The Sui Foundation is launching an updated Request for Proposals (RfP) program, with changes that offer greater opportunities for builders to leave their mark on Sui. Major updates involve the cadence of the RfPs, addressing both long- and short-term projects.

This updated RfP process will drive impactful development and community collaboration by directly funding projects that more closely align with the needs of Sui’s ecosystem.

The RfP program plays a pivotal role in providing the tools needed for accelerated growth within the Sui ecosystem. Each RfP clearly defines a specific area of focus, encouraging developers to propose solutions that address these specific challenges and build them if funded. This approach enables more focused and effective development towards key gaps within the ecosystem through targeted grant funding.

Changes to the RfP program

The revamped RfP program will now feature two key additions:

Rolling RfP cohorts: On a rolling basis, RfPs addressing specific long-term needs will be released. These cohorts allow for larger scope projects that require time and deep involvement from builders.

Flash RfPs: These are designed for short-term projects that provide quick, impactful solutions to pressing needs. These are meant for immediate needs within the ecosystem, and will be issued on a rolling basis.

The path to project funding

To ensure transparency and a smooth process, the RfP 2.0 program follows a clear and structured path:

Application submission: Builders and teams can submit their proposals via the Sui Grants Hub. Each RfP has a defined application window, and we encourage participants to only submit proposals that directly address the goals outlined in the RfP.

Review period: After submission, each proposal will be reviewed and assessed based on their alignment with RfP requirements and the project’s overall feasibility. A dedicated RfP committee will then shortlist candidates and vote on the final proposals to be awarded funding.

Identity verification: To maintain transparency and accountability, selected builders and teams will undergo an identity verification process.

Grant agreement: Once selected, a grant agreement that outlines the project’s milestones, deliverables, and timeline must be signed. With the agreement in place, the builders can begin developing their project.

RfP cohort 2 is live!

Calling on all skilled builders, passionate community members, and creative thinkers to join us in shaping the future of Sui. RfP Cohort 2 is now live, offering a range of opportunities for developers to contribute to the ecosystem’s evolution. From seasoned builders to people bringing a fresh perspective, we encourage everyone to visit the Sui Grants Hub and explore the possibilities.

Join us on this journey and help create the next wave of innovation within the Sui ecosystem. Start building today!

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

Today, DeepBook version 3 officially launched on Mainnet alongside the DEEP token, marking a major milestone in its evolution. With this upgrade, users and market makers now benefit from finely tuned incentives that sets the stage for greater decentralization through community-driven governance.

DeepBook’s version 3 reduces transaction costs and introduces dynamic fees, flash loans, and shared liquidity across pools. Along with new tools for interfacing with DeepBook, this update creates opportunities for more efficient and flexible DeFi actions.

The depth of DEEP

The DEEP token is integral to Sui’s DeFi ecosystem, as DeepBook acts as the backbone of liquidity for DeFi on Sui. The DEEP token itself fuels the flywheel needed to sustain and grow DeepBook with greater trading efficiency, liquidity, and governance. 

DEEP is used to pay trading and pool creation fees, with stakers earning governance rights and market makers receiving rebates for providing liquidity and facilitating trades. As DeFi on Sui grows, DEEP plays a crucial role in enhancing liquidity and improving trading efficiency for both makers and takers.

Staking DEEP offers a range of benefits for both traders and market makers. By committing DEEP to a specific pool, users can enjoy reduced taker fees that decrease based on their trading volume. Additionally, those providing liquidity and meeting the staking requirements of the same pool will be eligible for maker incentives. 

Staking DEEP also grants users the ability to participate in the governance of DeepBook pools. Participating in DeepBook governance is essential to ensuring that the protocol functions effectively and serves the best interests of DeepBook users and Sui’s DeFi ecosystem at large.

Governing DeepBook

By staking DEEP, users can propose changes to key parameters such as trading fees and staking requirements for DeepBook pools that they have staked to. Voting power is determined by the relative amount of DEEP staked to the specific pool, and successful proposals are implemented at the start of a new epoch. 

With this decentralized governance model, DEEP holders help ensure that DeepBook remains competitive while allowing for adjustments that benefit the community. The system’s voting structure is designed to give smaller token holders a meaningful voice, balancing power between large and small stakeholders.

Using DEEP

DEEP offers multiple use cases beyond governance. First, token stakers can earn rebates by providing liquidity during periods of low liquidity, ensuring tighter spreads and better trading execution for other users. Second, DEEP can be used to pay trading fees, with users receiving fee discounts the more they trade, incentivizing more participation. Together, these functions enhance liquidity and make trading on DeepBook more efficient.

Institutional DeFi users

With a substantial stake, institutional users can not only impact decisions through governance but also maximize efficiency by earning sizable rebates on their liquidity contributions. These users benefit from DeepBook’s low slippage and deep liquidity, making it an ideal platform for executing large-scale trades on Sui.

Individual users

Even with a modest amount of DEEP, individual traders enjoy fee discounts as they trade more frequently and also participate in governance. The voting mechanisms also ensure that smaller holders can have an appropriately sized voice in platform decisions compared to large holders. DeepBook’s unique voting mechanism levels the playing field by mapping staked DEEP to governance votes in a non-linear way, ensuring that smaller holders have a meaningful voice in platform decisions. Specifics on this can be found in the DEEP token whitepaper.

DeepBook and DEEP

The DEEP token is more than just a utility within DeepBook; it’s a powerful tool for governance while increasing efficiency and building deeper liquidity within Sui’s DeFi ecosystem as a whole.

From the large institution to the individual trader, DEEP provides incentives for all participants to participate in the ecosystem actively. As DeepBook continues to grow alongside Sui’s DeFi ecosystem, DEEP will remain integral to its success, empowering users and shaping the future of DeFi on Sui.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

DeFi during Q3 of 2024 benefited from a number of foundational developments on Sui, improving liquidity and network performance. Mysticeti, the new consensus engine, began rolling out on the network, significantly reducing latency and allowing transactions to finalize very quickly. Sui Bridge, a new native bridge, underwent testing with transactions between Sui Testnet and Ethereum Sepolia Testnet. DeepBook, Sui's native liquidity layer, prepared for deployment of its version 3 and the DEEP token.

And while protocol metrics averaged largely flat for the first part of Q3, that foundational work seems to have paid off, as metrics rose significantly through September. Along with other significant announcements during that month, Circle said it will bring native USDC to Sui, adding a popular stablecoin to the mix. 

The activity and hard work from DeFi protocols and other members of the Sui ecosystem  throughout the summer suggests a promising final quarter of 2024, led by the Mainnet launch of USDC, Sui Bridge, and DeepBook version 3.

Sui Q3 DeFi metrics

Sui's Total Value Locked (TVL) trendline remained relatively stable through the first half of the quarter before heading upward. TVL averaged $611 million for the quarter, but hit a significant peak at the very end of the quarter at $944 million, presaging TVL reaching over a billion dollars in Q4. Onchain volume, always a volatile metric, saw significant spikes during all three months, hitting a peak of $131 million at the end of Q3. 

Sui Q3 DeFi Metrics (July 1 to September 30) Peak TVL $994 m (9/30/24) TVL Average $611 m Peak Volume $131 m (9/30/24) Quarter Volume $4,466 m (cumulative)

(Source: DefiLlama)

Top Sui DeFi protocol metrics

DEXes End of Q3 TVL End of Q3 Cumulative Volume Q3 Volume growth Cetus $170 m $11,260 m 32.78% Aftermath $51 m $466 m 80.55% DeepBook $29 m $5,048 m 18.89% Kriya $26 m $588 m 40.01% Turbos $20 m $2,195 m 34.50% FlowX $19 m $248 m 23.79%

Aggregators End of Q3 Cumulative Volume Q3 Volume growth Aftermath $466 m 80.55% Cetus $364 m n/a FlowX $227 m 573.22% Hop $224 m 3.16% 7k $182 m n/a

Lending End of Q3 TVL End of Q3 Borrowed Navi $324 m $105 m Scallop $258 m $89 m Suilend $222 m $54 m OmniBTC $2 m $406,690

Derivatives End of Q3 TVL End of Q3 Cumulative Volume Bluefin $18 m $30,305 m Typus $12 m $242 m

Yield Aggregators End of Q3 TVL   Stablecoins Market Cap AlphaFi $36 m   USDC (wrapped) $281 m Strater $8 m   USDT (wrapped) $120 m Mole $3 m   BUCK (wrapped) $18 m Kai Finance $217,641   USDY $8 m       AUSD $4 m

Liquid Staking End of Q3 TVL Haedal $85 m Navi $76 m Aftermath $46 m

Top Sui DeFi news

Major developments from the Sui DeFi ecosystem during Q3, 2024.

Sui Bridge launched

On the last day of Q3, Sui Bridge went live on Mainnet, bringing essential native functionality for cross-chain interoperability. At launch, Sui Bridge supports transfers between Sui and Ethereum, with more tokens, assets, and chains to come in subsequent iterations. 

