Financial startup Agora said it would make its upcoming AUSD stablecoin available on Sui. AUSD becomes the second stablecoin, after FDUSD, set to launch on Sui. AUSD is Agora's first product, and leads its effort to build global financial infrastructure. 

The stablecoin, expected to release in June of this year, will maintain a value equivalent to the US dollar. Agora previously announced it would make AUSD available on Ethereum, Arbitrum, and Optimism. Sui is the first non-Ethereum virtual machine blockchain for AUSD. 

Agora's stated goal, of building "a more secure, inclusive financial system" giving people around the world access to the US dollar, complements Sui's globally accessible blockchain infrastructure, which works as a secure medium of exchange for cryptocurrencies. With backing from investment management companies including Dragonfly and General Catalyst, Agora looks to have substantial backing for its stablecoin.

Sui offers Agora a conducive environment to launch a stablecoin, with highly scalable infrastructure leading the industry in throughput. Native technologies, such as zkLogin, align with Agora's long-term goal of creating an accessible and inclusive financial platform. The success of DeFi protocols on Sui also shows its conducive environment as a cryptocurrency exchange platform.

As a value storage mechanism tied to the US dollar, AUSD will offer people in underserved communities around the world access to financial stability, with Sui serving as its coordination layer.

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.

At Sui Basecamp in April, attendees got to experience a collection of Sui technologies in the form of Nami Bags, digital gift bags full of NFTs and coupons from the Sui ecosystem. Powered by Enoki, Mysten Labs' new customer engagement platform, even attendees without crypto wallets could easily claim their Nami Bag. The contents demonstrated the flexibility and portability of digital assets on Sui, and served as a compelling use case for promotions and audience engagement built on the Sui network.

Each conference attendee was able to claim a Nami Bag by activating the QR code on their badge and using either zkLogin to create a new wallet or connect with an existing wallet. The bags, each tied to a unique code, contained a randomly distributed set of gifts, including a SuiFren and five Basecamp-only digital accessories, commemorative NFTs, and vouchers claimable on different project apps. Some digital gifts could also be used to redeem swag at the event itself.

The Nami Bags proved a big hit among attendees and demonstrated how apps powered by Enoki can enhance brand engagement at live events.

0:00 / 1:29 1× The user journey

As with most conferences, Sui Basecamp attendees were all issued a badge. However, each badge included a QR code. When an attendee scanned their code, their browser opened a website inviting them to either use their existing login credentials from Google, or connect their existing Sui wallet. zkLogin, which powered the former path, would create a Sui wallet in the background for the user.

After this step, the attendee entered a unique claim code, which gifted them a digital Nami Bag. Opening that bag revealed a delightful assortment of digital assets, including an individual SuiFren unique to that Nami Bag. That NFT was complemented by four digital accessories with a Sui Basecamp theme, giving the SuiFren a unique look associated with the event. An additional phygital accessory could be redeemed for a croissant, SuiFrens travel mug, or a Dopp kit at the SuiFrens Parlor, an onsite booth at Sui Basecamp.

Among the Nami Bag contents was a SuiFren, which let the owner claim a travel mug at the SuiFrens Parlor. The combination of NFT and swag is referred to as a phygital accessory.

The Nami Bags also contained a commemorative Sui Basecamp NFT redeemable for a free year of SuiNS registration. Five to six other digital gifts included coupon codes and NFTs from projects such as Team Liquid, Quantum Temple, Suilend, KriyaDex, and NHN Pebble City. 

On top of that, each Nami Bag came with an Enoki time capsule NFT. During the Enoki launch announcement at Sui Basecamp, five lucky attendees had their NFTs reveal that they were winners of a shopping spree at Galeries Lafayette.

Key Sui technology

As a promotion aiming for maximum reach, Nami Bags relied on Enoki, which bundles services easing the journey to user onboarding. The Nami Bags leveraged one of those services, zkLogin, to let Sui Basecamp attendees use their existing Google login credentials to create an account and claim their Nami Bag. 

Through this mechanism, conference attendees new to crypto could easily participate, without needing to create a wallet. Behind the scenes, Sui verifies their credentials through a process that does not reveal either a username or password to the Sui infrastructure. With the login verified, the system creates a wallet to hold any digital assets acquired by that account. The user can use their credentials at any time to log in and access their assets, in a process that feels much more like a typical Web2 account creation process.

Of course, experienced crypto users had the option of connecting their existing wallets, storing all the Nami bag goodies along with any other digital assets they own.

Blockchain transactions also require gas fees, yet Enoki insulated conference attendees from having to acquire tokens to pay for the Nami Bags. Its sponsored transactions service let the Nami Bags developer pay the gas fees, creating a seamless experience for users.

Sui's dynamic NFTs played a big part in delighting conference attendees, turning a digital gift bag into a sublime experience. This innovative NFT technology allowed each SuiFrens to have five accessory NFTs, which could appear as shoes, clothing, or anything else. As each NFT is an object, the SuiFrens' owners can remove the accessories and trade them as individual items. Other blockchains would require that the original NFT and its accessory be burned, and two new separate NFTs be minted, an inefficient process to achieve the same result.

The Enoki time capsule NFTs in the Nami bag showed off an exciting capability which allows NFTs to be time-coded. With this programming, an NFT can transform at a specific time, making it ideal for raffle reveals as was done at Sui Basecamp. This technology opens up dramatic use cases, where thousands of people could all have NFTs expose a result at the same time, creating excitement and anticipation leading up to the reveal, with verifiable ownership and tracking afterwards. 

Scratching the surface

With only a year since Sui Mainnet launch, builders haven't yet had the chance to explore all the myriad possibilities of the technologies. The Nami bags given away during Sui Basecamp show just some of the potential. 

Enoki is quickly proving itself as a platform to easily onboard new users. Its set of SDKs and APIs lets builders incorporate its services without having to be a blockchain or Move expert, allowing anyone to access the superpowers of Web3. Dynamic and composable NFTs open up Sui's possibilities even further, with use cases as simple as a digital coupon or as far-reaching as a lottery ticket or voter ballot.

Blockchains use tokens as a fundamental means of conveying value. They can be the chain's native unit of exchange, they can be an app's unit of exchange, and they can even be used as currency in a game world. Tokens support robust DeFi activity on Sui and other blockchains as well.

Ethereum uses the ERC-20 standard for tokens. These tokens, which developers can create for a variety of purposes, are represented as smart contracts on Ethereum. On Sui, tokens use the Coin package. Like ERC-20 tokens, developers can build Coins on Sui for a wide range of uses. However, Sui's fundamentally different data model means that each coin is owned by an address on the network.

Going through the processes to create ERC-20 tokens on Ethereum and Coins on Sui shows the differences between these two standards. Ethereum developers might also be surprised by the flexibility of the Coin package on Sui.

Deploying an ERC-20 token

For this example, we will use the Remix IDE to demonstrate the steps required to create a token using the ERC-20 standard.

1. Begin by opening the online Remix IDE in your browser.

2. Select the ERC-20 project template from OpenZeppelin.

3. In File Explorer on the left pane, select Token.sol in the contracts directory to load its dependencies.

4. Add a

_mint

function to the default constructor to specify the number of tokens to create. The following code sample shows one method.

contract MyToken is ERC-20, ERC-20Permit {     constructor() ERC-20("MyToken", "MTK") ERC-20Permit("MyToken") {_mint(msg.sender, 12);} }

 5. Click the Compile icon in the quick menu.

6. Open the Deploy & Run Transactions plugin, select the Remix VM (Cancun) environment, and click the Deploy button.

Following the above steps copies the ERC-20 dependencies into your project. Your contract, along with those copied dependencies, compiles into EVM bytecode and deploys onto the virtual blockchain. Your transaction was mined, and the contract representing your ERC-20 tokens is now live in Remix’s virtual blockchain.

