Author: Kasou Kazoku 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 ecological 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's explore the origins of Sui and learn how this brand new Layer1 public chain was born. Sui team introduction and financing background Mysten Labs, the creator of Sui, was founded in 2021 by former Novi project leader 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. They have worked in well-known companies such as Apple, Oracle, Microsoft, R3 and Facebook. It is particularly worth mentioning that co-founder Evan Cheng won the ACM Software System Award for his design of LLVM (the technology currently used in most Apple and Google devices), which is also a remarkable achievement. Funding played a key supporting role in the birth of Sui. 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 should be noted that these financing rounds of Mysten Labs were limited to the sale of equity, and no SUI tokens were provided. 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 next section, we will explore in depth how Sui helps blockchain game innovation and the rise of DeFi in its ecosystem. With multiple core advantages, Sui's underlying game performance is becoming more and more powerful. Sui public chain is actively entering the field of encrypted games. They firmly believe that to build encrypted games that are both interesting and fascinating, they must rely on the underlying blockchain to 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 that 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 develop during the game without creating new contracts (dynamic assets), and the ability to own other assets (nested assets). Dynamic assets can develop and evolve during the game without 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 the terms of their asset transactions. These terms not only include royalty payments, but also cover various aspects related to sharing, selling and managing assets. Creators can customize them 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 users having to understand blockchain knowledge. 5. Scalability, speed, and cost predictability: Sui public chain stands out for its excellent performance and is one of the fastest chains. Its finality reaches sub-second levels 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 the 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. TVL continues to grow, and Sui's future potential is widely recognized In the past three months, Sui public chain has experienced rapid growth in activity in the DeFi field, with Total Value Locked (TVL) increasing by 341% and transaction volume increasing by 229%. This spectacular growth is an important milestone for Sui public chain, demonstrating the practicality 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 provides services for DeFi protocols with its unique technical features, which is the key to Sui's user acquisition. 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. Second, Sui public chain features low gas fees, which means that users only need to pay a minimum number of tokens to trade 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 of the launch of the Sui mainnet, DeFi protocols flourished on Sui, providing users with a variety of options for participating in DeFi. In addition, the Sui Foundation 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 Sui public chain is to make developers aware of its potential and promote the development of DeFi in Sui ecosystem in many aspects. 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 Sui public chain to realize asset tokenization, conduct transactions and foreign exchange operations and many other financial applications, creating unlimited possibilities. The rise of 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 is expected to stand out among Layer1 public chains and become the infrastructure of the industry. Sui public 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 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.
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