Kiosk Demystified: Revolutionizing Digital Asset Transfers

https://blog.sui.io/kiosk-revolutionizing-digital-asset-transfers/

The occasionally adversarial world of blockchain technology makes safeguarding and exchanging digital assets crucial. Sui’s Kiosk, a powerful primitive revolutionizing the storage, trading, and protection of digital assets, gives asset creators and owners security and control. Kiosk can be compared to an escrow service, particularly in its role as a mediator or custodian for transactions involving digital assets. Both Kiosk and traditional escrow services provide a mechanism for securing assets during a transaction until specific conditions are met.

Understanding the basics

At its core, a Kiosk is a shared object owned by individual parties, serving as a centralized hub for storing digital assets to be sold securely on the Sui network. The individual selling the asset retains administrative control over the Kiosk and the objects within it. Digital assets stored within a Kiosk, while technically owned by the Kiosk object, can continue to be used in certain interactions, such as being deposited in specific DeFi apps, until the object is purchased from the Kiosk.

Features and functionality

One of the key features of a Kiosk is its ability to allow the owner to set specific permissions for accessing the assets they are selling. For example, an owner may dictate that an object within the Kiosk can only be accessed by individuals willing to pay 100 SUI. This is a simple example of what abilities Kiosk enables for the trading of digital assets.

End users require no additional knowledge or tools to interact with a Kiosk. Much like other Sui primitives, such as programmable transaction blocks, users do not need to be conscious of Kiosk when using it.

For developers integrating Kiosk, the process is streamlined and straightforward because it’s native to the protocol. Dedicated functions are available for creating a Kiosk, adding objects to it, and listing items for sale, alongside other more specific functions. Those interested in delving deeper into implementing Kiosk or understanding its workings can refer to the Kiosk docs.

Empowering creators

For creators, Kiosk offers robust enforcement mechanisms for transfer policies, safeguarding their assets and asserting ownership rights. Creators have the authority to establish transfer policies tailored to their specific needs, thereby exerting greater control over how their creations are utilized within the Kiosk ecosystem.

The transfer policy of an object is established by the account that publishes that particular object type. For example, if you, as a creator, publish a smart contract on Sui to introduce a new object type for your in-game item, you have the authority to define the transfer policy applicable to all objects of that type. Users engaging in the trading of these objects through Kiosk must comply with the transfer policy. However, they can further specify criteria, such as a designated purchase price, as long as it aligns with the boundaries set by the transfer policy.

Furthermore, Kiosk empowers creators to enforce a wide range of behaviors on any type of asset, including but not limited to multiple royalty policies, minimum or maximum trading thresholds, exclusive marketplace sales, and time-bound trading windows. This versatility ensures that creators can protect their intellectual property, effectively regulate distribution, and establish unique asset properties related to transfers specific to their creations.

Enhanced security and trust

One of the most significant advantages of the Sui Kiosk is its inherent security features, which mitigate the risk of unauthorized access and potential exploits. By leveraging native ownership and transfer functionalities, the Kiosk standard ensures that digital assets are protected against malicious activities, including wallet drain attacks and unauthorized transfers.

As previously mentioned, Kiosk acts similarly to an escrow service, providing users with confidence that their assets are secure and inaccessible to malicious actors who don’t meet the Kiosk criteria. Additionally, this setup creates a separation between the trade and the Kiosk creator’s other assets.

Token approvals, typically used on conventional blockchains, often entail significant security risks and vulnerabilities and can lead to wallet drain attacks and similar threats. These approvals typically entail granting unlimited access, making them susceptible to exploitation by malicious contracts or individuals exploiting bugs in innocent contracts. Moreover, such approvals can be exploited at any point between approval and explicit revocation.

Major Sui marketplaces built on top of the Kiosk standard provide users with a seamless and secure trading experience. Software development kits (SDKs), wallets, and blockchain explorers are equipped to interface with the Kiosk standard, thereby enhancing interoperability and trust across the ecosystem.

Secure digital asset ownership for all

By adopting the Kiosk, users unlock trust, transparency, and efficiency in the world of digital asset management. With its strong security measures, customizable policies, and seamless integration with marketplaces, Kiosk empowers all personas within the ecosystem.