How ERC-20 tokens are represented

To find your tokens, go to the dependency contracts on Remix (.deps folder) and navigate to the ERC-20.sol file. The first line in that abstract contract is:

mapping(address account => uint256) private _balances;

This mapping is where all balances are stored for all users. To get a user’s balance, you can call your contract’s

balanceOf

function with the user’s address. It will query this mapping and fetch the value. When displaying your funds, your MetaMask wallet makes several balanceOf() calls to various contracts and shows the results.

In other words, all transfers, mints, burns, as well as DeFi protocols interactions, ultimately updates the values inside of this mapping.

Deploying a Coin

On Sui, deployed contracts do not represent new tokens. Rather, the Sui framework uses a  Coin package to provide this functionality. Although a simplified analogy, you can think of a single package as a contract. It exposes functions that can take objects and return other objects.

Follow the documentation on installing Sui to set up your coding environment. Alternatively, you can use the Remix IDE mentioned above to write Move code on Sui by installing the WELLDONE Code plug-in.

The following Move code example imports the Coin module, and employs its

create_currency

function to initialize the coin.

use sui::coin::{Self, TreasuryCap}; public struct MY_COIN has drop {} fun init(witness: MY_COIN, ctx: &mut TxContext) {         let (treasury, metadata) = coin::create_currency(witness, 6, b"MY_COIN", b"", b"", option::none(), ctx);         transfer::public_freeze_object(metadata);         transfer::public_transfer(treasury, ctx.sender())     }

When you call

create_currency()

, Sui returns TreasuryCap<T> and CoinMetadata<T> objects  for your currency, where T is the type for your currency ( MY_COIN in the previous example). 

Your wallet address actually holds these objects. They exist only in your wallet, and not anywhere else, as opposed to the ERC-20 method which uses mappings to track ownership.

TreasuryCap

, short for "treasury capability", is the key needed to mint new coin supply. The TreasuryCap can be transferred to a different address of a trusted third party, or it can be destroyed. Destroying a TreasuryCap is similar to renouncing ownership in an ERC-20 contract. 

How Coin objects are represented

To mint new supply, the

TreasuryCap

holder calls the Coin mint function. The function mints, or creates, a Coin<T> object that represents the amount the function mints. It sits in your wallet (assuming your address is provided as the recipient), in the literal sense. If the TreasuryCap holder calls mint() again, the process creates another Coin<T> object and transfers that coin to your wallet as well. You can have multiple Coin objects for the same currency and your total balance of that currency is the sum of these coins.

ERC-20 vs Coin features

Although Ethereum and Sui offer similar actions, such as transferring and spending, when it comes to tokens, the fundamental structures of each blockchain creates underlying differences in how these actions work.

Minting and burning

An authorized user can mint new tokens on Ethereum by calling the

mint

function in that token’s contract. This updates the _balances mapping and increases the total supply. Any user can call the burn function, but they are only allowed to burn their own balance. 

Similarly on Sui, an authorized user can call the

mint

function to mint new coins, as described above. The difference is that your balance on Sui is not represented by a mapping in a shared state, but is among the very objects in your wallet. In this sense, ERC-20 is like an ATM card letting you digitally manipulate cash in a bank vault, and Sui is like a physical wallet where your balance is inherent to the cash you have on hand.

Sui supports splitting and merging of coins that are of the same type. So if you have multiple Coin objects representing your currency, you can merge them into a single object. You can also take a single Coin object and split it into multiple Coin objects of the same type. 

Transferring

When transferring tokens on Ethereum, you call the

transfer

function of the token contract. This function validates that you have the balance you are transferring, then deducts your balance and increases the balance of the address you transferred to, acting similar to a physical ledger.

On Sui, because you literally own the Coin objects, you just send the Coin object to another address. There is no central location that needs to be informed of the transaction to ensure the balances are kept up to date. The action of sending an owned object from one wallet to another does not impact the rest of the blockchain. 

Sending an object in this manner is called a single-owner transaction, and does not require consensus by the blockchain. As such, Sui executes single-owner transactions in parallel, achieving finality very quickly. Only shared objects on Sui require consensus.

Spending

Ethereum users are familiar with the Approve concept. Whenever you interact with any DeFi protocol, you must first approve this protocol to spend your tokens on your behalf. When you swap on Uniswap, for example, the approved router calls the transfer function in the token contract. The token contract then validates that the caller is either the owner or an approved address.

Sui doesn’t have this construct. If you own an object, you are the only party able to transfer it. There is no way for another entity to withdraw that object from your wallet. Instead, protocols on Sui take Coin objects as inputs. For example, to call the swap function on a decentralized exchange, you must pass your Coin object into the swap function, giving ownership of the object to the protocol. Now that the protocol owns this Coin object, it can swap it to another Coin object of your desired type and transfer it to your wallet.

Understanding Sui

Developers experienced on Ethereum and other blockchains who are interested in building on Sui will find many similar paradigms. Tokens, for example, serve many of the same practical purposes. However, developers who don't take the time to learn the underlying differences described above will get tripped up.

Then again, developers experienced in traditional object-oriented programming environments will find similar structures in Sui. It's intuitive to think of an object as a thing that you can store in a wallet or manipulate through code. 

If you would like to learn more about creating tokens on Sui, check out the documentation.

Sui DeFi decentralized exchanges Cetus and Aftermath Finance, in conjunction with the Sui Foundation, announced the launch of new incubators, giving fledgling projects additional paths to viability. Both DeFi projects have a long history on Sui, launching with Mainnet last year, and currently sit in the top five based on total value locked (TVL). The longevity and success of both projects positions them to offer critical expertise to new projects.

Projects accepted to the incubators can count on technical, operational, and business advice, and accelerated grant funding plus a myriad of additional support from the Sui Foundation. Both Cetus and Aftermath boast successful track records, as they played key roles in Sui's meteoric rise to one of the top DeFi blockchains. Sui Foundation will make an initial contribution of $2 million towards the project teams accepted into the incubators, and will commit to further investments should a large number of high-caliber teams and projects surface.

Aftermath offers an array of DeFi services, including trading, staking, and bridging. It won first place in Sui's liquid staking hackathon last year with its afSUI token. Liquid staking, which lets users leverage their staked tokens, has become one of Aftermath's essential services. Its smart order routing technology, relying on Sui's extraordinarily quick settlement times, optimizes trading activity. 

Cetus' DeFi services combine trading, contributing to pools, and bridging, among other activities, and boasts over $150 million in TVL. It gives users a path to interact with DeepBook, Sui's first native liquidity layer. Along with retail services, Cetus also offers what it calls liquidity as a service, supporting integrations with Sui apps..

The launch of these incubators represents a major step in further decentralizing the Sui ecosystem, as it extends governance of ecosystem investments into the hands of proven builders who have supported Sui's advancement and growth from the beginning.

Builders interested in taking their projects to the next level can apply for the Aftermath incubator and Cetus' Aquarium incubator.

Mesh, an embedded finance company enabling seamless cryptocurrency transfers, now supports SUI. With over 300 exchanges and wallets integrated into its technology, users can now easily transfer their SUI to and from popular wallets and exchanges, including Coinbase and Binance. 

Mesh's technology, which overcomes traditional Web3 user pain points when transferring tokens, dovetails with Sui's focus on making the blockchain easier to use through products such as zkLogin and sponsored transactions. Both Mesh and Sui preserve security while giving users a seamless experience.

Mesh technology makes it very simple to transfer SUI and other cryptocurrency between wallets and exchanges.

Through Mesh's core products, such as Mesh Ramp and Mesh Deposit, users can instantly transfer and buy SUI through their wallets and existing exchange accounts. The technology makes extensive know-your-customer processes and copying addresses unnecessary.

Onboarding SUI to its platform lets wallet makers integrate Mesh technology, enabling its seamless token transfers. Preserving security, the Mesh platform does not touch assets nor does it store any user personal identifiable information. 

Builders interested in integrating Mesh's technology can get started through its documentation. 

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.

