Sui has emerged as a groundbreaking Layer 1 platform that promises to revolutionize the way we interact with decentralized applications, especially for gaming. With ties to the OG crypto game Axie Infinity it sets itself apart from its competitors in its unique object-centric approach, where each digital asset is treated as a separate object.
In this comprehensive report, we will delve into the key features that make Sui a game-changer in the blockchain industry.
Sui is a Layer 1 blockchain platform developed by Mysten Labs and was launched in May 2023. The blockchain is ideal for applications that require high performance, such as gaming and retail payments.
As a decentralized, permissionless smart contract platform that focuses on the low-latency management of assets, it has some unique technical aspects that we are going to take a look at later in this article.
Sui’s architecture is fundamentally different from traditional blockchains as it uses an object-centric approach where each digital asset, such as NFTs or tokens, is treated as a separate object.
Evan Cheng, co-founder and CEO of Mysten Labs, and his 26-year journey in the technology sector, including significant stints at Apple and Facebook, where his involvement grew from advising projects such as Chainlink to leading the R&D for Facebook’s Libra Project.
Cheng is critical of Ethereum’s use of Solidity as its primary programming language, because he believes it inherently lacks safety due to its allowance for dynamic behavior which leads to vulnerabilities.
This review of Sui (SUI) was created for informational purposes. This article is not intended for promotion.
Sui introduces several groundbreaking elements to its blockchain architecture, setting it apart from competitors like Ethereum and Solana. Let’s explore these unique features.
The first one is that Sui uses blockchain data organization through its object-centric data model. Which is a model that categorizes data into distinct “objects,” each holding ownership details, transaction history, and their specific attributes.
Everything is treated as an object and owned objects are those that a single user owns directly, so quicker transactions can happen since they don’t require consensus for every action.
Sui smart contracts are crafted in the Move programming language, originally developed by Facebook for the Diem blockchain.
Move’s type system and data model are designed to facilitate parallel execution, and this makes it particularly well-suited for complex asset interactions. The coding language ensures that all operations on the blockchain uphold the highest security standards, thanks to integral system checks like the Move bytecode verifier.
zkLogin redefines user interaction with blockchain applications by allowing logins via familiar Web2 credentials (e.g., Google or Twitch). This approach maintains user privacy and security through zero-knowledge proofs, linking Web2 identities to Sui addresses without the complexities of traditional wallet setups.
zkLogin redefines user interaction with blockchain applications by allowing logins via familiar Web2 credentials (e.g., Google or Twitch). This approach maintains user privacy and security through zero-knowledge proofs, linking Web2 identities to Sui addresses without the complexities of traditional wallet setups.
DeepBook, an open-source central limit order book (CLOB), provides a shared liquidity layer crucial for DeFi applications on Sui. It offers developers a solid foundation for trading operations, allowing for focused innovation in other areas of their projects. This setup ensures that each asset has its own pool, maintaining clear boundaries between trading pairs and optimizing transaction processing.
The premier decentralized liquidity layer for builders, traders, and the broader DeFi community, exclusively on
https://x.com/DeepBookonSui/status/1867221856299753491
The Mysticeti consensus mechanism is a core part of Sui’s technology. It enables the blockchain to handle transactions quickly and efficiently, with a focus on parallel processing. This means Sui can achieve high transaction speeds and maintain low fees, making it an attractive platform for developers and users alike.
The Mysticeti consensus mechanism is part of Sui’s core technology, facilitating rapid settlement and parallel processing of transactions. This mechanism ensures dynamic throughput and consistent fees, which are crucial for maintaining high efficiency and user satisfaction on the platform.
https://x.com/SuiNetwork/status/1813318714735132934
Sui Play leverages Sui’s robust infrastructure to deliver rich, interactive gaming experiences. The platform’s high transaction throughput and object-centric architecture make it particularly suitable for modern gaming applications.
One of the primary benefits of Sui Play is its ability to facilitate internetless transactions, allowing blockchain access even in areas with limited or non-existent internet connectivity.
Supporting various applications, including notable games such as the high-fantasy adventure Abyss World and the fitness-oriented Run Legends, where players’ real-world movements impact in-game actions. In the realm of DeFi, platforms like Turbos Finance and OmniBTC utilize Sui’s low transaction fees and high throughput for efficient trading and lending activities.