Kiosk represents a pioneering solution to the challenges of asset ownership and exchange in decentralized ecosystems. Its adoption not only enhances security and trust but also fosters a more dynamic and inclusive environment for creators, traders, and enthusiasts alike. 

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

5 Most Popular Wallets on Sui

https://blog.sui.io/5-most-popular-wallets/

The Sui ecosystem offers a diverse array of fun and practical Web3 apps. To start using these applications, you’ll need a wallet. A wallet lets you perform various actions such as buying, selling, sending, and receiving digital assets, including SUI, NFTs, and other ecosystem tokens. Wallets are commonly available as browser extensions, mobile apps, or both.

Approaching nearly a year since Sui’s Mainnet launch, several wallets have emerged as popular choices within the Sui ecosystem. In no particular order, we present the top five wallets on Sui.

Suiet

Suiet provides a browser extension wallet featuring a sleek and Sui-themed user interface. Additionally, Suiet offers the Suiet Wallet Kit, enabling seamless integration for apps to connect with any Sui wallet – an essential tool for app developers within the Sui ecosystem.

Sui Wallet

Developed by Mysten Labs, a core contributor to Sui, the Sui Wallet is a browser extension wallet. It enables users to create accounts using traditional mnemonics and Web2 credentials, such as Google, via zkLogin.

Ethos Wallet

Ethos Wallet provides a browser extension wallet integrated with zkLogin, enabling users to create accounts using familiar Web2 credentials. Additionally, Ethos developed 8192, a version of the popular 2048 game built entirely on-chain. The EthosConnect feature facilitates app connections with any Sui wallet.

Surf Wallet

One of the first to implement zkLogin, Surf Wallet offers both mobile and browser extension wallets. At the time of writing, Surf Wallet is the most widely used mobile wallet within the Sui ecosystem.

Nightly

Despite being one of the most recent additions to the Sui ecosystem, Nightly has been actively adding new and exciting features. For instance, Nightly introduces the ability for users to set a specific time window for transactions on a particular app to be automatically confirmed, eliminating the need for manual approval. Currently in beta and exclusive to Aftermath, this feature enables users to opt-in for immediate transaction submission. Nightly offers both browser and mobile wallets, catering to all Sui users.

Choosing your Sui wallet

While numerous wallets are available within the ecosystem, some are tailored for specific purposes and may not see widespread use. As the ecosystem continues to expand, wallets may emerge and fade, but the key is to find a wallet that suits your preferences. 

As you explore the range of wallet options available, consider factors such as user interface, features, and login options. Take the time to explore different wallets, experiment with them, and select one that best fits your needs and enhances your overall user experience.

Note: This content is for general educational and informational purposes only and should not be construed or relied upon as an endorsement or recommendation to buy, sell, or hold any asset, investment or financial product and does not constitute financial, legal, or tax advice.

All About Stablecoins

https://blog.sui.io/stablecoins-explained/

Stablecoins, a type of cryptocurrency, provide stability in volatile markets by maintaining a consistent value, typically pegged to fiat currencies such as the US dollar or commodities like gold. Purveyors of stablecoins may maintain their value by holding a reserve of assets that back the coin. For example, an issuer who created one million stablecoins tied to the US dollar might maintain one million actual US dollars in a secure bank reserve.

Reasons for stablecoins

Stablecoins offer stability in the volatile cryptocurrency landscape, appealing to users who desire a dependable store of value while still retaining key digital asset characteristics:

  • Global accessibility: Like other other cryptocurrencies, stablecoins can be accessed globally by anyone with an internet connection, enabling seamless transactions across borders and around the clock.
  • Efficient transactions: Transferring stablecoins is fast, cost-effective, and secure, thanks to their blockchain-based infrastructure. 
  • Digital nativity and programmability: Stablecoins are inherently digital, allowing for programmable functionalities with smart contracts. This programmability makes stablecoins versatile tools for developing innovative financial products and services tailored to specific needs.

