, and although Libra ultimately did not launch, they still hope to continue realizing the vision of building a global computer.
SUI's core goal is to create a set of protocols and platforms that make the internet more decentralized, allowing developers to interoperate between different services and products without relying on centralized services or intermediaries. This will increase efficiency, reduce costs, and bring many new use cases that were previously unattainable for developers and users.
Adeniyi emphasized that SUI is not just a blockchain, but a powerful developer platform that allows developers to expose services or APIs in the form of smart contracts. He described how SUI enables developers to coordinate various assets and services using simple code (like JavaScript), and even complete multiple transactions with a single click.
He also pointed out that in just a year and a half, SUI has achieved remarkable growth in the blockchain market, surpassing many long-established blockchain projects. This indicates that SUI's influence and market share among developers are rapidly increasing.
The reason for the establishment of SUI and its connection with Meta
Adeniyi mentioned that one of the cores of SUI is its unique smart contract programming language - Move, which originated from Meta (formerly Facebook). Adeniyi explained that Move was created by SUI's CEO Sam Blackshare while working at Meta, aiming to build a platform that can safely handle assets and funds.
In developing the Move language, the team studied various programming languages, including Solidity and Rust. Adeniyi emphasized that traditional languages have shortcomings in security and developer-friendliness, thus necessitating the development of a new programming language that can ensure code security in decentralized environments. The characteristics of the Move language are its simplicity and efficiency, allowing developers to achieve more functionality with less code without cumbersome security checks, thereby reducing the risk of code vulnerabilities.
He further explained that SUI is an object-based system rather than a traditional account system, which gives developers greater flexibility in building applications. Adeniyi pointed out that the learning curve for the Move language is relatively short, with developers typically mastering it in three to four days, allowing them to quickly build high-quality applications.
Adeniyi also shared feedback from developers regarding the Move language, with many developers stating that their development efficiency has greatly improved, making it easier to build secure and expressive code. He believes that Move will become the mainstream language for developing smart contracts in the future and expects its market share to grow significantly in the short term.
Is it difficult to attract developers to build on SUI?
Adeniyi pointed out that SUI's goal is not simply to mimic the successful models of other blockchains but to focus on enhancing the developer experience. They believe that if they can provide developers with an excellent user experience, they can stand out in the competition.
He emphasized that from the very beginning, the team placed a high value on developer feedback and needs. They realized that many developers faced difficulties in other ecosystems (like Ethereum), so the Move language offered by SUI was seen as a breath of fresh air. Many developers appreciated the ease of use and security of the Move language after trying other platforms, helping them get up to speed and build applications more quickly.
Over time, more and more developers began to join the SUI ecosystem, attracting more participants through word of mouth. Adeniyi believes that existing developers are the best advocates for the SUI platform, actively introducing the advantages of the Move language to developers in other ecosystems, further promoting SUI's development.
Moreover, he mentioned that the growth of the ecosystem is also an important factor in attracting developers. With the increase of projects on SUI, developers see more opportunities and potential, making them willing to invest time and effort to build applications. This natural growth trend has made the SUI developer community increasingly active.
What drives the growth of the SUI community?
When discussing the drivers of SUI community growth, Adeniyi pointed out that in addition to developers' interest and community expansion, several other factors are also contributing to this growth. He mentioned several key examples and characteristics that have played an important role in SUI's success.
Exceptional trading experience
Adeniyi cited the example of Blue Fin, which was initially deployed on Arbitrum but found that traders were 20 times more profitable on SUI after trying it out. This is mainly due to SUI's lower gas fees, faster transaction finality times, and better arbitrage opportunities. This significant performance improvement has attracted more developers and users to switch to SUI.
Innovative technological features:
SUI introduces ZK login mechanisms, allowing users to easily create on-chain accounts through Web 2 accounts without traditional wallet operations. Additionally, the sponsored transaction feature enables users to pay gas fees in the background, allowing SUI to offer a user experience similar to Web 2 while enjoying the advantages of Web 3.
Low latency and high performance:
Adeniyi emphasized that SUI is one of the chains with the lowest latency in the market, and the actual final confirmation speed of transactions is far faster than that of other chains. This speed is especially important for transactions, allowing for quick final confirmations to return immediately after a user clicks to submit, greatly enhancing the user experience.
Programmable transaction blocks
SUI's unique programmable transaction block feature allows users to execute multiple interdependent transactions in a single transaction, providing unprecedented opportunities for arbitrage. Users can bundle up to 1024 transactions in one, enhancing the platform's appeal with this efficient processing method.