Many things can be encompassed within the term blockchain infrastructure, but the backbone of a blockchain network is the individual computers that interact directly with the network. These entities, often called nodes, come in different types, such as full nodes, which maintain a complete copy of the blockchain, and validator nodes, which are the arbiters of consensus. The landscape of blockchain nodes goes beyond just these two types. Together the various types of nodes work in harmony to create distributed blockchain networks like Sui.

Validator nodes achieve consensus

Validator nodes play a crucial role in achieving consensus within blockchain networks that utilize consensus mechanisms, such as Proof of Stake (PoS). These nodes are responsible for validating transactions and creating new blocks. Validators stake the blockchain's native token, such as SUI, as collateral to participate in the consensus process and are rewarded for their contribution to network security. Validator nodes are essential for maintaining the integrity and security of PoS-based blockchains.

Validators each independently verify the validity of transactions and together achieve consensus on valid transactions. Through a combination of cryptographic algorithms and economic incentives, validator nodes collectively ensure the immutability and trustworthiness of the blockchain ledger. Their efforts not only facilitate transaction processing but also safeguard the network against malicious attacks and fraudulent activities, thereby fostering trust and confidence among network participants.

Full nodes create immutable records

At the heart of every blockchain network lies a set of full nodes. These nodes serve as the backbone, maintaining a complete, up-to-date copy of the blockchain ledger. Every transaction, from the genesis block to the latest addition, is recorded and stored by these nodes. Their role is pivotal in ensuring the integrity and immutability of the blockchain. Full nodes are often used in tandem with validator nodes in the consensus process by collecting transactions that need to be validated and providing data on previous transactions relevant to those that are new.

Full nodes are crucial not only for validators to understand the network state but also to propagate transactions across the network. Their comprehensive view of the ledger enables full nodes to detect and reject invalid transactions, whether they are intentionally malicious or innocently illegitimate. Other infrastructure, such as wallets, apps, and other nodes, often require a full node to serve as reliable sources of blockchain data.

Node pruning and archival nodes

Node pruning is a technique commonly employed by full nodes to manage storage space efficiently. With node pruning, full nodes discard older transaction data from their storage, retaining only a subset of the blockchain's history. This selective pruning helps reduce the storage requirements of full nodes while still allowing them to participate effectively in the network. 

However, not all nodes employ pruning, and those that opt not to prune data are often referred to as archival nodes. Archival nodes preserve the entire transaction history of the blockchain network, holding onto every transaction ever recorded. These nodes serve as comprehensive repositories of blockchain data, invaluable for tasks such as auditing, research, and analysis. While archival nodes require more storage space and resources compared to pruned nodes, they offer a complete and unaltered record of the blockchain's evolution over time.

Light nodes offer streamlined access

In contrast to full nodes, light nodes operate with a trimmed-down version of the blockchain. These nodes store only the bare essential transaction history to maintain a snapshot of the current blockchain state. This is accomplished by frequently pulling the most recent data from a full node and pruning the previous data. Light nodes are more resource-efficient and are often used in environments where storage space and bandwidth are limited, such as mobile devices. They let users interact with the blockchain without the overhead of storing the entire ledger.

Light nodes emphasize efficiency and speed, facilitating swift and seamless access to blockchain data. By delegating storage and validation tasks to full nodes, light nodes provide a less cumbersome and user-centric interface, enhancing the accessibility of blockchain technology to a wider audience. Despite their reduced functionality vis-à-vis full nodes, light nodes serve as vital conduits for expanding the reach and adoption of blockchain networks across diverse platforms and devices.

Oracles bring real world data onchain

In addition to the traditional nodes that participate in consensus and store blockchain data, oracles serve as bridges between blockchain networks and the real world. Oracles provide blockchain networks with external data, such as market prices, weather conditions, or sports scores, enabling smart contracts to execute based on real-time information. By incorporating offchain data into onchain transactions, oracles enhance the functionality and utility of blockchain applications, paving the way for a new era of finance, supply chain management, and more.

Infrastructure on Sui is unique

Sui's novel directed acyclic graph (DAG) structure makes the details of how nodes operate on Sui a bit different from typical blockchain networks. The end user will only experience more performant reads and writes to the network as Sui’s infrastructure has been developed based on rigorous academic study and experimentation from both the Mysten Labs team and top academic researchers.

The novelty of Sui’s infrastructure is unparalleled as it leverages its unique data model and architecture to achieve remarkable feats. For example, Mysticeti, a new consensus algorithm, lets validators reach consensus on shared-object transactions in around 500 milliseconds and around 250 milliseconds for owned-object transactions. Additionally, Pilotfish, a new execution engine, will enable validators to deploy additional worker nodes to assist in periods of high demand, improving scalability. This is in contrast to similar horizontal scaling solutions which often require validators to run additional nodes at all times. 

Nodes in harmony

Blockchain nodes form the foundation of decentralized networks, facilitating transaction validation, consensus, and data storage. From full nodes to light nodes, validator nodes to oracles, each type of node plays a unique and indispensable role in the broader blockchain ecosystem. As blockchain technology continues to evolve and expand its reach, the role of nodes will remain central to the advancement of decentralized innovation across various industries and domains.

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 Move programming language prevents reentrancy and includes the owner in object metadata, both critical means of building in security. Sam Blackshear, Co-Founder and CTO at Mysten Labs, talks about how Move was intended as a smart contract language that would handle financial transactions, and needed to help developers write the most secure code possible. 

Continuing development on Move improves its efficiency and the developer experience. Migrate to Move 2024 today!

The Move programming language offers an intuitive coding experience, letting developers quickly come up to speed. Sam Blackshear, Co-Founder and CTO at Mysten Labs, created Move as a language for writing smart contracts that feels more like traditional programming languages, such as JavaScript or Rust. 

Continuing development on Move improves its efficiency and the developer experience. Migrate to Move 2024 today!

At the heart of any blockchain ecosystem lies the indispensable role of wallets, and more specifically mobile wallet apps. Unlike their browser-based counterparts, mobile wallets offer unparalleled accessibility, especially for users who don't have a PC. In Sui, an ecosystem with powerful user-centric and secure primitives such as zkLogin, this significance is magnified. 

Three standout Sui mobile wallets have emerged as key leaders, ordered from the longest running to latest addition: Surf Wallet, Nightly, and Sui Wallet. These platforms not only redefine the boundaries of functionality and ease of use but also serve as catalysts for the ecosystem's growth and evolution.

Surf Wallet

As the first mobile wallet to implement zkLogin, Surf Wallet stands as a trailblazer in the landscape of mobile wallets on Sui. Its distinction lies not only in its ambition to lead in adopting powerful new Sui technology but also in its status as one of the first mobile wallets on Sui. 

Surf Wallet boasts a sleek and intuitive interface, ensuring seamless navigation for users. The embedded browser for apps adds an extra layer of convenience, allowing for easy access to DeFi and other services within the Sui ecosystem. 

Surf wallet offers a user friendly interface allowing users to explore various apps on Sui.

 Check out Surf Wallet for Android and iOS.

Nightly

As the landscape of blockchain technologies continues to expand, Nightly stands out by offering multichain asset management capabilities. Nightly allows users to access assets and apps on multiple chains while seamlessly switching between networks, offering users flexibility in managing their digital assets across multiple ecosystems.

Nightly extends its functionality beyond simply managing tokens but also allowing for mobile NFT transfers. Whether you're a collector of NFTs and other Sui assets or a user looking to operate across multiple chains, Nightly offers a convenient platform tailored to every role and requirement in between.

Nightly allows for users to manage multiple assets in an easy to use way.

Check out Nightly for Android and iOS.

Sui Wallet

As the newest addition to the Sui mobile wallet landscape, Sui Wallet has quickly garnered attention for its innovative features and user-centric design. Sui Wallet introduces zkLogin functionality that transcends platform boundaries, offering users a seamless authentication experience across various devices and services. For example, using zkLogin on both the mobile and browser extension of Sui Wallet allows users to access the same wallet without any workarounds. 