DeepBook hits $500 billion volume

Sui's native liquidity layer, DeepBook, continues to make gains as it reached over $500 billion in cumulative volume on September 25. Big moves are afoot for DeepBook in the near future, with the upcoming launch of the DEEP token, which will usher in a new era of community control.

Cetus DCA launched

Cetus made a beta launch of its new product, Cetus DCA, bringing users the power of Dollar-Cost Averaging with automated precision. Instead of investing a lump sum all at once, DCA spreads a user's budget over time, smoothing out their cost basis. Through DCA, users can gradually accumulate assets they believe in.

AlphaFi launches new, capital-efficient vault

AlphaFi introduced a new capital-efficient Sui vault onchain, leveraging the composability of Sui and integrating both Navi and Volo protocols. This vault offers the highest Sui yield available through an innovative strategy: deposited Sui is staked to Volo for vSUI, which is then supplied to Navi, allowing Sui to be borrowed against it. This process is repeated four times, significantly boosting user yields. The vault achieved a remarkable $4.5 million in deposits within the first 24 hours of launch.

NAVI Leveraged Strategies

In mid-September NAVI launched one of the most anticipated features of the recently released NAVI Pro dApp, Leveraged Strategies. This feature empowers NAVI users by making leverage strategies accessible to everyone through a single click. This new feature takes advantage of Sui's programmable transaction blocks, bundling multiple transactions to save on gas fees.

Turbos product offerings leverage Sui's unique design

Following the successful launch of our automated vault for CLMM DEX liquidity providers, Turbos is proud to leverage Sui's object-based design to introduce a powerful tool for liquidity providers. This "set it and forget it" solution lets users manage their LP positions effortlessly, and leading meme protocols are already showing strong interest in optimizing returns and enhancing yield strategies through this innovative auto-vault feature.

Haedal's new milestone and next major upgrades.

The TVL on Haedal more than doubled during Q3, successfully surpassing $80 million. This makes Haedal the largest liquid staking protocol on the Sui ecosystem by TVL. haSUI is also the most liquid and trading-active liquid staking token on Sui, contributing an average of $3 to 5 million trading volume every day. By now, haSUI has been integrated or supported by all mainstream DeFi protocols on Sui including DEX, lending protocols, vaults, and CDP platforms.

7k.ag hits a trading volume of $200 million

Starting on August 8, 7K rolled out dynamic trade routing, swift price updates, and automatic listing. The 7K team is thrilled to have hit the $200 million volume mark in just three months, thanks to the Sui ecosystem's strong support and over 21,000 connected wallets. 

Bucket Point System launch

In Q3, Bucket Protocol launched the Bucket Point System, allowing users to earn points by borrowing $BUCK, staking $BUCK, and integrating $BUCK through other projects. These points contribute to $BUT airdrop allocations, setting the stage for the highly anticipated token generation event in Q4 of 2024.

DoubleUp launches Unihouse staking protocol

DoubleUp introduces Unihouse, a groundbreaking DeFi staking protocol where users can become part of the "house" in a Web3 gaming ecosystem. By staking with Unihouse, users gain a unique opportunity to invest alongside the performance of the gaming protocol itself. Stay tuned as the Unihouse ecosystem expands with new staking pools and games, unlocking fresh opportunities to earn and participate.

Aftermath evolves with new updates on Sui

Upgrades to our infrastructure and routing algorithm have provided a better interface, dollar-cost averaging, and immediate comparison between quotes to ensure users of Aftermath get the best swaps on Sui. Our CTO created Concurrent Research, which provides a glimpse into the future direction of Aftermath. Our perpetual exchange, which is only possible to build on Sui, is live on Testnet with the goal of a Mainnet launch in Q4.

Scallop crosses $100 billion in lending and borrowing volume

In Q3, Scallop achieved a major milestone of crossing $100 billion in total lending and borrowing volume. This milestone was accompanied with over $50 million in swap volume, following Scallop Swap's version 2 upgrade to bring the best swap rates across multiple aggregators with zero fees to users.

Typus offers SAFU, a principal protected product

Typus Finance became the biggest option trading protocol on Sui and number one in DeFi option vaults by TVL in crypto. It recently launched SAFU, a principal protected structured product which got great traction in less than a month.

Kriya gearing up for its token generation event

Last month, Kriya unveiled Kriya 2.0, a sleek new interface for DeFi users that aims to match the Robinhood interface, but onchain. Kriya offers concentrated LP pools, sub-second swap routing, and cross-protocol strategy vaults. In addition, Kriya began season three of its Chakra airdrop campaign.

Hop makes swap SDK and new pricing API available

Hop Aggregator launched a new swap SDK and pricing API for developers. The latter shows real time prices on hundreds of assets.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

On Monday, October 14, both DeepBook version 3 and the DEEP token will launch on Sui. These two announcements mark a major development in liquidity within the Sui ecosystem while introducing fundamental decentralization and governance.

Following months of development, DeepBook version 3, a secure and fully onchain central limit order book (CLOB) built on Sui, will be deployed to Sui Mainnet, accompanied by the decentralization of the protocol through its native DEEP token.

The DEEP token

On October 14, the DeepBook token (DEEP) will launch publicly on centralized exchanges as well as Sui’s leading decentralized exchanges at 10:00 am UTC.

DEEP is pivotal in making DeepBook protocol the cutting-edge decentralized central limit order book (CLOB) and is designed to make DeepBook the preeminent venue for wholesale liquidity between and amongst professional traders and DeFi protocols. The design of the DEEP token incentivizes its many diverse participants to work together to offer ample and around-the-clock liquidity, strengthening its particular specialty in wholesale liquidity.

For more information on tokenomics and token utility, read the DeepBook Token whitepaper.

On launch day, the 101,968 holders of the DBClaimNFT will be able to claim their token allocation through a claims site, around the same time as the token listing.

For those who participated in the version 3 testing phase, an analysis of quality and timely contributions will be done and another claims site will be made available in the weeks after the token launch where users can check their eligibility and claim their rewards.

DeepBook version 3

With its robust liquidity layer and Sui’s advanced architecture, DeepBook version 3 delivers DeFi’s most performant order book and sets the bar for liquidity and trading on Sui. 

DeepBook version 3 is the newest iteration of the CLOB, whose predecessor facilitated over $5 billion in onchain trading volume, has been called by more than 740k unique wallets, and enabled the collection of more than 90,000 SUI in onchain gas fees. 

Since deploying to Sui Testnet on August 28, DeepBook Protocol has undergone rigorous testing and auditing. During this time, the engineering team working on it invited the community to help thoroughly test the protocol, resulting in 120,000 unique wallets generating more than 1.1 million transactions. Looking ahead, DeepBook’s vision is to remain the foundation of Sui’s DeFi ecosystem, enabling innovation, competitive, and user-centric applications. We are excited for this next stage in DeepBook’s journey and look forward to continuing to build alongside our partners at Aftermath, Kriya, Cetus, FlowX, Hop Aggregator, Turbos, 7K Aggregator, and many more.

Today marks a major milestone for the Sui ecosystem—native USDC is now live on Sui Mainnet. As one of the most widely used stablecoins, USDC brings stable value transfer and liquidity to the growing Sui ecosystem.

With Sui’s DeFi TVL surging past $1 billion, the time is ripe for more stablecoin liquidity on the network. USDC’s arrival paves the way for further growth as Sui continues to shape the future of a decentralized internet.

Additionally, Cross-Chain Transfer Protocol (CCTP) will be available soon, further enhancing the interoperability of USDC on Sui. CCTP enables efficient movement of USDC between supported blockchains, including Sui. CCTP on Sui will provide powerful composability with greater safety for builders.

Getting started with USDC on Sui

There are a few ways that users can get native USDC on Sui. The first is through Circle Mint. Eligible businesses and distributors who are Circle Mint Account holders can directly access and redeem USDC through Circle Mint, the fastest and most cost-efficient way to gain access to USDC. The second way is to swap assets for USDC via one of the many DEXes built on Sui. The third way is to purchase USDC from an exchange that supports USDC on Sui, with Coinbase coming live soon. Note that users should not send bridged wUSDC on Sui to Circle, Coinbase or any other CEX's that will support native USDC on Sui.DeFi protocols that support USDC on Sui from day one are 7k, Aftermath, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Suilend, Turbos, and Typus.

For builders, native USDC on Sui offers the largest regulated dollar-backed stablecoin to integrate into their products, potentially unlocking new opportunities. Those interested in integrating USDC can check out Circle’s developer docs to get started. 

Looking ahead

The launch of native USDC on Sui marks just the beginning of what’s possible. As Sui continues to grow, USDC will play a key role in unlocking new opportunities for DeFi, gaming, and commerce. With an innovative platform at its core, cross-chain interoperability on the horizon, and a thriving ecosystem, Sui is setting the stage for the next wave of possibilities.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

The methods surrounding the storage of data onchain are often overlooked by many, often because the mechanisms used are conventional and commonplace. This is unfortunate as data storage in a decentralized network plays a critical role in ensuring data integrity and long-term accessibility. Onchain storage with Sui differs from other blockchains. 