Potential in the gaming field:
Adeniyi also mentioned that although Web 3 games currently face some issues, he believes that future games will be more enjoyable and that Web 3 technology will enhance the player experience. They plan to launch the SUI Play XRX 1 gaming console, embedded with SUI accounts, allowing users to log in using regular email and password, and earn rewards and assets through gaming.
Product-market fit:
As more developers build applications on SUI, market fit continues to strengthen, and trading volume of DEX and other applications is rapidly increasing. All of this indicates that SUI is gradually forming a healthy ecosystem.
Future plans for the SUI wallet
In an interview about the future plans for the SUI wallet, Adeniyi Abiodun mentioned several key points showcasing the development direction and upcoming features of the SUI wallet.
Introducing other wallets:
Adeniyi mentioned that the SUI ecosystem will introduce wallets from other ecosystems, although he did not disclose specific details. This means users will have more options and can use different wallets to access the SUI ecosystem.
Continuous enhancement of wallet functionalities
Since its launch, the SUI wallet team has been continuously adding new features. Adeniyi emphasized that while the SUI wallet currently has relatively few functions, they are working hard to enhance user experience and plan to launch more built-in features by the end of the year.
Simplification of funds in and out
The SUI wallet will focus on simplifying the process of funds entering and exiting for users, including the ability to make cash deposits and withdrawals directly from the wallet. This will include support for payment methods such as debit cards, allowing users to convert funds more conveniently.
Transparency of transaction information
Adeniyi also mentioned that they are considering providing more information about trading, such as price history and transaction records. These simple features will help users better understand their trading situations, thus enhancing the overall experience.
The importance of user feedback
The team places great importance on feedback from the community and stated that they will continuously improve wallet features based on user opinions. They hope to enhance user satisfaction and experience in this way.
Future user activity
With the addition of other wallets, Adeniyi expects that user activity in the SUI ecosystem will significantly increase, further driving SUI's development.
Interesting projects being developed on SUI
Adeniyi mentioned some interesting projects currently being developed in the SUI ecosystem, showcasing the platform's diversity and innovation.
Aggregator platforms
Adeniyi emphasized that there are multiple aggregator projects on SUI that help users find the best trading paths. For example, aggregators like Hop, Aftermath, and Situs can view all liquidity pools and trading positions across the entire chain, providing users with optimal trade execution. Users can achieve efficient trades with just a click, which is not feasible on other chains.
Debook
This is a decentralized central limit order book that Adeniyi is very excited about. Debook provides liquidity infrastructure for DeFi products on SUI, with all major DeFi applications already onboarded. Trading high liquidity assets using a central limit order book is more efficient than using automated market makers (AMMs), reducing slippage issues. The launch of Debook has enabled SUI to excel in high-frequency trading and liquidity management.
Global trading engine
Adeniyi believes Debook has the potential to become a global trading engine, capable of supporting trading for multi-chain products. For example, users can initiate trades on Solana but complete them on Debook, ensuring optimal trade execution and lower fees.
Liquidity provider (LP) rewards
Some projects are being developed to allow users to provide liquidity directly on the central order book and earn rewards, which is usually done by market makers. Adeniyi believes that market makers will become increasingly decentralized in the future.
SUI Blazer X1
This is a gaming device that is currently in pre-sale and has received a warm welcome from the SUI community. Adeniyi noted that about 20% of the purchases come from the SUI community, and 25% from the Solana community, showing SUI's influence and appeal in the gaming space.
SUI's gaming device
In this segment, Adeniyi Abiodun detailed the new gaming device from SUI and its potential in the Web3 ecosystem.
Design philosophy of the device
Adeniyi emphasized that SUI's gaming device is not designed for short-term incentives or airdrops. He believes that the reason users purchase the device should be its inherent value and functionality, rather than purely economic incentives. He mentioned that high-consumption products like the iPhone are not easily replaceable, as users are more concerned with the practicality and experience of the device.
Versatility
This device can not only play games from platforms like Steam and Epic but also allows users to enjoy gaming anytime, anywhere while traveling. It supports in-app purchases for Web3 games, avoiding high fees from traditional app stores, providing greater convenience for players.
User-friendly
Adeniyi stated that the device's operating system aims to simplify the user experience, allowing players to avoid making choices between different platforms. Users can transact, purchase cryptocurrencies, and utilize built-in wallet functions, facilitating various operations.
Market potential
Currently, there are about 3,300 pre-orders. Adeniyi revealed that SUI is focusing on early adopters and plans to launch to a broader market next year. He expects that as other manufacturers start developing similar SUI Play devices, the market will further expand.