With its emphasis on simplicity and elegance, Sui Wallet offers a clean interface that prioritizes user experience. The embedded browser for apps further enhances its utility, providing users with effortless access to a diverse array of services within the Sui ecosystem.

Sui Wallet ensures that all actions a user needs to perform is straightforward and easy.

Check out Sui Wallet for Android and iOS.

Navigating DeFi with Sui mobile wallets

Mobile wallets have emerged as indispensable tools for increasing adoption of blockchain networks and apps for any ecosystem. They epitomize the blockchain philosophy of fairness and inclusion by enabling a global audience, which is more likely to have phones than PC access, to make use of blockchain transactions. 

Within Sui, Surf Wallet, Nightly, and Sui Wallet stand as great examples of innovative wallet solutions, offering users a gateway to seamless transactions and enhanced security.

Whether you're a seasoned crypto enthusiast or just beginning the journey, these mobile wallets provide functionality, convenience, and security that all users appreciate and need. As the landscape continues to evolve, the importance of a powerful mobile wallet experience will become increasingly important as they are crucial tools empowering users to embrace the future of finance with confidence and ease.

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 Move programming language on Sui incorporates three fundamental innovations: the object-centric data model, programmable transaction blocks, and dynamic fields. Sam Blackshear, Co-Founder and CTO at Mysten Labs, created Move just five years ago as a language specifically built for writing smart contracts on a blockchain. These three innovations on Sui increase Move's potential.

Continuing development on Move improves its efficiency and the developer experience. Migrate to Move 2024 today!

The Move programming language stands as a key component of the Sui ecosystem, powering its unique object data model and supporting efficient code through such mechanisms as programmable transaction blocks. Sam Blackshear, Co-Founder and CTO at Mysten Labs, created Move just five years ago. He designed Move specifically for writing smart contracts with a focus on safety.

Continuing development on Move improves its efficiency and the developer experience. Migrate to Move 2024 today!

Multi-signature (multi-sig) wallets and accounts let multiple people access their assets based on specific parameters. A multi-sig wallet might contain a decentralized autonomous organization's (DAO) or other group's communal treasury, for example. The wallet might require 25 percent of the members to sign a transaction before any assets can be moved. 

As opposed to simple one-owner wallets, multi-sig wallets open up a world of possible uses, letting you create game components and commerce apps, as two examples, that can only be unlocked by multiple users. Requiring a quorum of users, or setting other unlock conditions, keeps digital assets secure from a single rogue user raiding an account.

A multi-sig smart contract, written in Move, serves as the primary building block for this type of app on Sui. The multi-sig smart contract presented in this article verifies multi-sig addresses, and supports different combinations of keys, such as 2-of-3 or M-of-N, where M and N are user-defined parameters.

Creating and using the multi-sig checker contract in Move

A multi-sig address is a special type of address that requires multiple signatures to authorize a transaction. A multi-sig checker smart contract derives a multi-sig address from a set of public keys, weights, and a threshold, and compares it with an expected address. 

Multi-sig addresses require multiple signatures to authorize a transaction. They are often used to enhance the security of funds by distributing control among multiple parties. For example, a 2-of-3 multi-sig address requires at least two out of three signers to approve a transaction. Multi-sig addresses can also be used for governance, escrow, or backup purposes.

The multi-sig smart contract performs three functions. It derives multi-sig addresses, verifies them, and can check a sender's multi-sig address.

Derive multi-sig addresses

The multisig module defines the

derive_multisig_address_quiet

which takes three parameters: pks, weights, and threshold. 

The

pks

parameter is a vector of vectors of bytes, representing the public keys of the signers.

The

weights

parameter is a vector of bytes, representing the weights of each signer.

The

threshold

parameter is a 16-bit unsigned integer, representing the minimum sum of weights required to execute a transaction from the multi-signature address.

The function returns an address, which is the derived multi-signature address.

public fun derive_multisig_address_quiet(         pks: vector<vector<u8>>,         weights: vector<u8>,         threshold: u16,     ): address {

 The function performs the following steps:

It defines a variable,

multiSigFlag

, of type 8-bit unsigned integer and assigns it the value 0x03, which is the flag for multi-signature addresses.

let multiSigFlag = 0x03;

It creates an empty vector of bytes called

hash_data

, which will store the data to be hashed.

let hash_data = vector<u8>[];

It gets the lengths of the

pks

and weights vectors and checks that they are equal. If not, it aborts the execution with an error code: ELengthsOfPksAndWeightsAreNotEqual.

let pks_len = pgs.length(); let weights_len = weights.length(); assert!(pks_len == weights_len, ELengthsOfPksAndWeightsAreNotEqual);

It initializes a variable,

sum

, of type 16-bit unsigned integer and assigns it the value 0. It then loops through the weights vector and adds the values of each element to the sum. It then checks that the threshold is positive and not greater than the sum. If not, it aborts the execution with an error code: EThresholdIsPositiveAndNotGreaterThanTheSumOfWeights.

       let mut sum = 0;         let mut i = 0;         while (i < weights_len) {             let w = weights[i] as u16;             sum = sum + w;             i = i + 1;         };         assert!(threshold > 0 && threshold <= sum, EThresholdIsPositiveAndNotGreaterThanTheSumOfWeights);

 It pushes the

multiSigFlag

to the hash_data vector. It then serializes the threshold using the bcs::to_bytes function and appends the result to the hash_data vector.

       hash_data.push_back(multiSigFlag);        let threshold_bytes: vector<u8> = bcs::to_bytes(&threshold);        hash_data.append(threshold_bytes);

It loops through the

pks

and weights vectors and appends the elements of each pair to the hash_data vector.

        let mut i = 0;         while (i < pks_len) { hash_data.append(pks[i]); hash_data.push_back(weights[i]);           i = i + 1;         };

It hashes the

hash_data

vector using the blake2b256 function and converts the result to an address using the address::from_bytes function. It then assigns the address to a variable, ms_address, and returns it.

        let ms_address = address::from_bytes(blake2b256(&hash_data));         ms_address     }

It derives a multi-sig address and returns the multi-sig address.

Verifying multi-sig addresses

The

multisig

module also defines the check_multisig_address_eq, which checks if the created multi-sig address matches the expected address. As we mentioned above, a multi-sig address is a special type of address that requires multiple signatures to authorize a transaction. A multi-sig address is defined by a set of public keys, weights, and a threshold.

The function

check_multisig_address_eq

takes four parameters: pks, weights, threshold, and expected_address. The first three parameters are the same as the ones we used in the previous function, derive_multisig_address_quiet. The last parameter, expected_address, is an address value that we want to compare with the multi-sig address.

   public entry fun check_multisig_address_eq(         pks: vector<vector<u8>>,         weights: vector<u8>,         threshold: u16,         expected_address: address,     ): bool {

The function first calls the function,

derive_multisig_address_quiet

, which creates a multi-sig address from the given public keys, weights, and threshold. This function uses a hash-based algorithm to combine the public keys and the threshold into a 16-byte value, which is then converted into an address.

let ms_address = derive_multisig_address_quiet(pks, weights, threshold);

 The function then compares the multi-sig address with the expected address and returns true if the addresses are equal, and false otherwise.

return (ms_address == expected_address)

The function

check_multisig_address_eq

can be used to verify that a multi-sig address is correct and matches the expected value. This can be useful for testing, debugging, or auditing purposes. For example, one could use this function to check that a multi-sig address is consistent with the public keys and the threshold that were agreed upon by the signers.

Checking the sender’s multi-sig address

Finally, the

multisig

module also defines the check_if_sender_is_multisig_address, which checks if the sender is the same multi-sig address that is derived from the provided pks, weights, and threshold.

The

check_if_sender_is_multisig_address

takes four parameters: pks, weights, threshold, and ctx. The first three parameters define the multi-sig address scheme, while the last parameter provides the transaction context.

