On March 22, the debtors for the defunct crypto exchange FTX approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain. The agreement comes after FTX filed for bankruptcy in November 2020.

The proposed deal, which was filed in the United States Bankruptcy Court in the District of Delaware, would see Mysten Labs and the FTX estate agree to a mutual release of claims. As part of the agreement, the debtors plan to sell roughly $95 million worth of preferred stock back to Mysten in addition to $1 million in SUI tokens.

Mysten Labs offered to repurchase the assets in an offer letter to the FTX estate on March 16, but the FTX bankruptcy estate retained investment bank Perella Weinberg Partners (PWP) to solicit interest from other potential buyers before ultimately entering into the deal with Mysten.

FTX Ventures had led Mysten Labs’ high-profile $2 billion Series B fundraise in August, investing $101 million in the round and receiving about 570,000 shares of preferred equity in Mysten Labs and warrants to purchase up to about 890,000,000 SUI tokens. The FTX entities paid about $101 million for the equity and an additional $1 million for the token warrants.

The proposed agreement with Mysten Labs would allow the FTX estate to continue to “solicit higher or better offers from any third party” up until a sale date is finalized by the court.

In a filing, the FTX debtors stated, “After thoroughly evaluating alternatives with the assistance of PWP, the Debtors determined that it was in the best interest of their estates and their constituents to proceed with [Mysten Labs, Inc.] and work toward executing a mutually agreeable transaction, with the expectation that the Debtors will continue marketing the Interests and confirming that no higher and better offer exists over the course of the coming weeks.”

The deal would also see the highly anticipated SUI token being released by Mysten Labs. Mysten Labs, which is focused on building a blockchain that can process transactions faster and cheaper than other popular blockchains, has been working on the SUI token for some time.

Overall, this agreement represents a positive step for the FTX estate and its creditors, as it allows them to monetize their holdings in Mysten Labs and potentially recoup some of their losses. However, it remains to be seen whether the FTX estate will be able to secure a better offer from a third party before the sale date is finalized.

#FTX #MystenLabs #SUI #azcoinnews #BTC

This article was republished from azcoinnews.com

Mysten Labs, a web3 infrastructure company, and BlueJay Games, a leading gaming studio, have joined forces to launch Arcade Champion, a mobile web3 arcade game, on the Sui Layer 1 blockchain. Arcade Champion is a reimagining of classic arcade games that integrates non-fungible tokens (NFTs) and play-to-own elements, making it more appealing to a wider range of players.

The game uses a hero-based system that represents each player’s unique characters with NFTs, which can be upgraded, traded, and fused. These NFTs play a critical role in both solo and dual modes of play, allowing players to accumulate bonuses and coins and attain arcade supremacy.

By leveraging Sui’s cutting-edge technology and functionality, including on-chain object and data storage, NFT-friendly infrastructure, and dynamic user-generated content support, Arcade Champion provides a seamless and immersive gaming experience for players. Additionally, Sui’s Move programming language enables quick and efficient development and execution of smart contracts, making it an ideal platform for game development.

The launch of Arcade Champion on Sui’s mainnet is set to attract a broader audience to web3 gaming by bridging the gap between Web2 and Web3 users. The game’s play-to-own elements and hero-based NFTs will be available to players on the first day of the mainnet launch.

Evan Cheng, Co-Founder, and CEO of Mysten Labs, expressed his excitement at the partnership and said that Arcade Champion’s mix of NFTs and play-to-earn incentives would propel the gaming industry forward. Michel Mailhot, CEO of BlueJay Games, added that Sui’s purpose-built gaming infrastructure, speed, and efficiency would enable them to take advantage of the massive opportunity ahead.

Mysten Labs, founded by senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language, aims to create foundational infrastructure for web3. Sui, developed by Mysten Labs, is the first Layer 1 blockchain designed to cater to the next billion users in web3 by offering a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences.

BlueJay Games, based in Austin, Texas, has over 20 years of experience in the gaming industry and is dedicated to creating innovative and engaging games that appeal to a wide audience.

#SUI #MystenLabs #layer1 #blockchain #BlueJayGames

This article was republished from azcoinnews.com

➡️ Recently, #MystenLabs ' Sui Network has integrated a liquid staking feature for SUI tokens.

➡️ Liquid Staking is when staking participants receive derivative tokens corresponding to the amount of tokens they have deposited staking. Derivative tokens typically reflect the value of the tokens that have been staked. This feature helps investors optimize profits, diversify investment portfolios and make it more convenient to experience the ecosystem.

➡️ “According to the announcement from the platform, the update will allow developers to provide services that will allow token holders to receive derivative tokens corresponding to the value of the Sui tokens they have staked,” the project said. know. “Existing Sui developers will be able to provide decentralized liquid staking solutions.”

➡️ Sui is a layer 1 mesh built on the Move language. Mysten Labs, the developer of Sui, launched the Sui mainnet on May 3. Sui is committed to competing with other Layer 1 networks like #Solana with scalability and speeds up to 300,000 transactions per second with 100 testnet validators.

➡️ Sui has listed SUI tokens on many centralized exchanges such as #Binance , OKX, Bybit, and KuCoin. Sui is considered a project with a high inflation rate with its token. The project will continue to double the total circulating supply in November this year. On June 3, Sui issued another 61 million tokens.

➡️ In recent times, the Sui system has been repeatedly criticized for  "shady" tokenomics . Recently two projects on Sui also  announced about leaving the Sui ecosystem  and moving to build on other blockchains. Previously, the project made the community "not very happy" when it did not pay the airdrop but sold the token.

#suinetwork #liquidity $BTC $SUI $WLD

#Binance Labs is one of the top VCs, with a $7.5 Billion fund size.

I went through their 165+ projects to find their best new investments.

My top 5 new Binance Labs-backed projects:

1- LifeForm

#Lifeform is a hyper-realistic 3D virtual human avatar editor and Visual DID solution provider. People can create avatars easily with the advanced Lifeform DID solution that enables them to use #NFTs as digital identities.

2- Mysten Labs

#MystenLabs was created to accelerate the adoption of Web 3. The team built the two promising projects below:

Sui - A proof-of-stake blockchain

Move - A programming language for building smart contracts.

3- ARPA

#ARPA is a secure computation network for blockchain-adapted cryptography. It serves as the infrastructure for a secure wallet, a cross-chain bridge, decentralized custody, a verifiable random number generator (RNG), etc.

Mainnet Launch is expected this month.

4- DoraHacks

DoraHacks is a platform for developers to meet hacker BUIDLs, Hackathons, Grants, and Bounties.

It has funded $25.32 Million so far, with 88,932 active builders on the platform.

5- Zecrey

Zecrey is a zk-Rollup-based Layer 2 protocol featuring privacy and scalability. Zecrey provides a user-friendly wallet containing L1s and Zecrey native L2s.

The Two Systems in the Wallet:

Zecrey Zero

Zecrey Legend.

$ARPA $BNB