Future outlook
Adeniyi believes that the SUI Play device could become the dominant wallet in the Web3 space, providing ordinary users with a seamless gaming and crypto experience. He mentioned that the device's operating system has been completed and is currently undergoing testing, with an expected official launch early next year.
Differences between SUI and Aptos
Team background
Adeniyi emphasized that the SUI team made significant contributions to the Libra project, with core members accumulating extensive experience in various Meta projects, including the development of cryptography and consensus mechanisms. Compared to Aptos, the SUI team's background and experience provide unique advantages in technical innovation and product development.
Technical architecture
Multi-machine system: SUI is a multi-machine system that can achieve horizontal scalability, where adding more machines can improve processing speed. In contrast, Aptos and other blockchains may experience performance degradation when adding machines.
Parallel transaction processing: SUI allows for parallel processing of transactions by adding work nodes, which excels in improving efficiency.
Object-driven model: SUI adopts an object-driven programming model, making it more natural for developers to write code, especially for those familiar with object-oriented programming. This differs from Aptos's account-driven model, which may not be as intuitive for the development experience.
Ecosystem development
Adeniyi pointed out that although SUI has been online for a shorter time, its performance in several metrics such as developer adoption, total value locked (TVL), transaction volume, and wallet growth has exceeded that of Aptos. This indicates significant success for SUI in building a community and attracting developers.
Community building
SUI did not launch its ecosystem through airdrops but focused on building relationships with long-term cooperative ecosystem partners. Adeniyi believes that ecosystems relying on airdrops often attract short-term users, who may leave after receiving rewards. Therefore, SUI is more focused on cultivating users who genuinely care about the development of the ecosystem.
Goals and visions
Adeniyi expressed SUI's vision not just to capture the Web3 market but to become a decentralized alternative for internet interactions. He believes SUI has unique potential in building a platform suitable for all developers.
Security
He mentioned that as more chains adopt the Move programming language, the overall security of the ecosystem will be enhanced. The design of the Move language aims to improve the security of smart contracts, which is crucial for the widespread adoption of Web3.
SUI's partnerships
Partnership strategy
Adeniyi mentioned that SUI has established partnerships with several enterprises, but they do not heavily rely on extensive public relations and press releases. They focus more on meaningful collaborations with partners to showcase what makes SUI unique compared to other blockchains. He believes that simple partnership announcements do not truly reflect the value of the partnership.
Developer priority
Adeniyi emphasized that SUI focuses on attracting developers who can build differentiated experiences. He believes that outstanding developers can create attractive applications, which is more important than mere corporate collaborations. He mentioned that many developers from Web2 and Web3 have excellent ideas that cannot be realized on traditional platforms, so SUI hopes to collaborate with these developers to drive innovation.
Upcoming tools
Adeniyi mentioned that SUI will launch a tool called 'bug bar.' This is an AI tool designed to help developers discover vulnerabilities in their code, thus reducing potential security issues after code release, such as hacking and loss of funds. He stated that this tool will be open to the entire ecosystem, and developers from SUI, Aptos, or Solana can use it. This indicates SUI's strong commitment to improving the health of the entire Web3 ecosystem.
Views on enterprise collaboration
Although Adeniyi acknowledges the importance of enterprise collaborations, he believes that the true driving force lies in developers and the applications they create. He is confident that by attracting outstanding developers, SUI can establish a more competitive position in the market.
The health of the ecosystem
Adeniyi emphasized that the overall health of the Web3 ecosystem is crucial for all participants. He noted that any significant security incident (such as a massive hacking attack) would negatively impact the entire ecosystem, and he hopes to improve security and reliability through SUI's tools and collaborations.
The importance of technological upgrades
Adeniyi Abiodun discussed the importance of SUI's recently released consensus mechanism Mr. SETI and how it differs from other blockchains like Solana.
The importance of Mr. SETI
Adeniyi pointed out that SUI adopted Bullshark as its consensus mechanism at its mainnet launch, which was the lowest-latency and most scalable mechanism available at the time. However, the team believed it could be further improved, leading to the development of the directed acyclic graph (DAG)-based consensus mechanism Mr. SETI. The goal of this new mechanism is to achieve transaction confirmation speeds that exceed the loading times of users accessing websites, delivering lower latency and higher throughput.
Low latency and high throughput
Using Mr. SETI, SUI can process 100,000 transactions per second while ensuring that transactions are confirmed in under a second. This contrasts sharply with other blockchains, which often experience significant delays under high throughput. Adeniyi emphasized that SUI's design keeps confirmation times under one second, regardless of transaction volume, laying the groundwork for mass adoption.