The

pks

parameter is a vector of vectors of bytes, representing the public keys of the signers.

The

weights

parameter is a vector of bytes, representing the weights of each signer.

The

threshold

parameter is a 16-bit unsigned integer, representing the minimum sum of weights required to execute a transaction from the multi-sig address.

Finally, the

ctx

is a mutable reference to the TxContext, which contains information about the current transaction, such as the sender.

   public fun check_if_sender_is_multisig_address(         pks: vector<vector<u8>>,         weights: vector<u8>,         threshold: u16,         ctx: &mut TxContext     ): bool {

The

check_if_sender_is_multisig_address

function calls the check_multisig_address_eq function, which compares the multi-sig address with the sender address.

      check_multisig_address_eq(pks, weights, threshold, ctx.sender())             }

The function

check_multisig_address_eq

returns true if the sender address matches the multi-sig address scheme, and false otherwise.

Get started with multi-sig

Multi-sig addresses are useful for scenarios where there is a need for enhanced security, accountability, or collaboration among multiple parties. Given the valuable digital assets stored on Sui, a multi-sig address can help keep those assets secure.

The smart contract described in this article can help you get started building applications designed for collaboration and joint custody of assets. As a further resource, you can look at the source code and documentation for this project on GitHub.

Continuing work on zkLogin, Sui's social login primitive, resulted in two significant improvements, multi-signature recovery and support for Apple accounts. These changes allow greater choice for users and a powerful new way to recover accounts if the zkLogin credential issuer or app is no longer active.

Thanks to Sui’s cryptographic agility, zkLogin lets builders integrate social logins with their apps. Instead of requiring users to connect a wallet or manually create a new account, apps using zkLogin offer users the ability to create a Sui address with an existing account from companies such as Google and Facebook. The zero knowledge proof technology behind zkLogin eliminates the need for the user to handle any cryptographic sensitive material, such as the private key.

When zkLogin launched last year, it supported Google, Twitch, and Facebook accounts. The addition of Apple support helps users who prefer to stick with Apple for all their social logins. This new authentication method particularly benefits iOS users, as it allows iPhone apps to easily support Sui wallet creation. 

Multi-signature, or multi-sig, opens up a new means of account recovery geared towards both security and ease of use. As zkLogin assumes the liveliness of the application client ID and its issuer, such as Google, multi-sig provides significant improvements to the recoverability of a zkLogin account.

By creating a multi-sig wallet with zkLogin and another private key as backup, a user can still access their wallet if the original app or credential issuer goes away. If a builder, for example, takes down their app which included accounts created through zkLogin, users could enter their private key and recover any assets they had in that account, moving them to another wallet.

The integration of multi-sig with zkLogin also opens the door to more complex use cases, where builders can include up to 10 zkLogin accounts among different credential providers, with customizable weights and thresholds. 

For example, a multi-sig address with a threshold of two could include multiple public keys with different weights. The original owner's Google account could be given a weight of two in this multi-sig scheme and additional signatures, a separate Apple account and a Facebook account, could each be assigned a weight of one. The threshold of two means the Google account, because it has been assigned a weight of two, can always open the multi-sig account by itself. The Apple and Facebook accounts, however, would both be needed to open the multi-sig account, as each by itself does not meet the threshold requirement. 

These updates to zkLogin support overall work on making Sui the most widely accessible blockchain. Creating mass user adoption brings the benefits of digital asset ownership to the world at large.

Start building on Sui and onboard the next generation of blockchain users.

In early May last year, Sui's Mainnet made its public debut, actualizing the promise and proof points made by this next generation technology on Devnet and Testnet. As we reach Sui Mainnet's first anniversary, we look back on a year of growth and new, innovative features.

With its scalable architecture and performant consensus engine, Sui is built to handle massive traffic. And although we've seen peaks hitting over 5,000 transactions-per-second in its first year, the network has not yet reached its limit. By December of 2023 Sui hosted over nine million active accounts, and is well over 10 million now.

DeFi growth was absolutely extraordinary, with Total Value Locked rising from $100 million in early November last year to over $500 million in February.

Beyond metrics, Sui continues to see impressive development, with new features making it accessible and even more performant. zkLogin is an incredibly powerful tool builders leverage to onboard more users, while Pilotfish and Mysticeti promise to maintain Sui's performance edge.

Notable developments

May 3, 2023

Sui Mainnet launches, opening up the network to unfettered public use. Supported by over 100 Validators and over 400 nodes, builders can launch their apps and bring Sui's innovative features to the public.

DeepBook, Sui's first native liquidity layer, launches. This central limit order book gives DeFi protocols and other app builders a mechanism to support both market and limit token swaps.

July 12, 2023

July 15, 2023

Sui celebrates hosting one million active accounts, an early indicator of network utilization.

Sui executes over 65 million transactions in one day, the most recorded on a blockchain ever and proof of its scalability. Other metrics for Sui Mainnet's first three months include hitting 5,414 transactions per second without causing a gas fee spike.

July 26, 2023

August 15, 2023

Momentum continues to grow as Sui reaches three million active accounts.

zkLogin, an innovative new primitive, launches on Sui, letting builders incorporate authorization through existing credentials from providers such as Google, Facebook, and Twitch. zkLogin greatly eases the onboarding path for new Web3 users.

September 13, 2023

October 19, 2023

DeFi shows substantial growth, with combined activity from protocols showing Total Value Locked rising 341 percent and volume rising 229 percent over three months.

Using the technology behind zkLogin, zkSend launches in beta, giving users a seamless means of sending tokens to anyone, even those not yet using Sui.

November 2, 2023

November 3, 2023

As a new user milestone, Sui records seven million active accounts.

Combined Total Value Locked for DeFi protocols on Sui crosses the $100 million mark, showing continued DeFi growth.

November 8, 2023

November 27, 2023

Nine million accounts became active on Sui, as new users onboarded through the many engaging projects on the network.

Move, Sui's native programming language, sees continual development from the community, with the Move 2024 edition introducing crucial new features.

January 17, 2024

February 4, 2024

Sui crosses the $500 million mark in Total Value Locked, signaling immense and rapid growth fueled by the network's innovative DeFi protocols.

Over a 30-day period, DeFi users bridge more value from Ethereum to Sui than to all other blockchains combined.

February 15, 2024

March 20, 2024

New research results in Pilotfish, an innovation in consensus that improves the scalability of transaction execution.

Capping off a year filled with events around the world, Sui hosts Basecamp, a summit which hosted over 1,000 attendees, 44 sessions, and over a 100 speakers.

April 10-11, 2024

April 10, 2024

Despite being the fastest blockchain, Sui keeps its foot on the pedal with Mysticeti, a redesign of the consensus engine allowing for even greater transaction speeds and reduced latency.

Sui original contributor Mysten Labs releases Enoki, a service platform combining technologies to make onboarding users easier than ever.

April 10, 2024

April 11, 2024

First Digital Labs chooses Sui as its first non-Ethereum venue for the FDUSD stablecoin, giving DeFi users a non-volatile value store.

Sui launches the Overflow Hackathon, its biggest competitive coding event ever, giving participants six weeks to build and a $1 million prize pool.

April 21, 2024

Over the last year, the Sui community delivered again and again, creating the projects and features contributing to the network's overall success. As we enter the next year of Sui, we look forward to exciting new projects and furthering the most innovative technology in the world.

Build on Sui and be part of the action.

The concept of Decentralized Physical Infrastructure Networks (DePIN) offers the potential to redefine the fundamental processes of our everyday lives. Technology often evolves towards more efficient and secure solutions, and the development of physical infrastructure is no different.

Decentralization has been a prevailing theme across various industries, challenging established norms and reshaping traditional structures. In finance, the rise of DeFi has revolutionized how we engage with financial systems. Utilizing blockchain technology, DeFi breaks down barriers to entry and allows for more one-on-one interactions, reducing the role of the middleman, and granting individuals greater autonomy.