Mechanisms of stability

Stablecoins employ various mechanisms to maintain their stability. The most prevalent mechanisms include:

  • Fiat-collateralized stablecoins: These stablecoins are backed by reserves of fiat currency often held in banks. For every stablecoin issued, there is an equivalent amount of fiat currency held in reserve. Examples include USDC, which claims to be backed one-to-one by US dollars.
  • Crypto-collateralized stablecoins: Instead of fiat reserves, these stablecoins are backed by a reserve of other cryptocurrencies. Smart contracts govern these systems, ensuring that the value of the collateral consistently exceeds the value of the stablecoins issued. DAI, pegged to the US dollar and collateralized by Ethereum, is a prominent example.
  • Algorithmic stablecoins: These stablecoins leverage algorithms and smart contracts to adjust the supply dynamically, maintaining a stable value. The most notable example of an algorithmic-stabilized stablecoin is FRAX, which at the time of writing is transitioning away from algorithm reliance.

Not all stablecoins fall into one bucket, as stablecoins can be backed by anything, including precious metals like gold. Certain stablecoins adopt hybrid approaches, utilizing multiple types of reserves. For instance, Ondo Finance offers stablecoin-like tokens that are backed by short-term US treasuries, money market funds, and bank deposits. Stablecoin alternatives, like Ondo Finance’s products, can offer exposure to yield-generating assets while remaining liquid and usable. The Sui ecosystem will soon see such products available for use.

Use cases of stablecoins

Stablecoins serve a variety of purposes across different sectors:

  • Trading digital assets: Stablecoins are an essential element to the onchain trading environment. Traders often use stablecoins in trading pairs and also treat them as a hedge against the volatility of other cryptocurrencies.
  • Decentralized finance (DeFi): Stablecoins play a fundamental role in the burgeoning DeFi ecosystem. They serve as a stable medium of exchange and store of value within decentralized lending platforms, liquidity pools, and decentralized exchanges.
  • Merchant payments: Some merchants accept stablecoins as a form of payment, offering an alternative to traditional payment methods while avoiding the volatility risks associated with cryptocurrencies.
  • Remittances and cross-border payments: With stablecoins, individuals and businesses can conduct cross-border transactions swiftly and inexpensively, bypassing the delays and fees associated with traditional banking systems.

Risks in stablecoins

When considering the risks associated with stablecoin usage, there are two obvious aspects that must be considered. First, when reserves are held with a bank or another third party without transparency, the concern of counterparty risk arises. This risk involves questioning whether the entity truly holds the collateral it claims. This matter has been widely debated concerning the credibility of certain stablecoin issuers’ claims of maintaining a one-to-one backing.

Secondly, cryptocurrencies were designed to eliminate the need for intermediary companies that traditionally handle users’ funds. Intermediaries inherently have control over these funds. For instance, they can usually halt or reverse transactions upon user request. While this aspect is often seen as advantageous for blockchain technology, users unfamiliar with this responsibility may be taken aback when attempting to stop or reverse a transaction.

From old to new

Stablecoins emerged as a vital component of the cryptocurrency ecosystem, appealing to users seeking a reliable store of value. They bridge the traditional finance world, with its generally trustworthy notions of value, and cryptocurrency, which offers technical security. 

Stablecoin versatility extends to remittances, trading, DeFi, and beyond, contributing to the growing adoption of blockchain technology. Yet, challenges remain inherent in any new technology. As the landscape continues to evolve, a deeper understanding of stablecoins and their mechanisms is essential for investors, regulators, and stakeholders alike.

Disclaimer: This blog post is for informational purposes only and does not constitute financial or investment advice.

Stardust Enables Game Builders on Sui

https://blog.sui.io/stardust-serves-web3-games-sui/

Stardust brings its Web3 gaming services prowess to Sui, giving game builders critical help in onboarding players. Today the company announced it will adapt its proven wallets-as-a-service infrastructure and user acquisition platform for Sui game builders.

As a Web3 gaming infrastructure provider, Stardust built a platform focused on Ethereum Virtual Machine (EVM) technology. Its wallets-as-a-service infrastructure creates server-to-server wallets that are invisible to players, tackling a key friction point for onboarding users. Similarly, Stardust’s user acquisition platform leverages Web3 technology, including onchain data, to attract and retain players. 