At the recent #SuiBasecamp event, the SuiPlay0X1, the first handheld gaming device with native Web3 capabilities, was announced. Powered by Sui, this device allows gamers to play their favorite Steam, Epic, and Sui native games seamlessly on the go. Priced at $599, it is something unique that represents a step forward in the integration of gaming and blockchain.
Coinbase has announced that deposits and withdrawals of USDC are now live on the Sui network, enabling users to send USDC directly from Coinbase to their Sui wallets.
This collaboration goes beyond the typical stablecoin integration, as USDC on Sui enables Web3 interactions in the real world. Users can now purchase items ranging from the SuiPlay0X1 gaming device to movie tickets.
Your gateway to Sui is setting up a wallet. A wallet lets you manage assets, interact with Sui apps, and participate in activities like staking. Wallets come as browser extensions or mobile apps, so you can choose what works best for you.
Some of the most popular Sui wallets include:
After choosing your preferred wallet, you need to create a Sui account. You have two main options:
On-ramps are the easiest way for new users to buy SUI and other assets using fiat currency like USD or EUR. When you’re ready to turn your cash into crypto, check out these on-ramp options. You can also use one of the reputable exchanges.
Already have tokens on another network? No problem – bridge them over to Sui!
Borrowing and lending protocols allow users to lend their digital assets and borrow others in return, providing an easy and accessible alternative to traditional finance. Here are some popular borrowing and lending protocols on Sui:
DEXes enable users to trade assets directly with each other in a secure and feature-rich manner. Here are some popular DEXes and DEX aggregators on Sui:
Derivative exchanges allow users to trade derivatives such as options, futures, and perpetual contracts. Here are some popular derivative exchanges on Sui:
Yield aggregators help users optimize potential returns on assets by automatically moving them across different yield-generating protocols. Here are some popular yield aggregators on Sui:
NFT marketplaces are platforms where users can buy, sell, and trade NFTs. Here are some popular NFT marketplaces on Sui:
Liquid staking protocols allow users to hold an asset that tracks the value of SUI staking rewards while remaining liquid and transferable. Here are some popular liquid staking protocols on Sui:
The native cryptocurrency of the Sui network, the SUI token, is used for transaction fees, executing smart contracts, and rewarding validators. Holders of the token also have the privilege to participate in governance decisions.
It has a capped total supply of 10 billion tokens, with distribution plans that include 20% for early contributors, 14% for investors, 10% for a treasury, 6% for community access programs, and 50% reserved for community reserves managed by the Sui Foundation.
Token holders can also stake their SUI to earn rewards, as validators who secure the network are compensated with these tokens, promoting network integrity and performance.
Staking is one of the best ways to get involved. By staking, you earn rewards while helping keep the Sui network secure.
Staking essentially means putting your SUI tokens to work. When you stake, you delegate your SUI to a validator. Validators are the backbone of the network – they process transactions, store data, and keep things running smoothly. In return for delegating your tokens, you earn a cut of the network rewards!
Most wallets make staking a breeze. Here’s how to get started:
Economically, Sui is designed to promote scarcity and value retention, with its capped supply creating a demand-driven environment. This structure supports the token’s value growth as the platform’s adoption increases.
Since its launch in May 2023, Sui’s total value locked (TVL) has skyrocketed, reaching at its height $2 billion. The network’s success can be attributed to its technical innovations, such as parallel transaction processing and the upcoming Mysticeti V2 consensus upgrade (FastPath) and Remora horizontal scaling techniques, which promise to further enhance its throughput.
Looking ahead, Sui has an ambitious roadmap for 2025, aiming to transform into the go-to platform for finance, gaming, AI, and everyday applications. A strategic push into gaming is underway, with the planned release of their gaming-oriented device and partnerships with 65+ major game studios.
Sui, the first Move-based Layer-1 blockchain backed by a16z, Coinbase, and Jump, has garnered significant attention in the crypto world. With a lineage tracing back to Facebook’s Diem project, Sui boasts impressive scalability, capable of processing up to 297,000 transactions per second; it wants to outpace competitors and be the gaming chain for the Web3 gaming narrative.
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