While industries built on software evolve more easily, physical infrastructure changes more slowly, yet decentralization offers compelling advantages. Historically marked by centralized authority and rigid hierarchies, this sector is ready for transformation. DePIN's goal involves leveraging blockchain technology to democratize ownership and distribute control of the physical infrastructure networks that we collectively use on a day-to-day basis.

The DePIN vision

To fully grasp the significance of DePIN, it's essential to contrast it with conventional physical infrastructure networks. In traditional models, centralized authorities typically control infrastructure, resulting in inefficiencies in processes and disparities in incentives. Centralized control often leads to bureaucratic bottlenecks, where decision-making is concentrated in the hands of a select few, slowing responsiveness to evolving needs. This centralized structure can perpetuate inequalities, as resources and benefits are distributed unevenly, leaving certain communities underserved.

In contrast, DePIN represents a shift towards decentralization, placing power and agency in the hands of a diverse network of participants. By embracing decentralization, DePIN empowers individuals, communities, and businesses to collectively own and govern the infrastructure they depend on. This distributed model fosters a sense of ownership and accountability among stakeholders, leading to greater efficiency and resilience. Additionally, decentralization promotes innovation and adaptability, as it disperses decision-making, allowing for more agile responses to changing circumstances and emerging challenges.

The sharing economy reimagined

In recent years, the sharing economy emerged as a powerful force, embodied by platforms like Uber and Airbnb. However, these platforms faced criticism for their centralized control and negative impacts, contradicting claimed benefits. DePIN seeks to address these shortcomings by embracing the principles of the sharing economy in a more inclusive and decentralized manner.

Consider DRIFE, a DePIN rideshare app. DRIFE operates as a decentralized protocol, with a zero-commission fee structure allowing drivers to earn more income while passing savings on to riders. Drivers receive tokens as a reward for their services and play an active role in protocol governance, creating a more equitable and participatory model. DRIFE will utilize key Sui primitives, such as zkLogin, enabling frictionless user interaction through simple Sui address creation and management.

DRIFE aims to disrupt the ridesharing market leveraging Sui technology.

DePIN enables a myriad of innovative use cases, ranging from decentralized storage and mapping services to GPU rendering platforms and wireless IoT networks. These projects harness the power of decentralized infrastructure to create more efficient, cost-effective, and inclusive solutions for the world.

Leveraging Sui technology for DePIN

For DePIN to thrive, it is crucial that the underlying blockchain network provides essential features and capabilities allowing teams to build innovative products without barriers.

Firstly, scalability and high throughput are paramount. DePIN projects often involve mass amounts of transactions and interactions between participants, requiring a blockchain network capable of processing a high volume of transactions quickly and efficiently. Without scalability, the network may become congested, leading to delays and increased transaction costs, hindering the seamless operation of DePIN protocols. Sui offers best-in-class throughput and scalability with groundbreaking protocols, such as Mysticeti and Pilotfish.

Additionally, powerful developer tools are essential for building and deploying DePIN apps. Sui primitives such as zkLogin, sponsored transactions, programmable transaction blocks, and Sui Kiosk give developers powerful tools to build upon and create unique experiences and incentive structures. With these tools, app builders can streamline the development process, reducing complexity in integrating within existing infrastructure systems.  

DePIN projects on Sui

DRIFE, Karrier One, and Chirp are three of the most prominent examples of DePIN projects building on Sui, tackling transportation, telecommunications, and IoT connectivity. 

Karrier One is revolutionizing the telecom landscape with a decentralized, carrier-grade network, establishing infrastructure and partnerships to ensure global 5G coverage. Karrier One streamlines deployment processes and guarantees data integrity through its user-run radio network. Leveraging zkLogin, Karrier One offers US and Canadian phone numbers as NFTs, safeguarding against SIM swap fraud and enhancing accessibility for remote populations. Addressing connectivity disparities worldwide, Karrier One endeavors to provide reliable and affordable solutions, irrespective of geographic location, challenging conventional telecom standards.

Chirp is a global telecommunications network on Sui simplifying IoT deployment for businesses and residential uses. With the goal of simplifying the deployment and management of IoT technology, Chirp serves as a single partner for commercial customers, offering unified connectivity and a streamlined management platform. Chirp empowers residential users by automating daily tasks and enhancing security measures. Homeowners can leverage Chirp's technology to monitor and automate their homes, as well as track things like pets or vehicles using tracking devices connected to the Chirp network.

Decentralize everything

By embracing decentralization, collaboration, and inclusivity, DePIN holds the key to unlocking a future where infrastructure is not just a means to an end but is harnessed for positive change. Utilizing the powerful network capabilities of Sui and key primitives, innovative DePIN projects can grow and reach the masses building 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.

Sentio recently launched two important products on Sui, Dash and Debugger, offering crucial tools to enhance the developer and user experience within the Sui ecosystem. These products are an important step in Sentio's journey as an infrastructure provider, cementing its status alongside its indexing, data analytics, and monitoring capabilities tailored specifically for the Sui ecosystem.

Prior to this launch, Sentio made waves with its open-source project, TypeMove, designed to generate type bindings for Move smart contracts, enabling developers to deploy apps safer and faster. Now, with the support of the Sui Foundation and Mysten Labs, Sentio introduces Dash and Debugger, two innovative solutions aimed at empowering users and developers alike.

Dash: Democratizing data exploration

Dash, a serverless and permissionless data platform, lets users explore Sui data. With a flexible data schema, insightful dashboards, and lightning-fast query capabilities, Dash revolutionizes the way app builders interact with and utilize data.

Exploring dashboards

The Dash website greets users with a plethora of public dashboards curated by fellow users. Using intuitive search, filtering, and bookmarking features, navigating Sui data through Dash is a seamless experience. Each dashboard provides real-time updates and detailed insights, allowing users to delve deeper into the data effortlessly.

Public dashboards are on display at the Dash webpage, giving users instant access to useful data on Sui. Creating custom dashboards

For those eager to discover new insights, Dash provides a user-friendly interface complete with click-and-drag functionality to create personalized dashboards, without coding. This democratization of data empowers teams to harness the power of analytics for product enhancement, marketing optimization, and more, with less effort.

Sentio gives users the ability to create custom dashboards. Advanced query capabilities

Dash caters to the needs of teams requiring complex custom queries through its SQL widgets, leveraging the prowess of ClickHouse SQL, known for its performance in executing complex analytical queries on massive datasets. Ad hoc queries can be performed on the spot from the navigation bar and added to your own dashboard at any time. Whether it's time-series data or ad hoc queries, Dash delivers blazing-fast results, enabling users to uncover insights with unparalleled efficiency.

Users can write their own queries from the beginning or tweak existing queries to gain new insights. Exporting as API and custom data sources

Dash allows users to export charts as APIs, providing a serverless solution for data consumption without the hassle of backend maintenance. Additionally, Dash encourages community collaboration by inviting users to contribute to the platform with public datasets, fostering knowledge sharing and innovation. For those interested in contributing, reach out to the Sentio team to see how your contributions can be shared broadly.

Debugger: Empowering smart contract development

Sentio Debugger emerges as an advanced debugger within the Move ecosystem, empowering developers to inspect and iterate smart contracts with unparalleled clarity and efficiency. From beginners seeking to delve into contract execution details to seasoned engineers troubleshooting issues, Sentio’s Debugger offers a productivity boost like no other.

By simply entering the transaction digest into the Sentio Debugger tool, users gain access to comprehensive transaction information and traces, enabling them to debug with ease and precision.

Sentio’s Debugger tool helps explain Sui transaction digests in an easy to understand and incredibly useful manner. New tools for data and development on Sui

Sentio's latest product launch on Sui signifies an important leap forward in data exploration and development tooling within the Sui ecosystem. With Dash and Debugger at the ready, users and developers are equipped with a robust stack of tools to explore, build, and innovate on Sui like never before.