These technologies serve game developers who aren’t committed to a platform and are looking for an edge to stand out in a competitive market. Web3’s unique propositions include digital asset ownership and portability. 

Sui is a natural fit for Stardust, given how it opens more possibilities in gaming than EVM or other chains. Object composability on Sui means builders can create unique relationships between game assets. And Sui’s transaction capacity allows speedy gameplay and true onchain assets.

Stardust’s wallets-as-a-service infrastructure mirrors Sui’s zkLogin Move primitive, giving the company native capability on Sui for its infrastructure. 

How to get a SuiNS Name

https://blog.sui.io/how-to-get-suins-name/

Similar to the Domain Name Service on the Internet, SuiNS translates a complex identifier into a human-readable form. However, a SuiNS name is something more than a website address. It serves as an identity, akin to an email address. People with a SuiNS name can use it as their online address on Sui, personalizing it with an NFT-based avatar and, yes, even a website in the form of IPFS pages. 

Prerequisites to purchasing

Before you get started on the journey towards obtaining a SuiNS name, there are a few simple prerequisites. The first is that you have a Sui wallet installed and a Sui account set up.

The second is to fund your wallet with SUI tokens either from a centralized exchange, such as Binance, Coinbase, or Gemini, or any on-ramp that fits your needs. 

Finally, ensure that you are aware of best practices when interacting with any blockchain-related services such as exchanges, wallets, and apps. 

Obtaining a SuiNS name

Because SuiNS names are represented as NFT objects, they can be transferred like any other NFT on Sui and can be traded on marketplaces. Here we are only focusing on purchasing SuiNS names from the SuiNS website itself.

Step 1: Search for a SuiNS name to purchase

When searching for SuiNS names, you can check the availability via the status displayed beneath the name. If an item is available, it will show a listed price and an option to begin registration; if it’s taken, you’ll only have the option to view information about the SuiNS. Upon finding an available SuiNS name you wish to purchase, simply click the start button to proceed.

How to get a SuiNS Name
The SuiNS search function lets you find an available name to register.

Step 2: Register SuiNS name

When acquiring a SuiNS directly from the SuiNS website, users have the option to choose the registration duration, ranging from one to five years, with the total price adjusting accordingly. Following this, users can designate the SuiNS as their default, enabling reverse lookup of the associated account through this chosen name.

How to get a SuiNS Name
The SuiNS registration form lets you select a duration up to five years, making it easy to retain control of your name.

Step 3: Complete purchase

Upon choosing to register a name, users are directed to sign and submit a transaction to finalize the purchase, registration, and optionally, set the SuiNS as default. Once this process is completed, the SuiNS becomes owned, registered, and ready for use. Users can further inspect the SuiNS objects through explorers like Suiscan or SuiVision.

How to get a SuiNS Name
After the transaction is approved, the request to purchase and register the SuiNS name will be processed by the network.

Pricing, renews, and defaults

SuiNS names are priced based on the character count and are categorized into three groups: names with five or more characters, names with four characters, and the most exclusive group with only three characters. The pricing structure increases as the character count decreases, reflecting the limited supply of names with fewer characters.The total purchase price is calculated by multiplying the SuiNS name price per year by the registration duration, plus applicable gas fees.

When acquiring a SuiNS name, users choose a registration period. At the end of this period, users must decide whether to renew to retain the name or allow it to unregister, returning it to the SuiNS website marketplace for anyone to purchase. It may be worth setting a personal reminder towards the end of a SuiNS registration period.

Users have the freedom to own and register numerous SuiNS names, but only one can serve as the account’s default. When sending tokens or using any registered SuiNS name, they will be deposited into the registering account, yet apps will primarily recognize the default SuiNS name associated with the account. For instance, if a user possesses multiple SuiNS names and sets “abcdef.sui” as default, apps like wallets will utilize this name to identify the account.

How to get a SuiNS Name
Although you can have multiple SuiNS names attached to a wallet address, the default name is what will appear in apps.

