HomeGeneral knowlegdeWhat is sui? Overview of the Sui . ecosystem

What is sui? Overview of the Sui . ecosystem

Sui and Aptos are two names that have been mentioned a lot in recent times. In this article, let's learn together with BTA about Sui and the projects inside the ecosystem!

What is sui?

Sui is a Layer 1 blockchain designed from the ground up to enable creators and developers to build experiences that serve the next billions of users in the future. Web3

Blockchain Sui is horizontally scalable to support a wide variety of dapps that grow with fast speed, high security, and low cost.

Sui was developed from the previous Diem blockchain development team, however the project was later canceled.

About Mysten Labs

Mysten Labs was launched in 2021 by former Meta executives and leading architects of the Diem blockchain.

The first product of Mysten Labs is the Layer 1 blockchain Sui, Sui is a blockchain based on Proof-of-Stake (PoS) was designed from the ground up to allow creators and developers to build applications that serve the next billions of users on the web3.

Highlights of Sui

Infinite scalability, fast transaction processing

The highlight of Sui is the ability to "scale horizontally", without any limitations this will add more nodes to Sui's platform, making Sui's infrastructure work. Fast and low gas fees despite the increasing demand for computation on the blockchain.

One of Sui's advantages over other blockchains is its high-performance platform, which can handle more than 120.000 token transfers per second. Thanks to a feature called “transaction parallelization”, this is an innovative way of managing blocks, resulting in higher throughput. Which most of the Layer 1 blockchains at the moment do not use this mechanism.

The Move programming language

Sui is written in Rust and supports smart contracts written in the Move programming language. Move is a programming language for writing secure smart contracts that was originally developed for the Diem blockchain project.

Move's ambition is to become a popular programming language for developers "JavaScript of web3" when developers want to write smart contracts quickly and securely.

Team

Sui is developed by Mysten Labs who are the former executives of Meta and the leading architects of the Diem blockchain.

Mysten Labs CEO Evan Cheng has spent 16 years at tech companies like Apple and Meta (formerly Facebook). Evan Cheng and three other former Facebook employees — Sam Blackshear, Adeniyi Abiodun, and George Danezis — worked on Meta's Novi Financial team to help develop the Diem blockchain and the Move programming language.

The Mysten Labs team

Competitors

Sui's competitors that can be mentioned are Aptos and Solana. Aptos raised $150 million in July and a total of $7 million this year. There are many similarities between Mysten Labs and Aptos Labs. 

Both are developed by a team of former Meta (formerly Facebook) employees who worked on the Diem blockchain project before. Both use the Rust-based Move programming language developed at Facebook. And especially Aptos and Sui are supported by common VCs like Binance Labs, FTX Ventures, Jump Crypto, etc. 

Partners and investors

Earlier at the end of 2021 the project raised $36 million led by a16z with the participation of leading investment funds such as Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT,..

Recently, Mysten Labs continued to raise another $300 million in Series B at a valuation of over $2 billion led by FTX Ventures with the participation of leading investment funds in the current market such as Binance Labs. , a16z, Jump Crypto, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures,…

Tokenomics

About Token SUI

Token Name: Sui

Ticker: SUI

Blockchain: Sui

Token Type: Utility, Governance

Total Supply: 10.000.000.000 SUI

Token allocation and Token payment schedule

Updating…

SUI . token party

Used to pay gas fees for the network

SUI is used to propose projects through on-chain voting.

Staking to participate in the proof of stake mechanism

A token that converts to other tokens on the entire network.

Overview of the ecosystem

Infrastructure

Latitude.sh: 1 cloud platform Built for developers.

Python: is an Oracle platform that provides real-time on-chain pricing data.

Scale3: web3 platform to monitor and maintain blockchain networks and nodes. 

Chainx: As a Layer 2 network for Bitcoin, ChainX was one of the first blockchains built on Substrate, a framework that makes it easy to build scalable and efficient blockchains.

MetaOracle: Decentralized prediction market built on Aptos and Sui.

Shinami: is a project that provides APIs and nodes services for developers.

Dex

Suiswap: 1 of the first DEX Defi projects on the Sui ecosystem. Suiswap is in testnet stage.

Palladium: is 1 AMM Dex on Aptos and Sui. Palladium is in the early stages of implementation.

MovEX: is 1 AMM Dex on Sui. The project is still in the Devnet stage.

KX.finance: leaves DeFi/DEX aggregator built on Aptos and Sui to support launching projects as well as managing profits for platform users. 

Name Services

Projects that provide domain names on Sui include:

SuiNS: 1 service to simplify your web3, website or wallet identity, the project has not yet developed a product.

Name Service: The project has a website, but no product.

Sui Names: The project is in Devnet stage

game fi

These are the GameFi projects built on the Sui ecosystem at the moment: Talofa Games, Rushdown Revolt, Netmarble F&C, Mint State, Lucky Kat, Gameplay Galaxy, Gaggle .

Currently, GameFi projects on the Sui ecosystem are still in the development stage and will be launched soon in the near future.

Wallet 

Wallets that currently support the Sui blockchain include: Sui Wallet, Suits, Ethos, Hydro Wallet, Coin98 .

NFT

Current NFT projects on Sui include: Sui Punks, Birds, Sui Droplets, Doge SUI, Sui Ape NFTs, cyborgs

NFT Marketplace

The NFT Marketplaces on Sui include: BlueMove, Sui Gallery, Clutchy.

SocialFi

SocialFi projects being built on Sui include: Peeranha, ComingChat, Quask.

Bridge

Wormhole: 1 Bridge protocol between blockchains such as Ethereum, Solana, Binance Smart Chain, etc.

Axelar Network: Axelar Network is a decentralized network that securely connects all ecosystems blockchain, dapps, assets and users to provide interoperability Web3.

Security

Projects that provide security for Sui include: MoveBit, ZOKYO, OtterSec.

Launchpad

iPad, Atlantis: are the current lauchpad platforms launching on Sui.

Summary

Sui is receiving a lot of attention from the top investment funds in the market and attracts a large number of interested people even though it has not launched the mainnet yet. With an experienced team, Sui is promised to be the next unicorn of the crypto market in the coming period.

Sui is a blockchain in its early stages, so the projects on Sui are still relatively few and most of the projects in the ecosystem are still in the testnet stage, so the opportunity for us to experience the projects on the system is still relatively small. eco and receive Airdrop is very high.

With the information that BTA provides, hopefully everyone will have more information about the project and make the right decision in their investment! BTA articles are for informational purposes only and are not investment advice.

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