As users and developers find powerful ways to leverage Sentio’s Dash and Debugger tools, the possibilities for growth and advancement within the Sui ecosystem become limitless.

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.

Discover the power of DeepBook! Offering open access to deep liquidity for all apps building on Sui. Advanced trading capabilities can be incorporated into any app. Explore DeepBook’s architecture and create a new chapter in the story of DeFi with Sui.

DeepBook, an ecosystem-wide liquidity layer, plays a critical role in supporting Sui’s DeFi ecosystem by providing stable and efficient infrastructure for trading activities available to all builders. It serves as the foundation upon which DeFi apps can operate, providing greater access to assets and enabling efficient trading. With such a tool, DeFi builders can focus on developing unique features and incentives instead of troubleshooting problems with simple trading logic and bootstrapping independent liquidity pools. 

As a sophisticated Central Limit Order Book (CLOB) system, DeepBook enhances the efficiency and liquidity of Sui's overall DeFi ecosystem, enabling traders to execute orders quickly and at fair prices while leveraging advanced trading capabilities. This functionality not only attracts more participants but also reduces slippage and enhances overall market stability. Paired with Sui’s high-performance consensus engine, DeepBook offers a trading experience rivaling those of centralized trading entities. 

Understanding CLOBs and AMMs

Central Limit Order Books (CLOBs) and Automated Market Makers (AMMs) represent two distinct approaches to decentralized trading. CLOBs, like DeepBook, facilitate order matching by maintaining an order book of buy and sell orders. In contrast, AMMs utilize algorithms to determine asset prices and execute trades. While both CLOBs and AMMs offer unique advantages and cater to different trading preferences, CLOBs are particularly well-suited for traders seeking price discovery and order book transparency, making them an important tool for DeFi ecosystems.

Creating a CLOB presents significant challenges due to the complexity of order matching algorithms and the need for efficient market liquidity. Developing and maintaining a CLOB requires sophisticated technical expertise and substantial resources, which can be prohibitive for many DeFi builders. However, offering an open-access CLOB accessible to all builders can have a transformative impact on the ecosystem. 

DeepBook democratizes access to advanced trading functionalities, such as limit orders, allowing developers to create unique trading platforms tailored to specific market needs. For example, by integrating a native CLOB into their protocol, builders can experiment with hybrid models that combine unique elements of AMMs with the powerful features of a CLOB. This opens up possibilities for innovative trading experiences that cater to diverse user preferences and trading strategies.

Deciphering DeepBook's architecture

At the core of DeepBook lies its unique structure, where each trading pair has its own shared object representing the pool. DeepBook's approach utilizes Sui's consensus engine optimally by dedicating separate pools to each pair. This design minimizes conflicts between pairs and allows for parallelized transactions, enhancing efficiency. By leveraging Sui's consensus engine in this manner, DeepBook achieves remarkable throughput while ensuring seamless trading across various pairs.

DeepBook serves as a valuable resource for app developers seeking access to deep liquidity. Leveraging the DeepBook API, apps can provide sophisticated trading functionalities, enabling users to execute trades using its smart routing feature to ensure competitive swap prices.

Users place traders through app interfaces which are integrated with DeepBook. Trades involving separate pools are processed concurrently, even if initiated by the same user via the same app.

Sui’s next-generation consensus mechanism, Mysticeti, will enable transaction speed rivaling those of centralized execution environments. With Mysticeti’s lightning-fast transaction processing capabilities and DeepBook’s advanced trading infrastructure, users can expect seamless and efficient trading experiences equivalent to those of traditional financial infrastructure. As Mysticeti and DeepBook continue to evolve in tandem, they empower Sui DeFi builders to build products not feasible on other blockchain platforms.   

Order book structure

DeepBook employs a streamlined method for storing and processing orders. Each pool stores the unfilled maker orders and matches taker orders which are paired immediately upon submission. Order matching within DeepBook occurs autonomously, eliminating the need for centralized oversight.

DeepBook gives apps the ability to offer their users  the flexibility to place market orders and various types of limit orders. Market orders, which are considered taker orders, are matched instantly against existing maker orders upon submission, all within the same transaction. Limit orders, on the other hand, are initially matched as taker orders against existing maker orders. If the limit order cannot be completely filled, the remaining quantity can either be added to the order book as a maker order or discarded, depending on the limit order's configuration.

DeepBook utilizes a smart routing functionality, enabling traders to find the most efficient paths for token swap routes. Leveraging Depth-First-Search (DFS) algorithms, traders can simulate swaps across different pools to optimize their trades. This strategic approach ensures that swaps are cost-effective and enhances overall trading efficiency on the platform.

DEEP token 

DeepBook’s upcoming token, DEEP, will further improve the economic dynamics of DeepBook. Those serious about trading on Sui will be able to stake DEEP in order to receive discounted trading fees, additional maker incentives, and the ability to participate in DeepBook pool governance. 

Those that stake DEEP to a specific pool and actively swap within that pool over an epoch will pay less taker fees than those that are occasionally participating in swapping. Within an epoch, a user who has the threshold of staked DEEP will experience a decline in taker fees with respect to their volume taken in that pool over the epoch. Additionally, those who also meet the staked DEEP requirements and are providing liquidity to the pool they have staked to will receive maker incentives. Governance of pools allow for the adjustment of parameters around fees and staking requirements. There are no minimum stake requirements to participate in governance and governance rights increase with stake weights.

While the DEEP token is not currently available, unique soulbound NFTs have been distributed ahead of the upcoming token launch.

Detering wash trading

To deter manipulative practices, DeepBook adopts a carefully balanced approach to incentivizing liquidity provision. While incentives are offered to active liquidity providers, there's a risk of traders creating artificial volume to earn more rewards. To counter this exploit, DeepBook intentionally sets maker incentives lower than the fees collected on trades once a pool reaches a minimal liquidity threshold. This ensures that incentives are proportionate to genuine trading activity, discouraging manipulative behavior.

As an additional safeguard, DeepBook implements a burning mechanism for tokens involved in wash trading. If someone tries to inflate trading volumes within an epoch by repeatedly looping tokens through the pool without any net change, these tokens are labeled as residual tokens. To uphold platform integrity, these residual tokens are removed from circulation through burning. This ensures that rewards are earned through genuine trading activity and not deceptive practices like wash trading, maintaining the platform's integrity.

To learn more about the economic incentives and dynamics around DeepBook and the DEEP token, explore the DeepBook token whitepaper.

Turning the page with DeepBook

DeepBook democratizes access to advanced trading functionalities, empowering developers to create unique trading platforms and providing users with experiences rivaling those of centralized trading platforms. Through carefully balanced incentives and innovative mechanisms to deter manipulative practices like wash trading, DeepBook maintains platform integrity and ensures rewards are earned only through genuine trading activity. 

Numerous DeFi apps on Sui are integrating DeepBook into their product suites. Among the most prominent are Aftermath, Cetus, KriyaDEX, Turbos, and Typus. If you're eager to witness DeepBook's capabilities in action, these DeFi platforms serve as excellent showcases of its utilization. Explore their docs to see how they’re integrated DeepBook into their offerings.

As DeepBook continues to evolve and with the upcoming launch of the DEEP token, it stands to further revolutionize decentralized trading and empower DeFi participants within the Sui community.

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's phenomenal speed and innovative NFT technology makes it an excellent environment for games, and nothing will prove it more like XOCIETY, a new pop shooter with RPG elements coming to the network later this year. The game, by NDUS Interactive, features fast-paced accessible play in a rich environment built on the Unreal Engine 5.

Through PVP and PVE action, XOCIETY leverages Sui with onchain gaming and owned assets. Using Sui's dynamic NFTs, players own their avatars and items, providing an in-game asset experience unheard of in traditional gaming. The XOCIETY website suggests NFTs may be transferable or otherwise usable between the game and other projects, exploiting a unique capability of Web3. 