Sui’s storage fund is a core mechanism designed to address the challenges of storing data indefinitely onchain. By collecting a storage fee with transactions that create and alter objects, the network can compensate validators for managing onchain storage continuously, even for transactions completed before they joined the Sui network.

A key part of this mechanism, storage rebates, incentivizes builders to remove obsolete data, which in turn optimizes onchain storage use. This mechanism creates a powerful dynamic for developers to leverage in their products, allowing the creation of new products and experiences not possible without it.

What is Sui’s storage fund?

Sui’s storage fund is an economic mechanism that ensures compensation for the perpetual storage of onchain data. Every object on Sui requires an amount of data to be stored and maintained by validators on the network. Transaction fees on Sui are composed of two parts:

the gas fee, which covers the cost of computation for the network, and

the storage fee, which is paid upfront to cover the cost of data storage indefinitely. 

To illustrate, the computation cost is akin to paying a jeweler to craft a gold ring, which is a one-time expense that is spent on executing the action itself. In contrast, the storage fee represents the value of the raw gold. If you delete the object, similar to melting down the ring, you can reclaim a portion of the storage fee.

The ability to claim a storage rebate, selling the raw gold in the above example, helps maintain Sui's economic model, as users will remove data from the network's active state, clearing space for new data. Users initiate transactions that alter and remove objects and object fields in the active set, which results in the user receiving a prorated portion of the original storage fee back as a storage refund. This creates a unique dynamic with objects on Sui holding an intrinsic value in proportion to the amount of data stored onchain.

Design and incentives

The design of the storage fund addresses an important intertemporal problem in onchain storage: today’s validators process and store data, but future validators are responsible for maintaining it. If users only paid at the point of writing data to the blockchain, future validators would bear the ongoing cost of storage without receiving compensation. The storage fund resolves this by collecting fees at the time of data creation and redistributing it to validators throughout the entire time the data is stored onchain.

The storage fund is locked and staked each epoch, allowing staking rewards of the storage fund to help compensate active validators, ensuring they can manage the costs of storage in perpetuity. Staking rewards earned by the storage fund that are not needed to compensate validators are reinvested back into the storage fund. This ensures the storage fund consistently has the resources needed to compensate validators, creating a sustainable validator business model while the network’s storage demands continue to grow.

Additionally, the mechanics of the storage fund incentivize users to delete data when the cost of storing it exceeds the value of keeping it onchain. By offering a rebate on storage fees, the system introduces a market-based mechanism that encourages users to free up space when it’s no longer useful to retain the data onchain.

Building with onchain storage in mind

For teams building on Sui, understanding how to leverage the storage fund can be a game changer. Because every transaction on Sui involves both a gas fee and a storage fee, developers need to factor in these costs when designing apps. Importantly, because storage fees are one-time, projects that require large amounts of onchain data, such as NFT-focused projects or gaming platforms, can build apps that leverage the storage fund’s mechanics to create unique incentives and dynamics as objects are used and evolve.

In this sense, the rebate mechanism transforms the concept of onchain data storage from a static requirement into an interactive, economically engaging feature. Developers can build new business models and user experiences around this functionality, offering rebates as a form of reward for specific actions.

Right-sizing storage needs

While Sui’s storage fund is a powerful tool for onchain storage, it’s important to recognize that it isn’t a solution for all data. Walrus, a decentralized storage solution orchestrated by Sui, is a better fit for large-scale data that doesn’t need to reside directly on Sui. This includes data for media, games, and data availability for other networks. Walrus offers a much more cost-effective solution for storing mass amounts of data while remaining programmable and composable with Sui.

However, for data that must remain onchain, whether it’s objects representing account balances, DeFi positions, or in-game items, Sui’s storage fund ensures that validators are compensated for maintaining this data indefinitely. This combination of onchain storage through Sui’s storage fund and offchain storage with Walrus allows developers to strike the right balance between cost and functionality.

Conclusion

By providing a mechanism for perpetual onchain data storage, compensating validators for their work, and offering rebates for deleted data, Sui’s storage fund offers a flexible and sustainable solution for managing onchain data. This smartly designed mechanism supports onchain data while perpetuating itself.

Whether you’re a developer building on Sui or a user transacting on the network, understanding the power of the storage fund is key to unlocking its full potential.

Go go gadget Sui! That's right, beloved cartoon character Inspector Gadget is coming to Sui, in a new, playable form, thanks to Gamisodes. Through its unique technology, Gamisodes is remastering Inspector Gadget into interactive episodes and bringing the series to life on Sui.

Gamisodes' platform hosts truly interactive Inspector Gadget episodes, where players not only enjoy watching the inspector, his niece Penny, and their dog Brain, but also help them defeat the schemes of Dr. Claw by activities such as solving puzzles and driving chase cars. 

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Leveraging Sui, players will collect iconic gadgets and discover new avatar items as they progress. Sui's unique object structure gives Gamisodes incredible flexibility in programming these in-game items, while quick transaction speeds means no lag in the gameplay. As they acquire items and personalize their experience, players will become more engaged with each episode. 

Along with in-game play, the platform includes a community element, with leaderboards letting players compete and compare. Gamisodes originally began developing Inspector Gadget on the Flow blockchain, but found Sui's performance and capabilities gave it the tools it needed to create the engaging experiences it envisions.

Mini-games within Gamisodes interactive episodes let players help get Inspector Gadget out of perilous situations.

Gamisode's Inspector Gadget launches on its mobile app for iOS and Android, with the first episode dropping October 1, and subsequent episodes coming every month. Over the first three months, the game will offer incentives such as exclusive virtual store items, virtual and live

events, giveaways, and surprise guests. Players can also take advantage of special pricing during this period.

The wait is over! Sui Bridge is now live on Mainnet. 

Sui Bridge is a native solution for moving assets to and from external ecosystems, such as Ethereum. As Web3 expands and matures, it is important to break down the barriers between prominent ecosystems, allowing assets and data to move freely.

In Web3, interoperability is key to unlocking synergy between different assets, apps, and networks. Sui offers powerful interoperability solutions within its own ecosystem, thanks to its unique object-oriented architecture and programmable transaction blocks. 

The launch of Sui Bridge is an important moment in Sui’s interoperability journey, enabling trust-minimized asset transfers between Ethereum and Sui. Existing solutions like Wormhole have played an important role in the development of Sui’s DeFi ecosystem and will continue to be valuable, while Sui Bridge offers a native avenue for users to bridge assets between Sui and Ethereum. Secured by Sui’s own network validators, Sui Bridge transactions are protected by the same infrastructure that powers and secures Sui itself.

Sui Bridge assets

With multiple bridges available, users may encounter different versions of the same bridged asset. For example, ETH transferred to Sui via Sui Bridge (ETH) is different from ETH transferred via Wormhole (WETH). To ensure a smooth experience, apps on Sui will update to accurately reflect the different assets over the coming weeks, helping users easily identify and manage these assets.

Sui Bridge currently supports ETH and WETH transfers between Sui and Ethereum. This focused launch approach ensures a stable and secure user experience for bridge users. Future updates will expand support for additional assets and functionality.

The most direct way to access these assets is to use the Sui Bridge interface to transfer ETH or WETH from Ethereum to Sui. Liquidity from the WETH-USDC pools will begin migrating to the ETH-USDC pool starting next week. 

How to use Sui Bridge

Sui Bridge currently supports ETH transfers between Sui and Ethereum. The web interface makes transferring tokens quick and easy. 

Go to the Sui Bridge web interface.

Connect both an Ethereum and Sui wallet. For the destination chain, you can also choose to enter the address manually by clicking "Enter manually".

Select a token and enter the amount to bridge and select "Bridge assets". The interface may require approval of the token allowance.

After approving the transaction from the wallet, the user will be redirected to the transaction details page to follow the progress of the bridging transaction. Transfers from Ethereum to Sui may take around 10 minutes to finalize due to Ethereum’s probabilistic finality.

After Ethereum finalization, in most cases bridged tokens will be sent directly to recipient addresses on Sui without the recipient’s manual claim. In some edge cases, recipients may need to claim manually on the user interface.

Looking ahead

The launch of Sui Bridge on Mainnet is an early step in realizing the broader vision for interoperability on Sui. Looking forward, Sui Bridge will expand asset support and eventually add unique functionality to accommodate a wide range of use cases.

Stay tuned for more updates and prepare for the next wave of developments that will build upon Sui Bridge.

Additionally, we again want to thank all those that participated in the testing program helping us make the best possible user experience on Sui Bridge.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

More than cryptography and consensus algorithms, blockchain technology relies on a data model that dictates how information is structured, validated, and stored. The data model defines the way accounts are managed, how state transitions occur, and ultimately how users and developers interact with the system. 