Expansion of application scenarios
The low-latency consensus mechanism makes on-chain applications for gaming and trading possible. Adeniyi believes that fast transaction confirmations can instantly record every action and transaction, greatly increasing arbitrage opportunities. This efficient transaction processing capability will promote the development of more applications, further driving the growth of the SUI ecosystem.
Stable gas fees
Adeniyi also mentioned that SUI's gas fees are relatively stable and aligned with the dollar. As technology upgrades, validators will be able to adjust gas fees based on the operating costs of the infrastructure and appropriate profit margins. This mechanism ensures that gas fees do not fluctuate significantly even when the network processes a surge in transaction volume, providing cost predictability for enterprise users.
Attractiveness for enterprise users
For enterprise users, predictability of costs is crucial. Adeniyi emphasized that enterprises should not incur higher trading costs simply because of their success. The stable fee structure provided by SUI means that fees remain constant whether conducting a single transaction or multiple transactions, supporting the business models of enterprises.
Walrus upgrade
Adeniyi Abiodun introduced an important upgrade to SUI - Walrus, explaining its functionality, significance, and how it differs from existing storage solutions.
Definition of Walrus
Walrus is a decentralized storage platform that is not just simple storage, but programmable storage. This storage method will enable users to achieve many functions that were previously unattainable on the internet. Adeniyi mentioned that the SUI team enjoys using marine mammals as product names, and Walrus continues this theme.
Storage cost advantages
Adeniyi pointed out that the storage costs of Walrus are much cheaper compared to other blockchains (like Solana and Ethereum). For example, the cost of storing data on SUI is 100 times cheaper than on Solana and 2000 times cheaper than Ethereum. Nevertheless, storing large volumes of data remains relatively expensive, hence Walrus aims to provide a more cost-effective solution.
New mechanism: Red Shift
Walrus introduces a new mechanism called Red Shift, allowing data to be fully redundant by replicating it only five times across multiple nodes. This means that even if 1/3 to 2/3 of the nodes in the network fail, users will still be able to access and write data. This mechanism is unique among other protocols.
Programmable storage
The storage provided by Walrus is fully programmable, allowing users to store PB-level data in a decentralized manner. For example, Adeniyi mentioned that the Internet Archive could use Walrus to store its entire archive and manage storage costs through smart contracts for sustained funding.
Decentralized website hosting
Walrus can not only store data but also host entire websites. Adeniyi mentioned that Decrypt will use Walrus to run its website, meaning that the data publication, storage volume, modification history, and other information on the site will be verifiable and tamper-proof. This provides a new foundation for future information dissemination and media operations.
Resistance to censorship
Walrus is seen as an important infrastructure for future information dissemination, capable of resisting censorship. Adeniyi believes that this storage solution will facilitate the establishment of decentralized social media platforms and ensure that important data (like that of the Library of Congress) can be securely stored and accessed.
Integration with SUI
Walrus will be combined with SUI's computing layer to form a complete decentralized stack. Additionally, Adeniyi mentioned that SUI will develop a network layer to further enhance the capabilities of decentralized applications.
Enhanced security
Due to the close integration of SUI's DNS system with Walrus, users will enjoy higher security when accessing Walrus websites, avoiding risks of DNS attacks and asset theft.
SUI's DNS system
Launch time
Adeniyi stated that Walrus is expected to go live early next year. This system is already in the testing phase and is being integrated with multiple ecosystems, including the Ethereum community.
System functionalities
SUI's DNS system will closely integrate with the Walrus storage platform to provide users with a more secure and decentralized web access experience. Through this integration, users can ensure that the websites they visit are verifiable, thus reducing the risk of DNS attacks.
Ecosystem integration
Adeniyi mentioned that SUI's DNS system is not limited to its own ecosystem but will also collaborate with other blockchain communities to enhance its cross-chain interoperability and application scope.
How SUI plays a role in politics and economics
Blockchain as a business mechanism
Adeniyi believes that blockchain will become the cheapest mechanism for conducting business transactions. As users and assets gradually migrate to blockchain, the costs of conducting business activities using this technology will significantly decrease. This means centralized companies will have to consider how to leverage this emerging technology to improve their operational efficiency and market reach.
The transformation of centralized companies
Adeniyi predicts that companies like Facebook and Google will eventually adopt blockchain technology to enhance their business models. For example, he mentioned a partnership with Movie Pass to utilize SUI and USDC mechanisms to pay users and provide rewards. This shift will enable these companies to better meet user needs and leverage the advantages of blockchain for innovation.
