According to Foresight News, Mysten Labs co-founder and chief cryptographer Kostas Chalkias has announced the upcoming release of a new compressed mnemonic format called Sui. This new format will reduce the number of words required from 12 to 8 without losing entropy. Additionally, an API will be provided to enable conversion between the 12-word and 8-word formats, as well as reverse conversion. The algorithm, dictionary, and API are expected to be released soon, with feedback and improvements still being gathered.