Throughout the brief history of blockchain technology, data models have evolved from one chain to the next. The continuing refinement of data models allows more sophisticated and practical usage for blockchains. From Bitcoin’s relatively simple structure to the programmable models of early smart contract platforms, and now to Sui’s more expressive framework. 

The data model plays a critical role in shaping a blockchain’s scalability, security, and efficiency, making it essential not only to the network itself but also to the experience of developers and users.

The essence of blockchain data models

A blockchain’s data model organizes transaction data and determines how the blockchain processes state changes, which occur when the system updates its records to reflect new transactions or events. Each model has a unique approach to tracking ownership and transferring value, significantly impacting network usability, transaction processing speed, and system scalability. Understanding these models illuminates the trade-offs between efficiency, security, and flexibility in blockchain design.

UTxO model: Tracking unspent outputs

The UTxO (Unspent Transaction Output) model, pioneered by Bitcoin, represents one of the earliest blockchain data structures. In this system, transactions consume previous unspent outputs and create new UTxOs, effectively representing a user's balance. Instead of maintaining account balances, the system tracks available unspent outputs for spending. This approach is often compared to handling cash, where each unspent output functions like an individual bill or coin, and spending requires selecting specific amounts to cover the amount required.

UTxO models offer high security and transparency, as each transaction can be traced through its history, facilitating a clear audit path. These systems excel in parallel transaction processing, potentially enhancing scalability in certain scenarios. However, UTxO models can be more complex for developers, particularly when building apps, especially DeFi, due to the intricacies of managing multiple transaction outputs.

Account-based model: Simplifying interactions

Ethereum popularized the account-based model, simplifying user and developer interactions with blockchain networks. This model directly stores and updates account balances with each transaction. Its similarity to traditional accounting systems makes it easier for developers to write smart contracts and for users to understand their holdings.

The account-based approach reduces transaction management complexity by focusing on balance updates rather than handling individual outputs. Users benefit from intuitive account-to-account transfers. However, this model requires strict transaction sequencing to ensure accurate updates to account balances across the network, potentially limiting scalability and complicating parallel processing.

Sui's object-oriented model: A paradigm shift

Sui introduces an innovative object-oriented data model that takes a new approach, diverging from both UTxO and account-based systems. In Sui, everything is an object, carrying properties, ownership rights, and the ability to be transferred or modified.

This object-oriented approach is more intuitive to understand and work with compared to other models. Imagine owning physical objects like a book or a car. You can lend them, transfer them, or change their condition directly, without needing to worry about complicated accounting or tracking small pieces like in the UTxO model. Similarly, each object in Sui is self-contained and can be managed independently, making it easier for users and developers to think in terms of real-world interactions rather than abstract ledger entries.

This intuitive model not only enables flexibility but also enhances scalability. Objects can be processed independently, allowing transactions to occur simultaneously without unnecessary waiting. This parallelization is a key factor in Sui’s ability to handle large volumes of transactions efficiently.

For developers, this object-oriented data model opens up new possibilities for creating innovative apps, particularly when using dynamic NFTs, complex asset ownership structures, and powerful DeFi building blocks. Sui’s object-oriented structure also feels quite intuitive to developers familiar with object-oriented programming. This structure makes it easier to build blockchain apps that are both high-performance and adaptable.

Shaping the future

Sui's object-oriented model offers a fresh perspective on blockchain architecture, combining performance and flexibility while providing a more intuitive way to interact with digital assets. While UTxO and account-based models have proven their worth in specific uses, Sui's approach represents a potential leap for decentralized networks.

As the blockchain landscape evolves, Sui’s object-oriented model presents a promising foundation for future innovation. By offering a flexible and scalable approach, it opens new doors for developers to explore more dynamic and complex applications. While no single solution is a silver bullet for the challenges ahead, Sui’s model provides an intriguing path forward, inviting developers and users to rethink how blockchain technology can be used and expanded in the years to come.

Sui Name Service (SuiNS) is not just decentralizing, it’s ensuring that those who are actively involved are rewarded. The goal of the transition to a decentralized governance model is to ensure that control of the protocol’s major decisions are in the hands of the community. The NS token plays a crucial role, allowing users to directly shape the platform’s future through governance.

While the ability to govern is important, it alone cannot sustain the level of activity required for a protocol that is so vital to the entire network’s experience. Incentives that encourage broad engagement are crucial for ensuring the success of SuiNS. Community participation in shaping the future of SuiNS is not only valued but rewarded.

Fostering community engagement

SuiNS has allocated 5% of the total NS token supply specifically for governance voting rewards. This commitment highlights SuiNS’s dedication to fostering an active and engaged community.

The NS token distribution allocates 5% of the total number of NS tokens towards governance rewards.

Each governance proposal will have a specific amount of NS tokens allocated to be distributed for rewards once the voting period is complete. Each individual NS token used in voting counts as one vote. So, a voting transaction from a wallet holding 100 NS tokens counts for at least 100 proposal votes. Governance rewards are distributed equally across all votes. 

For example, assume that 50,000 NS tokens in total are rewarded once a proposal’s voting period is closed and  2,000 NS token holders participate in voting, casting a total of 500,000 votes. A user that casts a vote worth 100 of the total proposal votes would receive 10 NS tokens as a reward for governance participation.

Understanding governance proposals and voting

Major decisions on SuiNS, including changes to contracts and certain disbursements from the DAO protocol treasury, will be put up for a community vote following their proposal. All NS token holders will have the power to vote Yes, No, or Abstain on each proposal. The SuiNS Foundation itself will not be able to vote at the outset, ensuring that the community drives the decision-making process.

Voting requirements

Voting on SuiNS governance proposals will have a few requirements for the votes and proposals to be considered valid. Votes made by NS token holders must be completed through the official channels, details to be shared in the near future, and must be placed within the designated voting period for the proposal. A proposal’s voting period is established during the creation of the proposal and will be clearly defined. 

Additionally, there will be a minimum required number of NS tokens participating in voting to reach quorum for a proposal’s outcome to be considered valid. 

Token locking increases voting power

By default one NS token is worth one governance proposal vote. For those interested in increasing their voting power, there will be an option to lock NS tokens from one to twelve months. Each month that tokens are locked, they gain 10% increase in voting power.

A token locked for one month will have a voting power of 1.1 and a token locked for two months will have a voting power of 1.21.

Consider the previous example where 50,000 NS tokens are allocated as a reward pool for a governance proposal, and the total voting power that participated is 500,000. A user who voted with 100 NS tokens would receive 10 NS tokens as a reward, assuming their tokens were not locked.

However, if the user locked their 100 NS tokens for two months, their voting power would increase to 121. With this higher voting power, the user would earn an extra 2.1 NS tokens, for a total of 12.1 NS tokens.

This system not only encourages long-term commitment to the platform but also ensures that those who are long-term aligned with SuiNS are rewarded appropriately.

Embracing a decentralized future with SuiNS

SuiNS is setting a new standard for governance on Sui, that will eventually put  governance control of the protocol in the hands of its community through the NS token. With 5% of the token supply allocated to governance rewards and major decisions made transparently, SuiNS empowers users to drive the platform’s evolution.

As we look ahead, stay tuned for the first governance vote happening this fall, where the community will have the opportunity to take the initial step in shaping the future of SuiNS!

Sui Builder House: Singapore just wrapped up, and the community showed up big time! The event was buzzing with exciting announcements, fun-filled activities, and endless conversations among community members and key industry leaders. 

In just one day, more than 600 people from across various communities and industries gathered in Singapore, all on the hunt for alpha. Big announcements from Circle, Decrypt, DeLorean Labs, and One Championship took center stage and turned heads. But it wasn’t just the announcements—some of the activities managed to steal the spotlight at times too.

Sui Builder House: Singapore housed over 600 people across three floors filled with activities, presentations, and networking opportunities.

“Sui is a next-generation blockchain driving the internet revolution from Web2 to Web3,”Adeniyi Abiodun, Mysten Labs CPO and co-founder, said as he kicked off the event. With industry leading performance, one of the fastest growing Web3 ecosystems, and groundbreaking innovations like Walrus, Sui is establishing itself as the global coordination layer for the new internet.

As we look back, here are the top five standout moments that made Sui Builder House Singapore truly unforgettable.

Circle announces native USDC is coming to Sui

Jeremy Allaire, CEO of Circle, shaped his presentation around the current landscape and future potential of stablecoins, while teasing that he’d drop some exciting news. As the presentation drew to a close, Allaire made the big reveal: USDC, one of the most trusted and transparent digital dollars, is coming to Sui.

Jeremy Allaire, CEO of Circle, announced that USDC is coming to Sui very soon.

USDC is already live on Sui Testnet and will soon launch on Mainnet, boosting liquidity and reducing stablecoin fragmentation across the ecosystem. Shortly after, the Cross-Chain Transfer Protocol (CCTP) will be integrated with Sui, enhancing interoperability with other networks, like Solana and Ethereum. Allaire’s endorsement of Sui’s technology and community signals the strength of this partnership and sets up the next stage of growth for Sui.