The concept of Web 3
Adeniyi emphasized that when building Web 3 applications, it should be done under a decentralized architecture. He believes that while some enterprises may still choose centralized solutions (for example, trusting Google to store data), decentralized solutions will be more attractive when it comes to governance and data accessibility.
Governance and data storage
For use cases requiring governance and data sovereignty, the decentralized storage solutions provided by Walrus and SUI will be very fitting. These use cases may include scenarios that require ensuring data is unaltered and always accessible, which are among the advantages of decentralized platforms.
Future adaptability
Adeniyi believes that as technology develops, governments and centralized institutions will have to adapt to leverage the new opportunities and challenges brought by blockchain. They may realize that blockchain is not just a technological tool but the foundation for redefining business and data governance.
How many unique active wallets are expected for SUI?
Current number of active wallets
Adeniyi mentioned that SUI currently has about 27 to 28 million active wallets.
Future predictions
He predicts that by next year (November 8, 2025), the number of unique active wallets on SUI might exceed 120 million. He stressed that this growth is based on the continuous expansion of the SUI ecosystem and the increase in its user base.
The potential of the gaming ecosystem
Adeniyi believes that by 2030, the vast majority of gamers will be gaming on the SUI platform. According to him, there were 3.3 billion gamers worldwide last year, spending around $200 billion on gaming. He believes SUI will be able to capture a significant share of this market.
The advantages of ZK login mechanisms
Adeniyi also noted that SUI is attracting Web 2 users through ZK login mechanisms, which will enable it to far surpass other platforms in user growth. He is confident that SUI can achieve these goals.
Ecosystem demand
He pointed out that with the popularity of gaming, developers need to implement business mechanisms such as token swaps, decentralized exchange (DEX) functionalities, and reward systems on SUI, all of which will further promote SUI's usage and wallet growth.
How many developers are expected to use Move?
Current ratio of developers
Adeniyi mentioned that according to recent reports, about 7% of active developers are currently using Move. He expects the next report to show this ratio exceeding 10%.
Future goals
He set a goal to attract over 25,000 active Move developers by November 2025. He believes that this number is crucial for driving the development of Move.
Competition for market share:
Adeniyi emphasized that the goal of Move is not merely to compete for market share from existing chains, but to establish a strong developer community throughout the blockchain ecosystem. He believes that 25,000 active developers will bring significant growth and influence to Move.
The team's direction of effort
He stated that the team will work towards this goal to promote the widespread adoption of the Move language and the development of the ecosystem.
Total value locked (TVL) across all Move blockchains
Current TVL figures
Adeniyi mentioned that the total value locked across all Move blockchains is currently between $1 billion and $2 billion.
Future predictions
He predicts that by next year (2025), this number could achieve a tenfold increase. This means that the total locked value could reach ten times the current range of $1 billion to $2 billion, amounting to $10 billion to $20 billion.
Growth potential
Adeniyi's predictions reflect his confidence in the future development of the Move ecosystem, believing that with the increase in developers and users, the locked value will rise significantly.
Will SUI surpass Sol?
Current TVL comparison
Adeniyi noted that SUI's current TVL is approximately $1.1 billion. He acknowledged that Solana's TVL is also strong, so a direct comparison of their performance over a short time may not be fair.
Growth potential
He emphasized that in terms of growth trajectory, SUI is leading in both speed and cycles compared to Solana. He holds a positive outlook for SUI's future, believing that if the team can continue to deliver and maintain the current growth momentum, SUI has the potential to become the number one chain.
Key factors for success
Adeniyi believes that the key to success lies in developing attractive applications that can solve real user problems. He mentioned that attracting top-notch developers to build successful projects on SUI will be a crucial factor in driving SUI's growth.
Long-term goals
He stated that SUI's goal is to win the minds of developers, ensuring they can build successfully and profitably on SUI, thereby providing products and services for a broader user base.
Upcoming significant updates
Mr. SETI upgrade
Adeniyi mentioned that SUI recently launched Mr. SETI, an upgrade to the consensus protocol. This upgrade will be carried out in two phases:
The first phase was completed mid-year.
The second phase is expected to launch early next year, bringing significant performance improvements.
Performance improvements
The second phase will merge 'fast path' with Mr. SETI, which is expected to significantly reduce transaction latency. He noted that the current benchmark testing for single transaction submissions on SUI's mainnet is approximately 297,000 transactions per second, and this number is expected to increase further.
Future outlook
Adeniyi stated that SUI is working to optimize the existing core to improve speed and plans to scale the system by adding more machines. He looks forward to seeing some powerful consumer applications go live next year.
