Debut Year of Growth and Tech Breakthroughs Puts Sui at Forefront of Web3

(Press release – Grand Cayman, Cayman Islands, May 3, 2024)

The protocol's launch, growth trajectory, and industry-leading technology point to more success to come

On the one-year anniversary of the launch of the Sui mainnet, the Sui community is celebrating a landmark year that saw it rise from a startup ecosystem to the top tier of tier-1 blockchains, amassing household name partners and shipping multiple technological breakthroughs in the process. In the lead-up to its launch in 2023, chatter around Sui has reached a level of excitement unmatched by any series launched since. Sui's first anniversary represents the culmination of the network's impressive achievements in its first year.

While centralized institutions face growing public distrust due to decades of anti-competitive and anti-consumer behavior, and legacy blockchains lack the speed and technology to solve the problem, in one year, Sui has emerged as the decentralized solution most capable of disrupting the situation. The status quo is widespread. Sui innovations start with Sui's new programming language, Move, created by Mysten Labs co-founder and CTO Sam Blackshear. Move introduced a new object-centric architecture, enabling performance and functionality that simply wasn't available in existing blockchains. The result is a unique blockchain in the industry – the global coordination layer for smart assets.

“Like many transformative innovations before us, we knew the problem we had to solve and built the technology to solve it without applying labels,” said Evan Cheng, CEO of Sui, “but a year after launch, it’s clear that Sui is a vibrant developer ecosystem.” in life”. – Founder and CEO of Mysten Labs. “Developers leverage Sui's performance, scalable, composable and connected storage features, and native accessibility to build sustainable business models with a consumer-first ownership approach. While the network's accomplishments to date are impressive, the path to onboarding web3's next billion users is just beginning.

Technological innovations

The results achieved by Sui validated the team approach. In addition to not experiencing a single minute of downtime or any instance of performance degradation since Mainnet launch, in the last 12 months, Sui has achieved:

• Lightning fast transaction speeds – Time to finish was recorded at just 400ms
• wide range – 297,000 peak TPS in a controlled environment
• Record-setting mainnet performance – 65.8 million transactions were executed in one day, the largest number of transactions ever executed on any blockchain
• Very low fees – Stable and predictable transaction fees even during high usage

However, technological improvements are a constant at Sui. In recent weeks, including at its first global in-person conference, Sui Basecamp, Sui has unveiled Mysticeti, which dramatically shortens Sui's end-to-end time to completion, and Pilotfish, which enables nearly unlimited horizontal scaling by enabling individual validators to use multiple Machines to expand their capacity.

Sui has also presented unique applications of technologies that make adoption easier and make blockchain accessible to everyday users, both at the enterprise and retail levels. zkLogin is on-chain authorization with traditional OAuth providers like Google and Twitter, allowing all users to operate directly on-chain through the single sign-on process they are accustomed to, removing the hurdle of managing wallet addresses and seed phrases. zkSend is a Sui exclusive app that uses zkLogin to enable users to send and claim tokens simply by sharing or clicking a link. Sponsored transactions, enabled by Sui's ultra-low fees, enable builders to remove the final hurdle to participation. Finally, Enoki, announced at Sui Basecamp, removes the requirements for organizations looking to integrate blockchain technology with a turnkey solution that gives them access to building seamlessly on Sui.

“The rate at which the ecosystem’s deep and talented developer community has shipped powerful protocols and industry-first technology discoveries has been astonishing, and it’s only been a year,” said Adeniyi Abiodun, co-founder and CPO at Mysten Labs. “Sui’s goal is to redefine how people and businesses collaborate to create, grow and share value in a digital-first economy, and since launching its mainnet, Sui has demonstrated important and unique capabilities in this regard.”

Network Momentum – Sui is a destination for decentralized finance, gaming, and commerce

Also due to the strength of the network and being particularly observant of the ecosystem so early in its development, Sui quickly became one of the prominent destinations for DeFi activity. Within 9 months of mainnet launch, Sui was ranked among the top 10 blockchain networks in TVL. A month later, Sui's live trading volume also achieved top 10 positions. All the while, Wormhole's statistics show Sui as Ethereum's top bridging destination, including over a 30-day period where Sui saw more inflows than all other blockchains combined, and more than double what the next closest blockchain saw. In each of these cases, SUI has overshadowed many well-known networks that have been around for a much longer time.

Construction companies and companies integrating with Sui also add to the growing momentum. Bluefin, a derivatives exchange that has already executed billions of dollars in transaction volume in its first iteration on another chain, has closed this integration to build on Sui. Solend, a leading Solana lending protocol, selected Sui for its first integration outside of its initial network, launching the Suilend Protocol that has already raised over $30 million USD. Additionally, First Digital Labs, creator of FDUSD, the fastest-growing stablecoin in the cryptocurrency space with a market capitalization of over $4 billion, has selected Sui for its first expansion since launching on Ethereum and BNB.

“As we celebrate the one-year anniversary of the launch of Sui, the growth and innovation within the Sui ecosystem has been impressive and Sui has quickly risen to the forefront of the first layer of blockchain,” said Greg Cioronis, Managing Director of the Sui Foundation. “Sui’s global footprint has continued to expand at a remarkable rate as more and more construction companies see Sui as the best platform for enabling real-world solutions aimed at tackling the world’s most pressing challenges.”

Gaming is another focus for Sui that will continue in the coming months and years. With low, predictable fees that allow game developers to build with confidence and dynamic objects that make games built on Sui more expressive, Sui is the perfect blockchain for game studios. Dozens of development teams are currently building games on Sui, including established studios such as NHN (Pebble City), ONBUFF x SNK (Samurai Shodown), NDUS Interactive (Xociety), Orange Comet (The Walking Dead: Lands), and Ambrus Studio ( E4C: Final Redemption). Leading esports team, Team Liquid, will tap Sui to relaunch its fan loyalty program, and at Sui Basecamp in April, Sui joined gaming infrastructure developer Playtron in announcing the SuiPlay0X1, the widely acclaimed first mobile gaming device with native blockchain capabilities.

Other notable ecosystem partnerships achieved in Sui's first year include those with Alibaba Cloud and Google Cloud, which focused on enhancing security, scalability, developer tools and user experiences across a range of Web 3.0 and AI-enabled applications. BytePlus, the web3 arm of ByteDance, has partnered with Sui ecosystem partner Mysten Labs to explore collaboration on data storage, AI recommendation algorithms, and AI visual algorithms in Sui's web3 gaming platforms and SocialFi projects.

The crowds gathered at Sui Basecamp 2024 marked the culmination of Sui's arrival, as more than 1,000 projects, partners, investors and enthusiasts from 65 countries around the world came to Paris in April to celebrate Sui at the inaugural Layer 1 Global Conference.