“We work with a number of different chains, and what we’ve seen from this community, and Sui itself as a technology, is super impressive.” – Jeremy Allaire, CEO of Circle

Walrus Whitepaper dropped

The future of decentralized storage took a big step forward with the release of the Walrus Whitepaper and the upcoming launch of the WAL token. As the decentralized web grows to include more rich media—like text, audio, video, and data archives—traditional blockchains can’t handle these storage requirements at scale. Walrus is positioning itself to be the go-to decentralized storage solution, offering cost-effective, scalable, and programmable storage, reinforcing Sui's position to be the global coordination layer.

The WAL token will play a crucial role in powering the Walrus network, enabling delegated proof-of-stake and ensuring reliable data storage through novel attestation challenges. The Walrus Testnet is launching soon, inviting developers to explore the possibilities that Walrus helps bring to life. 

Decrypt to store all media content on Walrus

Decrypt, a leading Web3 media outlet, is posting its entire content library to Walrus. As Ilan Hazan, Decrypt CPO and co-founder said, “We use Web3 to cover Web3,” and now they’re showcasing that commitment by storing 100% of their content on Walrus. This transition underscores Decrypt’s dedication to leveraging the best decentralized storage solution available.

Decrypt, one of the largest Web3 media companies, will be storing all of their content on Walrus.

Each article on Decrypt will link to its Walrus-stored counterpart, offering a clear example of how Walrus will revolutionize content management for media companies. 

DeLorean Labs and Sui accelerate innovation

DeLorean Labs is building on Sui, creating NFTs that represent build slots for the new DeLorean EV, granting the flexibility to the owners to interact with and even trade their DeLorean build slot. The DeLorean NFTs will remain tied to the car for its lifetime, unlocking a range of capabilities. NFT holders will even be able to drive their DeLorean in the Motorverse adding exciting layers of utility for enthusiasts.

In addition, DeLorean Labs is also offering the chance to mint your own DeLorean time capsule, with one lucky minter winning a brand-new DeLorean!

One Championship punches up sports media with Sui

ONE Championship, a combat sports media leader, is bringing their fan engagement into the Web3 era by building on Sui. By leveraging Sui’s user-friendly onboarding tools like zkLogin, ONE Championship aims to make it easier for their Web2 audience to cross into the world of Web3.

Fans will soon be able to engage with a manga series featuring ONE athletes, powered by Walrus. As part of this experience, fans can participate in a free-to-play pick’em game, with opportunities to win rewards, alongside phygital collectibles blending physical and digital elements.

Honorable Mentions

SUI & SuiPlay0X1 Giveaways

One of the exciting extras at the event was the SUI giveaways through NFC Stashed cards, with participants receiving up to 100 SUI per card. Every seated attendee was given a card, and more could be earned through event activities. Additionally, two attendees walked away with a SuiPlay0X1 pre-order, adding an extra layer of excitement to the day!

Attendees earned scratch off cards allowing them to redeem an award of up to 100 SUI through Stashed. Networking and Activities

The event’s venue spanned three stories, with networking and discussions buzzing on two floors alongside interactive partner booths and activities. Teams like Aftermath, NHN, Shinami, Studio Mirai, SuiLend, Lucky Kat, Tradeport, and many more helped energize the space with conversations, product demos, and more, creating an engaging atmosphere for all attendees

The excitement carried into the next day, with Steve Aoki headlining Move with Sui at Marquee and giving attendees a night to remember.

Over 2,400 guests turned out for the afterparty where legendary DJ, Steve Aoki, lit up the room. Only 1% done

Sui Builder House: Singapore was a huge success, but the excitement doesn’t end here. With all the announcements, partnerships, and the community’s incredible engagement, Sui is continuing to push the boundaries of what’s possible in Web3.

Whether you’re a builder, creator, or just someone excited about the future, there’s so much more to come. Stay tuned, Sui’s journey is just hitting its stride, and the best is still ahead!

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

As a testament to Sui's DeFi strength, native USDC will launch on the network soon. USDC has become one of the fastest growing, regulated, fully reserved digital dollars. 

USDC is issued by Circle, a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments. As of September 17, USDC now stands at more than $35 billion and has supported about $1.4 trillion in transactions over the past year. Today, Circle's open and programmable platform and APIs are giving rise to a new generation of financial services and commerce applications. 

Integrating USDC on the Sui Network immediately enhances Sui’s utility and interoperability for users and developers, adding liquidity, streamlining transactions, and improving market efficiency across the ecosystem. Additionally, Sui’s thriving DeFi environment, which as of September 17, 2024 boasts over $650 million in total value locked, over $350 million in stablecoin market cap, and consistently ranks near the top of all blockchains in weekly DEX trading volume, provides a key foundation for USDC to continue to scale.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

3DOS, a manufacturing innovator, announced it will integrate its expansive 3D printing network with Sui. This integration enables users, 3D printers, and manufacturers to connect across a global, accessible, decentralized network. 

Unlocking the full power of decentralized 3D printing depends on precise, real-time coordination. Acting as the universal coordination layer, Sui synchronizes users, 3D printers, and manufacturers into an efficient, unified network. By orchestrating these interactions, Sui ensures that production resources and manufacturing needs align perfectly in real time.

The 3DOS vision

As it builds the world's largest peer-to-peer 3D printing network, the 3DOS vision allows anyone to access 3D printers anywhere in the world, with Sui acting as a coordination layer, so products are made on-demand locally: no waste, no inventory, no international shipping. 

Through its technology and integration with Sui, 3DOS will revolutionize manufacturing. The expansion of this domain and the increase in accessibility has the potential to transform the manufacturing industry and empower local economies worldwide.

Billions of people around the world rely on manufactured products.

Millions of businesses use and pay for manufacturing capacity globally.

Coordination is a huge problem with high latency and large costs.

The $15.6 trillion global manufacturing market is shifting to decentralized localized production.

Together, Sui and 3DOS address these challenges by streamlining coordination, reducing costs, and coordinating decentralized production

The collaboration between Sui and 3DOS decentralizes the $15.6 trillion manufacturing market, using Sui’s coordination technology to empower local producers. By connecting idle 3D manufacturing capacity to millions of users globally, 3DOS allows individuals to tap into the broader manufacturing market and even create new opportunities in areas where traditional manufacturing is impractical or unfeasible.  

3DOS' founders invented one of the world's first 3D printing operating systems, with over 500,000 users, 4.2 million parts, over 15 million CAD designs, manufactured across more than 120 countries with customers such as John Deere, Google, MIT, Harvard, CalTech, Berkeley, Bosch, the British Army, US Navy, US Air Force, and NASA. 

Powering decentralized manufacturing

The partnership between 3DOS and Sui marks a significant step towards realizing the vision of one-click manufacturing, where anyone can upload a design and manufacture it globally. As the world moves towards decentralized production and accessible finance, the collaboration promises to unlock unprecedented opportunities for innovation and economic empowerment.

At the heart of a high-throughput blockchain is its ability to handle numerous transactions swiftly and securely. However, when transactions in Sui involve writing to the same shared object, they must be executed sequentially. This can translate to longer checkpoint times which may reduce state synchronization efficiency.

The first goal of shared object congestion control is to improve efficiency in checkpoint execution. By controlling the number of transactions touching a congested, or hot, shared object within each checkpoint, the system ensures that processing times remain consistent, preventing delays.

This mechanism also promotes transaction fairness by ensuring that transactions with higher gas fees are prioritized in checkpoint inclusion. Users will expect more costly transactions to process more quickly.

Addressing Sui's earlier limitations

Sui previously managed shared object congestion through its transaction manager. This system monitors the total number of transactions that are pending execution, waiting for the required objects to become available. If pending transactions exceeded a threshold, the transaction manager would stop accepting new requests for transaction signing or execution.

The previous mechanism, though effective in certain scenarios, fell short in several areas. For example, it often led to partial transaction rejections and object lockups due to inconsistencies across validators. It did not accurately estimate the execution times for sequences of dependent transactions, leading to inefficiencies and potential congestion in processing. Finally, when an object congested, the previous solution rejected all incoming transactions until the current transactions were executed, meaning that there was no ability to prioritize inclusion using gas payments.

A closer look at congestion control 

The new Consensus Handler design introduces a more nuanced approach to managing execution dependencies across hot shared objects. This includes two new functions added to validator logic:

The ability to defer transactions: The consensus handler now has the capability to defer transactions to future consensus commits, managing execution dependencies in checkpoints more effectively.

Active transaction cancellation: Validators can now actively cancel transactions that have been deferred excessively. When a transaction is canceled, it is still processed but with a command to the execution engine to stop immediately. Once it receives this instruction, the execution engine releases any objects it has locked and quickly sends back a cancellation error to the client without completing the transaction.

The Consensus Handler sorts and manages transactions. This diagram uses colored circles to represent transactions with different gas amounts.