With name in hand

SuiNS names not only revolutionize user interactions within the Sui ecosystem by providing human-readable identifiers for Sui accounts, but also enable users to establish a distinct identity on Sui. By simplifying the process of obtaining and managing these names, SuiNS offers a streamlined experience suitable for users of all levels, making it accessible even to newcomers to blockchain interactions. As the SuiNS protocol evolves, future improvements promise greater functionality, unlocking unique use cases and features within Sui apps.

New Blockchain Academy Coming to American University of Sharjah

https://blog.sui.io/aus-blockchain-academy-uae/

Burnishing its credentials as a leading center for innovation in the Middle East, the American University of Sharjah (AUS), in the Emirate of Sharjah, partnered with Sui to launch a new center for blockchain research. 

The initiative comes as part of the Emirate of Sharjah’s objective of positioning itself as a regional hub for education and research, particularly in the field of technology and blockchain. This effort complements the neighboring Emirate of Dubai’s leading position in the blockchain industry, ensuring a healthy level of regional expertise in building new decentralized apps and integrating the technology into existing infrastructure.

New Blockchain Academy Coming to American University of Sharjah
Dr. Tod Alan Laursen, Chancellor of AUS, and Dr. Greg Siourounis, Managing Director of the Sui Foundation, inaugurate the new blockchain academy at the American University of Sharjah.

AUS hosts a range of colleges, covering diverse subjects including art, design, engineering, and business administration. Its student population represents over 90 countries, giving graduates global reach. Cultivating blockchain engineering, AUS will remain at the forefront of technology.

Students will be able to learn how a decentralized infrastructure works and discover the tools they need to build innovative apps leveraging Sui’s unique capabilities.

The partnership shows Sui’s commitment to growing blockchain engineering expertise, a crucial skill that will be needed to bring the benefits of the technology into existing systems and domains. In a similar initiative, Sui partnered with the London Business School’s Wheeler Institute to promote blockchain research, and Sui maintains an active program of academic research awards.

Dacade’s Peer Learning Platform Launches Sui Course

https://blog.sui.io/dacade-launches-sui-course/

Dacade launched a Sui developer course, providing developers with an immersive journey into Move technology through a series of engaging challenges. Within this course, Dacade’s educational materials guide users as they embark on building DeFi apps that harness Sui’s powerful DeFi primitives, including DeepBook and zkLogin. Additionally, participants benefit from valuable feedback and suggestions from Dacade’s network of peer learners, enhancing their learning experience and skill development.

Through this course, Dacade introduces its peer-to-peer learning network of over 16,000 community members to the Move programming language and the unique elements of developing on Sui. Moritz Stellmacher, co-founder of Dacade, said, “Sui opens new possibilities with its unique object-centric model, we can’t wait to see what our community does with it.”

Get moving with Dacade

Dacade provides an extensive range of educational resources designed to empower developers in mastering Move for creating smart contract language on Sui. Through a curated suite of learning tools, such as tutorials, videos, and articles, developers acquire a comprehensive understanding of Sui’s innovative technology, along with clear examples demonstrating how to integrate and leverage Sui primitives when building apps. With access to these resources, developers can gain the knowledge and proficiency required to effectively utilize Sui’s innovative features.

Dacade’s developer projects

The project culminates in the development of an application that leverages DeepBook to tap into deep liquidity and integrates zkLogin for a seamless login experience. DeepBook, Sui’s native liquidity layer, streamlines DeFi app development by providing direct access to extensive liquidity spanning across multiple DeFi apps. Incorporating zkLogin allows users the ability to effortlessly generate app-specific accounts managed by familiar Web2 logins like Google and Twitch. The knowledge gained from Dacade’s course serves as a solid foundation for developing more sophisticated apps, including decentralized exchanges, lending protocols, digital asset marketplaces, and asset management platforms.

Incentives for learners 

Dacade employs a distinctive incentive model that emphasizes community building. Developers receive rewards not only for creating smart contracts but also for offering feedback on fellow users’ projects. By incentivizing peer-to-peer learning and feedback, developers learning to build apps on Sui gain not just the knowledge to create an app but also insights from diverse perspectives. This dynamic not only enriches the learning journey but also fosters relationships among users.

Fostering future blockchain innovators

Despite being a relatively new language, Move programmers are in high demand, and Sui provides the optimal platform to harness this powerful language for constructing high-performance applications. Begin your journey developing on Sui with Dacade!

