Sui Commemorates Its First Year: A Milestone of Progress and Cutting-Edge Developments Elevates Sui Within the Web3 Landscape

Grand Cayman, Cayman Islands, May 3rd, 2024, Chainwire

The recent protocol launch, combined with impressive growth indicators and top-notch technology innovations, signals even more success on the horizon.

As Sui marks the first anniversary of its Mainnet launch, its community is rejoicing in a significant journey that has seen the platform evolve from a fledgling ecosystem into a leading Layer 1 blockchain. This year alone, Sui has welcomed renowned partners and introduced significant technological innovations. Leading up to its 2023 launch, the buzz surrounding Sui reached unprecedented heights, far eclipsing the excitement for any subsequent blockchain launches. This one-year milestone is a testament to the extraordinary achievements Sui has accomplished.

In an era where centralized entities are grappling with growing skepticism from the public due to years of anti-competitive practices, and legacy blockchains are hindered by inefficiencies, Sui has emerged as a formidable decentralized alternative capable of challenging the established norms at scale within just one year. Sui’s groundbreaking innovations begin with Move, a unique programming language designed by Sam Blackshear, co-founder and CTO of Mysten Labs. Move's architecture, which focuses on objects, offers a level of performance and functionality previously unattainable on existing blockchains, establishing Sui as the definitive platform for coordinating intelligent assets.

Evan Cheng, Co-founder and CEO of Mysten Labs, remarked, 'Like many revolutionary innovations throughout history, we understood the problem at hand and created the technology to resolve it without forcing labels on it. A year post-launch, it's evident that Sui has fostered a lively developer community.' He further noted, 'Developers are leveraging Sui’s high performance alongside its scalable, modular on-chain storage and user-friendly features to build viable business models that prioritize consumer ownership. While the accomplishments are impressive, the journey to bring one billion new users to web3 has only just begun.'

Technology Innovations

The outcomes Sui has realized over the past year have validated the team's methodology. Since the Mainnet debut, Sui has enjoyed uninterrupted service and consistent performance. Over the last year, Sui has delivered:

• Blistering transaction speeds — achieving finality in just 400 milliseconds.
• Enormous scalability — reaching a peak of 297,000 transactions per second in a controlled environment.
• Record-breaking Mainnet activity — executing 65.8 million transactions in a single day, the highest in blockchain history.
• Unbelievably low fees — maintaining predictable and stable transaction costs even during peak usage.

Continuing the trend of technological advancement, Sui has introduced enhancements recently, including at its inaugural global event, Sui Basecamp. At this conference, they revealed Mysticeti, which accelerates Sui’s time to finality, and Pilotfish, which allows for expanded scalability by letting validators utilize multiple machines for increased capacity.

Sui has also pioneered user-friendly technologies to facilitate adoption and make the blockchain accessible to both enterprise and retail users. zkLogin integrates on-chain authentication with popular services like Google and Twitter, allowing users to interact on-chain effortlessly without the hassles of managing wallet addresses and seed phrases. Additionally, zkSend provides a unique Sui solution that enables token transfers through simple link sharing. Sponsored transactions, supported by Sui’s low fees, help developers eliminate barriers to user engagement. Lastly, Enoki, introduced during Sui Basecamp, is a turnkey solution making it easier for enterprises to engage with blockchain technology on Sui.

Adeniyi Abiodun, Co-founder and CPO at Mysten Labs, noted, 'The speed at which our talented developer community has produced robust protocols and pioneering technological innovations is astonishing, especially in just one year. Sui aims to redefine how individuals and businesses work together to generate, enhance, and share value within a digital-first economy. Since the mainnet launch, Sui has proven its distinct capabilities in doing just that.'

Network Momentum: Sui Emerges as a Hub for DeFi, Gaming, and Commerce

Thanks to its robust network, Sui has quickly established itself as a leading platform for DeFi activity, achieving a remarkable feat within just nine months of launching Mainnet by ranking in the Top 10 for Total Value Locked (TVL) among all blockchains. Shortly thereafter, Sui's decentralized exchange (DEX) volume also joined the top ranks. Wormhole's statistics confirm Sui as a primary destination for bridging assets from Ethereum, experiencing a remarkable influx of users during a span of 30 days that surpassed all other blockchains combined and more than doubled the peer blockchain with the next highest inflow, outshining numerous established networks.

The influx of builders and enterprises adopting Sui is driving this momentum further. Bluefin, a derivatives exchange that had previously processed billions in transactions on another chain, discontinued that integration to build on Sui instead. Solend, a prominent lending protocol from Solana, selected Sui for its expansion beyond its original network, launching the Suilend protocol which has already secured over $30 million in TVL. Moreover, First Digital Labs, known for FDUSD, the fastest-growing stablecoin in crypto with a market cap exceeding $4 billion, chose Sui for its first venture outside of its initial Ethereum and BNB deployments.

Greg Siourounis, Managing Director of the Sui Foundation, remarked as they commemorated Sui’s first anniversary, 'The growth and innovation across the Sui ecosystem have been phenomenal, propelling us to the forefront of Layer 1 blockchains. Sui’s global reach continues to expand rapidly as more builders recognize it as the premier platform for creating real-world solutions that tackle pressing global challenges.'

Gaming remains another key focus for Sui in the upcoming months and years. With consistently low and predictable fees, game developers can confidently create with innovative mechanics that enhance gameplay. Sui is thus the preferred blockchain for gaming studios, with numerous development teams currently working on titles, including well-known studios like NHN (Pebble City), ONBUFF x SNK (Samurai Shodown), NDUS Interactive (Xociety), Orange Comet (The Walking Dead: Lands), and Ambrus Studio (E4C: Final Salvation). The professional esports team, Team Liquid, is also set to utilize Sui for their fan loyalty program's relaunch. Additionally, during Sui Basecamp in April, Sui partnered with Playtron to unveil SuiPlay0X1, recognized as the first handheld gaming device designed with native blockchain functionality.

Prominent partnerships forged in Sui’s inaugural year include collaborations with Alibaba Cloud and Google Cloud, aimed at strengthening security, scalability, developer resources, and user engagement across various Web 3.0 and AI-powered platforms. BytePlus, the web3 division of ByteDance, has teamed up with Sui ecosystem partner Mysten Labs to explore avenues in data warehousing, AI-driven recommendation systems, and visual algorithms for web3 gaming and socialFi projects on the Sui platform.

The enthusiastic crowds that gathered for Sui Basecamp 2024 marked a significant milestone for Sui, with over 1,000 projects, partners, investors, and enthusiasts from 65 countries converging in Paris for the inaugural global conference dedicated to this Layer 1 blockchain.

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Sui Foundation