When the Consensus Handler receives a consensus commit, it first merges the transactions in the commit with any that were previously deferred, sorting them by gas price. It then examines each transaction one by one, creating a per-object execution dependency graph that outlines the crucial steps needed for checkpoint execution. This process ensures that transactions are handled efficiently and in order of their cost.​

To add a transaction to the dependency graph, the handler evaluates all the shared objects involved in the transaction. It identifies the object with the longest queue to start the transaction’s execution, aligning the queues of all involved objects to this maximum length. The transaction’s cost is then added to each object’s queue, updating the execution order.

The dependency graph provides an estimate of execution latency for each object based on the longest queue, which also indicates the overall latency for the consensus commit. There is a maximum limit for queue length in each consensus commit. If a transaction exceeds this limit, it’s deferred to a future commit. If deferred repeatedly exceeding a certain threshold, a transaction is canceled and removed from processing. This typically occurs when a transaction targets a highly demanded object but offers a gas price too low to be competitive.

The new design increases efficiency by monitoring execution dependencies and limiting transactions that involve highly demanded shared objects within each consensus commit, thus protecting checkpoint execution. Crucially, transactions that do not involve these high-demand objects are not affected by these limits.

Solving previous challenges

As mentioned, the previous system struggled with tracking transaction queues for each object, leading to inefficiencies. The shared object congestion control mechanism not only tackles these challenges but also introduces significant improvements to streamline the process. The new approach ensures uniform decision-making among all validators on whether to execute, defer, or cancel a transaction. This change effectively eliminates the problems associated with locked objects and allows for the quick release of objects held by transactions of lower priority.

The congestion control mechanism also enhances accuracy by tracking the full transaction dependency graph within each consensus commit. This means it carefully notes the sequence and dependencies of transactions, providing a much clearer view of the actual time it takes to execute checkpoints. By doing so, it addresses complexities and inefficiencies that were previously overlooked.

Additionally, by deferring transactions and incorporating them with new ones in subsequent consensus commits, the new method supports local fee markets. This setup benefits transactions with higher gas prices, ensuring they have a better chance of being processed during busy periods. Users gain the ability to pay for inclusion, which can be especially powerful for DeFi activities.

Finally, the new approach tends to achieve a better performance in hot shared object workload before any degradation in checkpoint execution occurs. This improvement stems from the consistent and collective decision-making by validators, which leads to more efficient transaction processing and increased overall network throughput. This uniformity ensures that the system can handle more transactions before any performance issues arise.

Sui clears the path

The implementation of shared object congestion control is more than a technical upgrade, it’s a strategic enhancement that significantly improves the scalability and efficiency of Sui.  With this foundation, users and apps on Sui can now enjoy greater transaction efficiency and reliability. The streamlined congestion control mechanism provides a springboard for deploying more complex and responsive applications, further expanding the ecosystem’s capabilities.

Over the next decade, estimates peg the number of internet-enabled devices to grow to nearly 40 billion. Whether it’s tracking the movement of ride-sharing vehicles, improving food traceability, monitoring manufacturing facilities, or securing someone’s home, the Internet of Things (IoT) is now a critical technology for businesses and consumers alike. 

But as the number of devices increases, so does their incompatibility. Silos exist between IoT devices from different manufacturers, forcing users to hop from application to application. And it becomes more challenging to use different devices in tandem to gain greater, collective value from the hardware. 

Chirp has set out to solve this problem. Backed by a user-driven, decentralized physical infrastructure network (DePIN), its ecosystem works across many different radio protocols. Beyond just providing the network, Chirp also gives users access to a growing ecosystem of tools designed to help decentralized projects involved in real-world assets (RWAs) go live faster. 

“We aim to simplify IoT by enabling devices from different manufacturers to communicate with each and the blockchain seamlessly, thereby connecting every IoT device under one platform," said Chirp founder and CEO Tim Kravchunovsky. 

"IoT can be complex and time-consuming, which is why we provide all the tools necessary for companies to bring their applications to market faster. Essentially, the RWAs are IoT devices that need to communicate with each other and the internet, and we believe that projects shouldn't have to deal with the intricacies of IoT. Instead, they should be able to focus on delivering their use case. 

“That’s why dozens of projects are already building with Chirp – from decentralized farming applications to ride-sharing, electric car charging, vehicle tracking, and property management. Chirp handles everything from connectivity to the IoT complexities so that they don’t have to.”

Chirp is rolling out its IoT technology on a global scale.

For Chirp to execute its vision, the company needed a blockchain partner that offered low, predictable costs, as well as fast and reliable speeds. With throughput capable of speeds up to 297,000 transactions per second, as well as consensus latency down to around 390 milliseconds, Sui provided the foundation for Chirp to pursue its goal of supporting millions to billions of IoT devices and gathering data from all the different hardware to unlock new use cases. 

“When you're launching a token on the blockchain, it becomes the backbone of any project,” said Kravchunovsky. “It’s very important to select a quality partner because you’re partially putting your success in their hands.” 

Community-driven 

Unlike a large, centralized telecommunications company, which requires users to connect to antennas the company owns and operates, Chirp relies on a community-driven model. Users buy and install antennas that join to create Chirp’s radio-agnostic network.

Chirp's Blackbird antennas connect multiple IoT devices using disparate radio protocols, bringing these devices together into one coherent network.

There are numerous IoT connectivity technologies, each used for different purposes. Some allow devices to connect while conserving energy, while others enable the transfer of large amounts of data, such as video transmission. Unfortunately, no ecosystem enables the devices from different manufacturers to communicate with each other. Manufacturers often design their devices to work exclusively with their proprietary apps, creating an incredibly fragmented space. 

"IoT is the biggest creation from the inception of the internet. Yet the space is difficult and extremely fragmented," said Kravchunovsky. "At Chirp, we aim to unite IoT and create an ecosystem that will power the future. It doesn't matter which protocol is trending; users can choose the one that works best for their RWA use case, and that’s only possible with Chirp."

RWA made easy - Dashboards, visualizations, and more 

Connectivity is just the first step. The company’s suite of IoT tools helps RWA projects build apps more cost-effectively and increases the speed they can go to market. This means they don’t have to focus on sensor compatibility, but can rather focus on developing their apps. Chirp is developing the following tools for projects working on RWAs:

Connectivity: Chirp provides a community-owned radio access network to connect IoT devices. Additionally, Chirp partners with telecoms, allowing their clients to use Chirp's network, but also extending Chirp's reach.

Visualization Engine: Devices transmit data in computer code, so visualization is needed to understand what the device is sending.

Data Normalization: There is no universal standard for sensors from different manufacturers, as they often design devices to work with proprietary apps. In decentralized ride-sharing, for example, a company would either need to modify the code for each car tracker model or use Chirp's normalization engine to obtain a unified data file.

Rules Engine: Before the Chirp network, devices from different manufacturers couldn’t communicate. The project’s Rules Engine allows users or projects to create rules that trigger actions across devices or blockchains. This includes temperature sensors in supply chain management, for instance. Installed in temperature-sensitive transportation, these sensors send a command to a smart contract to release automatic payment because temperature requirements were met during the transportation.

Alerting Engine: IoT devices send data, and users need to be notified when critical events occur. In the decentralized ride-sharing example, if a car is stolen, the system can alert the responsible party, or police, and remotely disable the engine.

Blockchain Engine: Chirp is the first project to connect IoT device data with blockchain. This creates trusted, immutable data, unlocking new possibilities in supply chain management, insurance, and law enforcement, among other fields.

“All projects need to do is build an app, and we provide them with everything else. At Chirp we unite the Web2 and Web3 worlds” said Kravchunovsky. 

An IoT dashboard allows users to easily connect any supported devices that can be purchased on the internet. Users can visualize the data packets transmitted by the devices, as well as normalize the data coming from all the devices of different manufacturers.

The Chirp dashboard lets users easily connect IoT devices to automate their home or business and use the network. Tokenizing IoT

Chirp is in the process of minting 300 million $CHIRP tokens that it plans to release on Sui. Half of this stockpile is dedicated to network participants. Users who install an antenna are rewarded with $CHIRP tokens, which will be tradable on centralized exchanges. The company is also working on a DePIN game with real-world utility that turns smartphones into miners, letting players earn $CHIRP tokens.

A mining dashboard makes it easy for users to manage their rewards and to expand the community-owned Radio Access Network by connecting a miner to the network.

The Chirp dashboard lets community participants view stats about their mining activities.

The overall strategy Chirp takes is to protect the rewards of antenna operators (aka ‘Keepers’) by issuing fewer tokens and limiting the number of miners on the network. Smart contracts will analyze the area, and when it becomes overly saturated with miners, it will be closed for further installations. This allows users to participate in other areas, effectively spreading coverage rather than accumulating it in one geographical location, which provides no benefit to clients. 

“Chirp's goal is to provide carrier-grade network connectivity, so Keepers must abide by stringent installation rules. This reduces the number of miners needed, safeguards their rewards, and ensures a high quality of service for clients using the network," said Kravchunovsky.