Sui's zkLogin simplifies player onboarding in XOCIETY. Unlike other blockchains, which would require players to install a wallet and acquire tokens, XOCIETY will let new players log in with existing credentials from third party services.

XOCIETY features an immersive environment and RPG elements, allowing character progression.

NDUS Interactive, the company creating XOCIETY, includes veteran game designers and builders. The team uses the tagline "Shoot, Earn, Pioneer" for the game, suggesting not only serious action, but also the ability to explore the game environment while fighting other players and NPCs or creatures. 

The company says that it expects to offer early access to XOCIETY in November or December of 2024. Gameplay footage can be seen on XOCIETY's YouTube channel.

Sui Mainnet launched last year, and community events around the world helped builders understand the potential for this groundbreaking blockchain technology, but Sui Basecamp showed that Sui has truly arrived. 

Over 1,100 people from 65 countries attended Sui's global event, held in Paris this year, to find how Sui established itself firmly in gaming and DeFi. Over two days, the community heard from over 100 speakers in 44 sessions. Major announcements from companies such as Playtron, NHN, and First Digital complemented Sui's meteoric growth in trading volume and Total Value Locked (TVL).

Mysten Labs CEO Evan Chang delivers his keynote to kick off Sui Basecamp in Paris.

“We are not just here to build a blockchain, we’re not just here to build decentralized software," said Evan Cheng, Mysten Labs CEO and co-founder during his Sui Basecamp keynote. "Why we are all here today is to fundamentally reimagine human and software interaction."

The event featured announcements about how Sui's already blistering speed and mainstream accessibility will become even greater. Already capable of record-breaking transactions-per-second (TPS), further consensus innovation promises to outstrip anything in the industry. And Mysten Lab's Enoki gives non-blockchain companies the simplest path to take advantage of concepts such as digital ownership and verifiable asset data.

Meltem Demirors, blockchain expert and self-proclaimed Aspiring Cult Leader, gave a talk titled "The trillion dollar whale: bringing atoms and electrons onchain."

The community's excitement at Basecamp 2024 was palpable, as attendees learned about all the exciting things to come, gained inspiration about what they could build, and met face-to-face, many for the first time.

Breaking boundaries

Blockchains from Bitcoin to Solana and Ethereum solved the general problem of decentralized transactions, but Sui arrives with a truly modern network environment capable of supporting enterprise apps and frameworks. Sui's object-oriented data structure lets developers create real apps to engage and delight users, on a scalable network that handles ever increasing traffic. 

Unlike traditional enterprise networks, the Move programming language allows for secure smart contract code. These building blocks lead to a future that lets code replace intermediaries and institutions as the global coordinating mechanism of intelligent assets.  

Greg Siourounis, Managing Director of the Sui Foundation, greets Sui Basecamp attendees.

Mysticeti, a new technology developed at Mysten Labs by founding members of Sui, makes consensus on the network even more performant. Announced at Basecamp 2024, Mysticeti redesigns the already innovative Bullshark and Narwhal-based consensus engine to further remove latency, allowing transactions to finalize at speeds more than sufficient for the most demanding enterprise and financial frameworks. 

“In practice, we’ve implemented Mysticeti to mimic the Sui Maninet environment, and we’ve achieved about 390 milliseconds consensus," said Dmitri Perelman, Mysten Labs Head of Engineering. "As far as we know, this is the fastest achieved settlement finality.”

Mysten Labs went one further, announcing Enoki, a new service platform letting Web2 companies realize the benefits of the blockchain. These services, such as zkLogin's effortless onboarding and sponsored transactions, remove the friction caused by legacy blockchain requirements. Leveraging Enoki, companies will be able to integrate Sui's smart contract and digital asset technology into their customer applications, offering extensive new capabilities and services.

Empowering industries 

In less than one year as a production network, the fact that Sui already made its mark in gaming and DeFi was clear from the companies presenting and exhibiting at Sui Basecamp. Sui's DeFi growth has been nothing short of phenomenal, nearing $700 million TVL in under a year. DeFi protocols such as Navi, Scallop, Turbos, and Bluefin show breathtaking volume on a daily basis. 

Sui Basecamp attendees from 65 countries had the opportunity to meet each other face-to-face, many for the first time.

Cementing Sui as the network for stable DeFi growth, First Digital announced it would bring FDUSD, its $3.3 billion stablecoin, over to Sui in a native format. This new stablecoin gives Sui DeFi users a non-volatile trading option where they can store value. The First Digital announcement joined a pre-Basecamp announcement that DeepBook, Sui's native liquidity layer, would launch its own token, DEEP, later this year.

“As a new company, we feel that the industry is going to change, and that newer protocols like Sui will overtake established protocols,” said Vincent Chok, First Digital's founder and CEO. “We want to have a $10 billion market cap by the end of 2024, with $1 billion on Sui by the end of the year.”

The Gaming Arcade situated in the Sui Basecamp venue showed that gaming studios have a bright future on Sui. The network's transactional speed and scalability deliver the missing pieces games have needed to succeed in Web3. The Gaming Arcade offered attendees the opportunity to try out new games, such as Panzerdogs and E4C: Fallen Arena, currently available and soon to launch on Sui. New partners NHN and Baby Shark, already giants in gaming, were on hand to show why they chose Sui for their initial blockchain efforts.

Adeniyi Abiodun, CPO and co-founder of Mysten Labs talked about Sui's strengths and introduced Playtron's new SuiPlay0X1 mobile gaming device.

Making its handheld gaming device debut soon after coming out of stealth at the Game Developers Conference and Sui Gaming Summit last month, Playtron joined Adeniyi Abiodun, CPO and co-founder of Mysten Labs to announce SuiPlay0X1. This gaming deck runs the company's lightweight games-focused operating system and integrates directly with Sui. It will fuel onchain games, giving players immediate access to a wide variety of experiences. 

“Web3’s iPhone moment is not an iPhone,” said Playtron CEO Kirt McMaster of the new handheld.

The SuiPlay0X1, a new mobile gaming device from Playtron, integrates Sui, letting users play onchain games. For the community

Like a bullet train gathering momentum, builders around the world began learning about Sui last year, exploring its capabilities and imagining what they could create. They attended Builder Houses, Sui Connect events, seminars, and meet-ups, a communal understanding experience letting them push the envelope of what an object can be, how smart contracts can enact policies, and where dynamic fields can take their apps.

Fud the Pug made a rare IRL appearance at Sui Basecamp.

The palpable energy at Sui Basecamp between new startups, existing companies discovering blockchain, and individual developers showed the Sui bullet train is up to speed. 

We want to thank all who attended and made it such a stellar event, and invite all builders who want to engage with the new generation of secure network computing to join us at future events and engage with Sui. 

BytePlus, ByteDance technology solutions subsidiary takes its first foray into blockchain with Sui. BytePlus will work with Mysten Labs to adapt its recommendation solutions and augmented reality products, among other services, to Sui.

The company chose Sui as the best blockchain network to offer its services in support of gaming and social apps. 

BytePlus offers a variety of services, including a content distribution network, personalisation solutions, and user engagement tools that leverage cutting edge AR technology, and data analysis. Making these services available to Sui builders, gives them a leg up in developing apps with global impact. 

One such service, BytePlus Recommend, lets builders create heavily personalized apps, giving users a satisfying, tailored experience. Another service, BytePlus Effects, includes 80,000 ready-to-use stickers and effects for video apps. Combined with Sui's unique NFT technology, this service could power groundbreaking new social apps.

BytePlus, will be able to pioneer new ground on Sui. Leveraging digital assets with dynamic features and programmable ownership policies, the company can build entirely new experiences that will grow its user base. Sui's user-friendly features, such as zkLogin and sponsored transactions, eliminates the barriers for mass adoption of blockchain technology.

The technology prowess exhibited by BytePlus, combined with the next generation innovations of Sui, will lead to innovative new services and apps.