Sui blockchain (SUI)

March 20: Mysten Labs, the company behind the Sui blockchain, claimed a "landmark achievement in scaling blockchain capacity" known as "linear scaling," according to the team: "During testing and development in a Sui blockchain environment, Pilotfish, a prototype Sui extension, increased throughput by 8x when backed by 8 machines, successfully illustrating the possibility of linear scaling. The latency per transaction decreased as more machines were added, proving the viability of linear horizontal scaling for low latency blockchain transactions for the first time ever on any blockchain." (SUI)

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What Is Sui (SUI)?

Sui is a groundbreaking layer-1 blockchain platform designed to support the needs of global adoption by offering a secure, powerful, and scalable development platform. At its core, Sui leverages a novel object-centric data model and the secure Move programming language to address inefficiencies prevalent in existing blockchain architectures.

On top of strong technical foundations, Sui prioritizes user experience by eliminating barriers commonly associated with blockchain interactions. Through innovations like zkLogin, sponsored transactions, and programmable transaction blocks, Sui creates a higher standard for user experience within Web3 by ensuring applications are accessible and user-friendly.

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Sui Basecamp, the inaugural global conference for the Sui ecosystem opened its doors today in Paris, welcoming developers and entrepreneurs from around the world as they celebrate Paris Blockchain Week. A two-day event across two venues, Sui Basecamp features speakers across web2 and web3, spanning industry verticals from payments to gaming to ecommerce to major league sports. A celebration and exploration of the latest developments in web3, attendees are invited to presentations on cryptography from some of the world’s leading technologists, fireside chats on increasing market liquidity, and panels on real-world technological use cases.

Highlight announcements from the conference included:

• Introducing the SuiPlay0x1 – a lightweight handheld gaming device designed in collaboration with Playtron. SuiPlay0x1 runs Playtron’s device-agnostic gaming operating system, which is building up compatibility with various hardware configurations, gaming storefronts and direct-download game partners. The SuiPlay is the first handheld gaming device with native web3 capabilities, and will be available in stores worldwide in 2025.
• First Digital Labs is launching FDUSD, the fastest-growing stablecoin in crypto, on Sui, becoming the ecosystem’s first native stablecoin. Originally deployed on Ethereum and BNB, with plans to expand to other blockchains, Sui becomes the first blockchain FDUSD has expanded to since its inception. FDUSD launched in August 2023 and has already amassed a market cap of over $3.5 billion. Over the last week, FDUSD has seen the fifth-highest trading volume across the entire industry, including over $8 billion of volume in a single day.
• Enoki – Mysten Labs, the original contributor to Sui, has announced the launch of the Enoki platform, the gateway to next-gen customer experiences. Inside the Enoki portal, enterprises can access, leverage and embed public ledger solutions inside their applications, products and services, thanks to SDKs powered by Sui’s native feature, zkLogin. Partners integrating Enoki at launch include:
• Bluefin, a perpetual DEX with blazing-fast settlement and a seamless trading experience.
• Drife, a decentralized ride-hailing platform powered by blockchain with the intent of empowering both, the drivers and commuters.
• Quantum Temple, the digital platform for immersive cultural travel.

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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.
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The Sui Network has clarified misunderstandings about its token supply. In a post on X, the layer-1 blockchain refuted criticism of the tokenomics around distribution and control of its S SUI token.

In the statement, Sui maintains that its tokenomics are sound and that it uses reputable third parties to handle token storage. It claims tokens are released according to a predetermined schedule, they are publicly accessible, and its founders cannot control the treasury or tokens allocated to investors, including the community reserve.

Sui said the Sui Foundation manages the primary wallet holding locked tokens, which are released under specific conditions. The token releases support various projects, including Move programming language development, network security enhancements, hackathons and developer grants.

Sui explained that staking rewards comprise stake derivatives and network commissions, all of which are returned to the community.

However, Justin Bons from Cyber Capital expressed concerns about the Sui team’s token holdings. Bons suggested that the founders may control a substantial portion of staked tokens, posing a centralization risk, and he called for greater transparency and accountability from Sui.

On the other hand, Sui disputes Bons’ claims, and it said it has disclosed that all tokens, whether distributed or not, are managed in compliance with legal and regulatory standards overseen by reputable custodial service providers like BitGo, Anchorage and Coinbase Prime.
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Sui, a blockchain network that targets scalability and low fees, overcame Solana in registered activity. According to Artemis, a blockchain statistics tool, Sui registered over 41 million transactions on April 3, leaving Solana behind with 27.7 million transactions completed during the same period.

The overheating in Sui’s usage is related to spam, a token used to stress test the capabilities and limits of the blockchain. 1 billion spam tokens are issued daily and will be distributed among the users sending transactions using Sui’s network. Spam rewards will be equivalent to the participation of each user in the test, with participants with more transactions issued getting more spam.
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Even after experiencing this rise in activity, the network operates normally, coping with the increase in transactions. In a controlled load test in July, the network managed to handle a load of over 60 million daily transactions, a number the upcoming spam token activity might surpass. Solana, managing a lower transaction number, has experienced limited operativity and has engineers expediting software patches to fix these issues.

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