Coined by Ethereum co-founder Vitalik Buterin, a Soulbound token (SBT) is an NFT designed to be permanent and non-transferable. Unlike typical NFTs, which can be freely traded, SBTs remain bound to their original account, much like how skills or accomplishments in a game are tied to an individual user or account and cannot be transferred or traded. SBTs are useful in representing a person's identity, credentials, or achievements in the digital world.

The potential applications for SBTs are vast, ranging from verifiable credentials and reputation systems to more nuanced forms of governance and asset management. By providing a way to represent non-transferable attributes onchain, SBTs could revolutionize how we approach digital identity, professional certifications, and even social credit systems in decentralized environments.

Technical implementation of SBTs on Sui

To make an NFT non-transferrable on Sui, thereby creating an SBT, developers can leverage Sui's object-centric data model. The primary step to create an SBT on Sui is to remove the

store

ability from the NFT structure. This crucial modification prevents the token from being freely transferred to other addresses using Sui's standard transfer functions.

When an object lacks the

store

ability, only the module that defined the object can transfer it, using the sui::transfer::transfer function. This restriction allows developers to implement custom transfer rules, providing fine-grained control over how and when the token can be transferred, if at all. By combining these features, developers can create tokens that exhibit the non-transferrable nature characteristic of SBTs, while still maintaining flexibility in defining specific behaviors as required by their use case.

Sui allows SBTs to evolve

One of the standout features of SBTs on Sui is their ability to incorporate dynamic properties through Sui's dynamic fields. This functionality allows Sui NFT attributes to be modifiable after initial creation. As a result, SBTs can evolve based on creator decisions, user actions or achievements, changes in a user's status or credentials, and adapt to new use cases without requiring a new token. This dynamic capability enhances the utility of SBTs, making them more relevant and valuable over time.

Sui's object display standard complements SBTs by providing opportunities for enhanced visualization and interaction with these non-transferrable tokens. The display standard can be utilized to create custom visualization logic for SBTs, ensuring that their unique properties and dynamic nature are accurately represented in user interfaces. By combining these features, developers can create SBTs on Sui that are not only non-transferrable but also dynamic and adaptable, opening up new possibilities for various use cases.

Case studies of SBTs on Sui

Token allocations: DeepBook and NS

DeepBook, Sui's native liquidity layer, and SuiNS, the premier name service on Sui, have both utilized SBTs as a way to provide clear token allocations to users before token generation.

DeepBook's DBClaimNFT serves as a soulbound claim ticket for the upcoming DEEP token launch. This innovative approach ensures that early supporters and community members have a verifiable, non-transferable right to claim tokens upon launch. Similarly, SuiNS employed SBTs for its upcoming plans to decentralize, further establishing the use of SBTs as a valuable tool for distribution strategies.

The use of SBTs for token allocations opens up exciting possibilities for project governance and community engagement before a token's official launch. For example, projects could use SBTs to grant early governance rights, allowing token holders to participate in a formal decision-making process and shape the project's direction even before a token is live.

SuiLink 

SuiLink leverages SBTs to create cross-chain identity verification. By issuing SBTs on Sui, SuiLink establishes a direct, verifiable link between a user's Ethereum or Solana address and their Sui address. This implementation of SBTs creates an onchain representation of user identities across multiple blockchain ecosystems. This approach shows the potential of SBTs in enhancing interoperability, potentially facilitating more secure and reliable cross-chain interactions.

SuiPlay0X1 purchases

SuiPlay0X1 leveraged SBTs to represent pre-order purchases of their physical devices. This application demonstrates how SBTs can bridge the gap between digital and physical assets while ensuring certified reservation and uniqueness onchain. Each pre-order is represented by an SBT, creating a digital twin of the physical device reservation.

Notably, the first 1,000 pre-order customers received special edition SBTs with distinct visual representations, adding an extra layer of exclusivity. Furthermore, each SBT is sequentially numbered to correspond with the order of purchase, so the 1,001st buyer received an SBT prominently displaying "#1001". This numbering system not only verifies the order of purchase but also creates a sense of community and status among early adopters.

The appearance of SuiPlay0X1 NFTs varies based on whether they are among the initial 1,000 or not.

By using SBTs for these pre-orders, SuiPlay0X1 ensures that each reservation is uniquely tied to its original purchaser, preventing unauthorized transfers or resales of pre-order rights. This approach highlights how soulbound tokens can add value and significance to digital representations of physical items, especially in contexts where the non-transferability of the right or reservation is crucial to maintaining fairness and authenticity in the distribution process.

SBTs for tomorrow

Unlike static SBTs on other platforms, Sui's implementation allows these tokens to evolve over time, adapting to changing circumstances and user interactions. This flexibility opens up exciting possibilities beyond the uses currently seen with DeepBook, SuiNS, SuiLink, and SuiPlay0X1.

Looking ahead, we can envision SBTs impacting areas such as event ticketing, gaming achievements, and intellectual property protection. As the broader ecosystem grows, the dynamic capabilities of SBTs on Sui will play a crucial role in shaping new forms of digital identity and ownership, paving the way for innovative apps that we've yet to imagine.

Following Agora's earlier announcement in May, the AUSD stablecoin is now live on Sui. AUSD adds a key dimension to Sui’s surging list of native assets.

Building on its prior successes on Ethereum and Avalanche where nearly $60 million worth of the token has been minted so far, AUSD’s integration into the Sui Network immediately enhances its utility, accessibility, and interoperability. The integration has already begun improving liquidity and market efficiency within Sui’s rapidly expanding DeFi ecosystem, which currently boasts over $600 million in Total Value Locked (TVL) and consistently ranks among the top chains in weekly DEX trading volume.

AUSD joins a growing number of stablecoins on Sui, which drive the development of robust DeFi applications and expand the adoption of blockchain technology. By leveraging Sui’s scalable, high-performance network, these stablecoins contribute to a high-performance environment where developers and users can innovate and focus on delivering superior experiences without being restricted by the technological limitations that have constrained other networks. Agora's integration with Sui also continues to expand the reach of AUSD and furthers the growth of the global AUSD network and liquidity. 

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

Sui Name Service (SuiNS), the leading naming service on Sui, enhances onchain interactions by replacing complex wallet addresses with user-friendly, memorable names. Through its previous two years, the service has undergone refinements and improvements to better serve its mission of creating easy, human-readable identities.

Drawing on its common usage in social media, SuiNS takes it a step further and by incorporating the ‘@’ symbol, making Web3 identities even more intuitive. Users familiar with tagging friends on social platforms will find SuiNS’s @name format familiar, facilitating easier transfers. 

SuiNS extends its utility with the introduction of subnames, enabling the creation of even more unique identities. This feature is especially beneficial for companies, DAOs, and other organizations seeking to create vanity names or usernames that clearly and efficiently represent their presence on the blockchain. 

Now SuiNS is about to take another huge step with community governance. Ensuring that the community takes the helm of decision making is crucial for a naming service to become a true public good. As SuiNS embraces a decentralized model, it's an ideal moment to reflect on its journey and look at what lies ahead.

SuiNS milestones

September 2022: SuiNS FoundedSuiNS was established, setting the foundation for a user-friendly naming service tailored for the Sui blockchain, with a focus on simplifying onchain interactions.

October 2022: SuiNS Live on TestnetThe first iteration of the SuiNS website launched, allowing early users to explore and interact with the service on Sui Testnet. This moment allowed the community to begin providing essential feedback and played an active role in shaping its development.

December 2022: SuiNS Mobile Site LaunchedSuiNS developed a mobile site enabling users to manage their names conveniently on the go.

January 2023: Surpassing 100,000 FollowersSuiNS attracted more than 100,000 followers on Twitter and Discord, highlighting its growing influence within the Sui community.

January 2023: SuiNS and Frens AMAs Reach 3,000 Audience MembersThe “SuiNS and Frens” AMAs attracted over 3,000 participants, fostering deeper community engagement and interest.

February 2023: 300,000 Unique Wallet InteractionsSuiNS introduced Sui.id, enabling users to bridge their Web3 persona to Web2 devices, which contributed to surpassing 300,000 unique wallet interactions on the platform.

May 2023: SuiNS Goes Live on MainnetSuiNS made its official debut on Sui Mainnet, featuring an auction system that allowed all users to have a fair chance at acquiring their preferred names.

June 2023: 3,000 Live Auctions AchievedWithin a month of the Mainnet launch, SuiNS conducted over 3,000 live auctions, demonstrating strong demand for the name service.

July 2023: Integration with Over 20 PartnersSuiNS was integrated by more than 20 partners and is an integral part of the Sui explorers, enhancing its utility across the Sui network.

October 2023: Full Discount and Couponing Mechanism BuiltSuiNS introduced a discount and couponing system, allowing users opportunities to acquire SuiNS names at discounted rates.

March 2024: Integration into DeFi Apps and LeaderboardsSuiNS began integrating with DeFi apps and leaderboards so that users could easily identify which account they are using on an app and recognize each other on leaderboards.

June 2024: SuiNS Refresh and New FeaturesSuiNS refresh introduced a suite of new features, including subnames and a new @ naming standard, complemented by a freshly redesigned website and user experience. 

