Imagine one protocol growing from 3 million to 5 million active accounts in only 14 days. That’s 66% GROWTH in only 2 weeks. But wait! I thought all the crypto headlines outside of Bitcoin were the same.
No money in the system. No liquidity. Nothing is growing. Alts look like they are dead. But we found an altcoin that is bucking that trend. Who are we talking about? It’s Sui. Let’s see what great moves they are making and why they are so attractive to new users right now.
New milestone: 5,000,000 Active Accounts!
It took just 14 days for Sui to grow from 3M to 5M, adding 1M active accounts per week for the past couple of weeks.
The ecosystem is active and growing, but it's #stillearly so let's keep building.
The #Suinami continues!
pic.twitter.com/XSNAQcRd0w
— Sui (@SuiNetwork) August 29, 2023
What is SUI?
Sui is a layer 1 blockchain from Mysten Labs. Mysten Labs is famous in the crypto community. This is where a lot of Diem’s leadership went after the failure of that project. Remember Diem? Facebook’s attempt to get into crypto and build a stablecoin and wallet? Well, that project didn’t work out.
However, the team has lots of experience and is building Sui for the next 1 billion Web3 users. Evan Williams is remembered for co-founding Twitter and not his failed first startup Pyra Labs. This team is building its legacy in Sui. And you get to take part in it.
One of the things that makes Sui so different is its horizontal scaling. This allows for speed and scale at the same time. The way they do it is validators can keep adding computing power to the network. This makes confirmations faster and cheaper. Then add that with the parallel transaction structure. Sui confirms more transactions faster than almost any other chain in existence. It is the fastest smart contract platform out there. That gives it a big edge.
Do you use Sui or any of its ecosystem projects? What do you like best about it? Let us know in the comments below.
Lola Oyelayo-Pearson @LolaOye, Director of Commerce Product @Mysten_Labs, shares her thoughts on how blockchain infrastructure makes the internet better as a whole and how Sui, in particular, is ready to serve businesses at scale.https://t.co/NPGogKDIVo
— Sui (@SuiNetwork) September 9, 2023
Top Ecosystem Updates
Sui Monstar, which you can play now, is a game you may not have heard of before. But there is a huge advancement in NFTs and gaming in this game. It’s called Dynamic NFTs.
You NFT lovers know that all NFTs have metadata in them. It includes ownership as well as characteristics like if a game NFT is a potion or a weapon. And to change that you have to merge it with another NFT to create a new unique NFT. Or at least you had to BEFORE NOW.
Now with dynamic NFTs, the game developers can change that metadata. They don’t have to burn or create a new one. And it’s only available on Sui. This means that existing game items can grow in strength, power, or usage as you grow in the game. It’s a huge advance. And not just for games. All NFTs can benefit.
One use case I can think of is the tokenization of assets. Repayments or changes in equity % change over time. You or the RWA platform can change the metadata in your existing NFT. That’s instead of having lots of NFTs that are part of the same asset. Other parts of the ecosystem are healthy too. There’s the Sui Name Service doing well.
And at a time when it seems like DeFi interest and liquidity are drying up, Sui’s DeFi protocols have a 39% increase in TVL in the last 30 days. Bucket, Nav, and Cetus are leading the way there. Plasmaverse is among the leaders in games in Sui.
The DeFi sector on Sui is off to the races.
According to @DefiLlama, Sui is the fastest growing non-EVM chain in terms of Total Value Locked (TVL) over the past 30 days. #StillEarly pic.twitter.com/qTX37KeOuh
— Sui (@SuiNetwork) September 9, 2023
Sui Kiosk lets ANY Sui user, but especially creators, create their own online store and earn rewards. You can also use it for e-commerce meaning Sui Kiosk could become the Web3 Shopify.
Top Core Updates
Sui is making lots of interesting moves. Here are some of them:
- ZKLogin
One of the biggest with the most potential is Zklogin. Zklogin addresses a big problem in crypto. Onboarding new clients into your ecosystem. Zklogin solves this problem by using common login credentials like Google, Facebook, or other OAuth sign-ins. With them, you authorize on-chain transactions.
All while using ZK or zero-knowledge proofs, which we’ve explained here before. They are great for security because you show you know the answer without revealing what the answer is. And in this case, the answer is your personal data. We like that Sui is protecting your data in this way while making it easier to transact.
Sui is not known as a privacy-based chain. Yet they are making some great pro-privacy moves that we love.
- ZK API
Sui’s new Zero Knowledge API lets anyone building on Sui add ZK-based privacy to their app. This is amazing for privacy fans.
Sui's Zero Knowledge Proof API lets builders easily build trusted transaction mechanisms that keep personal information private.
Find out how it works here:https://t.co/ZKa5dgGlwY
— Sui (@SuiNetwork) September 1, 2023
Programmable Trading Blocks
Another big core update is Programmable Transaction blocks for DeFi. Here’s why it’s important without trying to get too technical. Most of us know that in a linear blockchain like Bitcoin or Ethereum transactions go into a block once they get confirmation. Then the block is added to the chain.
But DeFi often has lots of transactions linked together in a smart contract. Before, all of these would show up in different blocks and you have to manage what amounts were confirmed when.
With a programmable trading block (PTB), developers can combine many actions (buy sell) and objects (multiple wallets and transactions) together into one transaction.
One example of this might be a flash loan where a wallet can:
- Takes the loan.
- Buys another asset.
- Sells that asset for a higher price in an arbitrage setting.
- Gets the collateral asset back.
- Returns the principal and interest on the loan.
Capy Trading Bot demonstrates how Programmable Transaction Blocks on Sui keep fees from erasing DeFi gains.https://t.co/NHTNXdp7yO
— Sui (@SuiNetwork) September 5, 2023
And now all of that can run together using the MOVE, the programming language on Sui.
It’s a big step forward for DeFi for many different types of financial transactions. Instead of each action being its own transaction that’s a separate part of a separate block. Also, trading and settlement will go faster on Sui with this advancement. It helps NFTs too. Instead of sending 5 transactions to mint 5 new NFTs, you can do all 5 in 1 transaction.
Sui Partnerships
This spring and summer Sui has been busy creating lots of new partnerships. Some of the most interesting are:
- Red Bull Racing
The Oracle Red Bull Racing Team in Formula 1, who has leading driver Max Verstappen selected Sui as their blockchain partner earlier this summer.
- 12 New Games including one based on the popular TV show “The Walking Dead”
After a $300 million raise in May, Mysten Labs announced partnerships with 12 new games. Aside from the game based on the US hit show “The Walking Dead”, some of the other games involved are Orange Comet: Final Stardust, BlueJay’s Arcade Champion, and more. In fact, after this raise, more than 30 games signed on to run their games on the Sui blockchain.
The parallel transaction structure we mentioned earlier is perfect for games that need speed for many small transactions during gameplay.
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GREE
With more than 50 million users, GREE is one of Japan’s biggest social networks. As of June, they are partnering with Sui not just on game development, but GREE will also run a network validator for Sui. This helps with keeping the network secure through staking and validating transactions.
- Chirp
And Chirp who is building out a wireless IoT (Internet of Things) network chose Sui as their blockchain partner this summer too.
I told you they’ve been busy. Chirp will use the Sui blockchain to further decentralize the network that the company is building. This will make decentralized communication across devices faster and easier.
This is just the beginning of the Oracle Red Bull Racing x Sui partnership!
Expect updates later this year on engagement opportunities for fans to get even closer to the team.https://t.co/EFGZVI11S6
— Sui (@SuiNetwork) July 6, 2023
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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