Sui Basic Information
Founded in 2022, Sui is a permissionless, layer-1 blockchain designed from the ground up to enable creators and developers to build experiences that cater to the next billion users in Web3. Sui is horizontally scalable to support a broad range of application development at unparalleled speed and low cost.
Sui was founded by some members of the former Facebook project Libra/Diem team after the dissolution of the company, and its company is called Mysten Labs. Sui retained most of Diem's technology and made innovations to solve the problems of low throughput and high latency, enabling creators and developers to build experiences that meet the next billion users of Web3.
Sui Team Members
Evan Cheng: CEO, former CTO and VP of Engineering at Meta (Facebook) Novi Research, former senior manager at Apple, known as the father of the Move language.
Adeniyi Abiodun: Chief Operating Officer, former Director of Blockchain Engineering at Meta (Facebook) Novi Research, and has worked at VMware, Oracle, PeerNova, HSBC, and JPMorgan Chase.
Sam Blackshear: CTO, former Meta (Facebook) Novi Research lead engineer, focused on the Move language.
George Danezis: Chief Scientist, former Meta (Facebook) Novi Research Research Scientist, and has worked at Chainspace and Microsoft.
Kostas Chalkias: Chief Cryptographer, former Chief Cryptographer of Meta (Facebook) Novi Research, and has worked for R3, Erybo, Safemarket, and NewCrypt.
In addition, the Mysten Labs team also includes Kevin Boon (Chief Legal Officer), Todd Fiala (Engineering Director), and other members.
Investment
Sui's Series A was announced to be completed in December 2021, with an amount of US$36 million. This round of financing was led by a16z, and investment institutions such as Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, and Lux Capital also participated in the investment.
On September 8, 2022, Sui announced the completion of a $300 million Series B investment led by cryptocurrency exchange venture capital firm FTX Ventures. Other investors include well-known investment institutions such as Coinbase Ventures, Jump Crypto, a16z, Circle Ventures, Binance Labs, and O'Leary Ventures.
Market capitalization and ranking: Sui's token SUI has performed strongly in the cryptocurrency market, and its market capitalization continues to grow. According to the latest news, Sui's market capitalization has ranked among the top 20, and is even higher in the rankings of some exchanges. This reflects the market's recognition and confidence in the Sui project.
Ecological development: Sui ecology is developing rapidly, attracting many developers and project parties to join. At present, multiple infrastructure, DeFi, and GameFi projects have been deployed on Sui, providing users with a rich selection of decentralized applications.
Partners and Ecosystem Incentives: Sui Foundation has been working hard to encourage dApp development by providing financial support and ecosystem incentives to attract more project parties to join the Sui ecosystem. This strategy helps to increase the activity and user base of the Sui network.
What's next for SUI?
However, the recent development prospects of SUI are still relatively optimistic. Judging from the price trend, the currency is expected to rise, and the forecast shows that the market size will expand significantly in a few months. In the next three months, the price of SUI is expected to rise by 244%.
However, it is recommended to invest with caution. Pay close attention to market dynamics and technical analysis.