August 2024: Transition to Decentralization AnnouncedSuiNS announced its transition to a decentralized model, ushering in a new era of development and empowering the community to have a direct impact on its future direction.

Every milestone in the SuiNS timeline has brought SuiNS a step closer to its goals of removing friction and enabling powerful identity management solutions. As SuiNS embraces the next stage of its evolution, the focus now shifts to empowering the community in shaping the future of SuiNS. Together, the community will steer SuiNS towards achieving new goals in this next chapter.

Future vision and goals

The next significant milestone for SuiNS is the launch of the $NS token, a crucial element in the governance of the SuiNS platform. NS token holders will have the ability to directly influence decisions that shape the future of SuiNS, ensuring that its development is driven by those who use and value it the most. 

The community will have the power to vote on new features that enhance the platform’s usability and customization options. Among the many initiatives that the community may dream up, there are some obvious natural next steps:

The ability to register shorter names (one to two characters) or use emojis in a SuiNS name

Introduce static USD pricing for name registrations

Introduce an NFT avatar generator that allows users to create custom profile pictures for their SuiNS names 

Increased homepage functionality including dynamic trade-aware widgets and name lookup search

Auctioning system for existing names

Referral system

SuiNS subnames widget

SuiNS fiat on-ramp and payments in tokens other than SUI

Linktree style functionality for SuiNS

These potential updates will be shaped by community input, ensuring that SuiNS evolves in alignment with user needs.

In a move toward greater transparency and collaboration, the SuiNS front-end codebase will become open source. Developers from around the world will be able to contribute, driving continual innovation and improvement to the platform.

The road ahead

Looking ahead, the vision of SuiNS is clear: to harness the power of its community to continually redefine the standards of onchain identity management, ensuring it remains easy, secure, and user-centric. With the introduction of the $NS token and commitment from the community to ongoing enhancement, SuiNS is poised to not only maintain its importance with the Sui ecosystem, but also play a pivotal role in growing the Sui community. 

As SuiNS transitions into a decentralized governance model, it emphasizes the important role that each community member plays in providing their valuable feedback and opinions to shape the development of the protocol. If you haven’t already, join the community, use SuiNS, and help shape the future of onchain identity.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

Following hints earlier this year, the first handheld Web3 gaming device takes the stage during Korea Blockchain Week. SuiPlay0X1, with native support for Sui games along with Steam and Epic game libraries, ushers in a new era of gaming, combining the excitement of AAA gameplay and new features around digital assets enabled by blockchain technology. 

And better yet, SuiPlay0X1 lets gamers play wherever they happen to be. Ready, Sui, Play!

Sui, with its scalable network and industry leading transaction speeds, realizes the promise of Web3 gaming, where players gain a highly personalized experience through their owned digital assets. Rather than game makers needing to build in-game markets, Sui natively supports tradable assets with a high degree of customization available. Unlike other blockchains, Sui's object data structure supports in-game items that players can easily personalize and swap. 

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Sui native features such as zkLogin mean that players don't need any knowledge of Web3 to set up an account and start playing. 

No other blockchain supports Web3 gaming like Sui.

Sui in your hands

SuiPlay0X1, the first Web3 handheld gaming device, uses premium hardware, giving gamers both a pleasing handheld experience as well as high performance. The body includes a 7-inch bezel-less screen, trigger, buttons, joystick, USB-C, headphone jack, and a TF Card slot for external memory. 

Inside the device, an AMD Ryzen 7 7840U CPU provides the power to run the thirstiest games. Dual six-axis gyroscopes capture motion while an onboard 512 gigabyte SSD provides ample storage. 

With its sleek profile and premium hardware, SuiPlay0X1 is a top-tier gaming companion.

SuiPlay0X1 runs Playtron OS, a lean operating system designed specifically for gaming.

As a dedicated gaming device, players will be able to dive into the latest Sui games and be the first to experience a new paradigm with in-game items taking on new life and the potential for rewards. In addition, players will also have their Steam and Epic games on hand, giving them the best of all worlds.

The combination of a premium device, the industry's most performant and user-friendly blockchain, and a streamlined operating system deliver an unparalleled experience, which will transform mobile gaming and bring open Web3 to everyone.

Reserve yours today

Players can reserve SuiPlay0X1 beginning today for $599, with deliveries expected in 2025. Payment can be made using SUI, SOL, or ETH. Fiat currencies are not accepted during this early reservation period.

The tokenization of Real World Assets (RWAs) is reshaping how traditional physical assets are managed and traded digitally. By bringing these assets onchain and integrating them into DeFi ecosystems, tokenized RWAs provide more accessibility, efficiency, and functionality for assets such as real estate, commodities, and fine art.

Beyond the general advantages of onchain assets, Sui uniquely supports RWAs through powerful primitives and its unique object-oriented architecture that enable innovative approaches to bridge the gap between traditional finance and DeFi.

What are real world assets?

In the context of a Web3, the term RWA refers to assets that naturally exist outside of blockchain ecosystems. They are often physical or tangible assets that have been digitized and represented onchain. These assets are tokenized or converted into digital tokens that can be bought, sold, and transferred within DeFi ecosystems. 

Tokenization of RWAs brings the transparency, security, and efficiency attained in DeFi to assets with deep levels of liquidity and wide reach. This process can make traditionally illiquid assets, like real estate or fine art, more accessible to a broader audience by more easily enabling fractional ownership. Additionally, RWAs can offer more straightforward and faster transactions, as they reduce the need for intermediaries like brokers or escrow agents. RWAs also benefit from a proven chain of ownership, ensuring that at least the digital version maintains clear and verifiable provenance throughout its lifecycle. This is particularly important for assets like art or collectibles, where ownership history significantly impacts authenticity and value.

Examples of RWAs

The concept of tokenizing assets can apply to a wide range of sectors. Here are a few examples that illustrate the diversity and potential of RWAs:

Real estate: One of the most interesting examples of RWAs is real estate tokenization. By converting property ownership into onchain assets, individuals can buy and sell fractional shares of real estate, making property investment more accessible to those who may not have the capital to purchase an entire property. In the case of full-ownership purchases, real estate RWAs streamline processes eliminating some of the traditional costs of purchasing a home while also providing instant ownership transfers. 

Commodities: Commodities such as agriculture, precious metals, and oil are common assets of interest for tokenization. Tokenized commodities offer individuals a convenient and secure way to gain exposure to these markets, allowing for fractional ownership and more efficient trading, without the logistical challenges and costs associated with traditional methods.

Fine art: Physical art pieces can be tokenized to enable fractional ownership, allowing multiple investors to own a portion of a masterpiece. This democratizes access to the fine art market and provides liquidity for art investors, who can buy and sell their shares onchain. For example, ArtFi is building for this vision, leveraging Sui technology to provide access to fine art onchain in a sophisticated way.

Being onchain assets, RWAs provide interesting DeFi opportunities as well. Assets onchain benefit from composability with DeFi protocols and other assets. For example, tokenized real estate can be used as collateral to borrow funds in DeFi lending platforms. Imagine leveraging a tokenized home deed onchain to quickly access liquidity in the event of an emergency, such as covering unexpected medical expenses or making urgent home repairs. This capability allows traditionally illiquid assets to become accessible financial instruments.

Sui uniquely supports RWAs

Thanks to the distinct architecture of Sui and its powerful primitives, Sui uniquely supports the tokenization and utilization of RWAs. Using Sui’s dynamic NFTs, Sui Kiosk, and Closed-Loop Tokens (CLTs), builders are able to design more sophisticated RWA platforms.

Sui’s dynamic NFTs allow RWAs to be represented in a way that can evolve and update over time, capturing changes like property improvements or shifts in valuation. This capability ensures that the digital token remains aligned with the current state of the asset, enhancing both transparency and accuracy.

Sui Kiosk plays a crucial role in simplifying transactions involving RWAs. As a user-friendly platform for buying, selling, or leasing tokenized assets, Sui Kiosk reduces the barriers to accessing and trading these assets, making the process more intuitive and accessible for users. Sui Kiosk's ability to apply automatically enforced royalties comes in especially useful for fine art and collectibles, where the creator can benefit from secondary sales.

In addition, Sui’s CLTs provide a higher level of control and customization, which is particularly important for RWAs that require strict compliance with regulatory standards or specific usage restrictions. CLTs enable issuers to enforce rules on how and where tokens representing RWAs can be used, such as limiting transfers to verified users or restricting usage to certain jurisdictions.

By combining these features, Sui delivers a unique platform for the tokenization and management of RWAs, offering enhanced security, compliance, and accessibility. These features not only enhance security and compliance but also improve the overall usability and accessibility of tokenized assets.

A digitized future

While the tokenization of real-world assets is still in its early stages, the potential applications and benefits are vast. As the technology matures and regulatory frameworks evolve, RWAs will likely become a cornerstone of the global financial system, offering new opportunities for investment, liquidity, and asset management.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.