All About Fiat On-Ramps

https://blog.sui.io/fiat-on-ramps-explained/

The bridge between traditional fiat currencies, such as the US dollar or Japanese Yen, and digital assets is crucial for mass adoption of Web3 technologies. Fiat on-ramps serve as the entry points for individuals looking to enter the Web3 world, enabling them to convert their traditional money into various digital assets. Understanding how these on-ramps work and their significance empower newcomers and seasoned enthusiasts alike in navigating Web3 apps.

What are fiat on-ramps?

Fiat on-ramps are platforms, services, or mechanisms that facilitate the conversion of fiat currency into digital assets like BTC, ETH, or SUI. These on-ramps provide users with the means to purchase digital assets using their traditional money, essentially acting as bridges between the traditional financial system and the Web3 ecosystem.

While millions of people worldwide have already purchased digital assets, the process still can be challenging. An intuitive and straightforward on-ramp process is essential for Web3 adoption to continue. From a user perspective, ideally there would be a seamless experience in which it’s just as easy to use an on-ramp as it is to use any other traditional payment platform.

Off-ramps, complementary to on-ramps, operate similarly but in reverse, enabling users to convert digital assets into fiat currencies. An apt comparison is a retail store optimizing both checkout and return processes to attract and retain customers effectively. A store that excels in providing both on-ramps (short checkout lines) and off-ramps (hassle-free return policies), offers a better user experience, contributing to the store’s ability to grow and thrive.

Types of fiat on-ramps

  1. Cryptocurrency exchanges: Likely the most common form of fiat on-ramps, exchanges allow users to deposit fiat currency into their accounts and use it to buy digital assets at market prices. Exchanges vary in terms of supported fiat currencies, payment methods, and regulatory compliance but typically offer more optionality in available digital assets when compared to other on-ramp types.
  2. Peer-to-peer (P2P) platforms: Users can buy digital assets with fiat currency by interacting with other users who are selling their digital assets. P2P platforms connect buyers and sellers directly, eliminating the need for intermediaries.
  3. Brokerage services: Brokerage services offer a user-friendly interface for gaining exposure to digital assets either by directly purchasing the assets or through some sort of fund. These platforms often cater to beginners by simplifying the purchasing process, providing additional resources and support, and offering a limited variety of digital assets.
  4. Payment processors: Certain payment processors enable merchants to accept payments using digital assets, allowing users to use digital assets to buy goods and services by facilitating conversion into fiat currency at the point of sale. These services are particularly useful for merchants seeking to integrate digital assets into their payment options or wallets that want to offer purchases directly in the app.

When selecting a fiat on-ramp, several factors can be considered, including security, compliance, fees, supported assets, and payment methods. For instance, some users may prioritize simplicity and opt for an on-ramp directly supported by their wallet, while others may prioritize access to a broad range of digital assets and choose a different on-ramp. Additionally, some users may have restricted options due to country compliance and regulation. There is no one-size-fits-all solution and individual users will likely have different on-ramp needs throughout their Web3 journey.

The importance of fiat on-ramps

Fiat on-ramps play a pivotal role in fostering mainstream adoption of Web3 apps by providing individuals a pathway to obtain digital assets. On-ramps are another tool apps can use to create a seamless user experience by reducing friction in the onboarding and offboarding processes. Users are more likely to engage with an app that offers a smooth and convenient transition between fiat and digital assets.

Moreover, fiat on-ramps serve as catalysts for liquidity and market growth within the Web3 ecosystem. By facilitating the inflow of fiat currency, these platforms contribute to increased trading volumes, price discovery, and overall market activity, enhancing the liquidity and stability of digital asset markets.

Connecting currencies

Fiat on-ramps serve as indispensable gateways for individuals seeking to explore the world of digital assets. Whether through exchanges, P2P platforms, brokerage services, or payment processors, these on-ramps provide users with the means to transition from traditional fiat currencies to digital assets seamlessly. As the Web3 ecosystem continues to evolve, fiat on-ramps will remain important in driving widespread adoption and integration of digital assets into the global financial landscape.

Become an Ambassador and Help Build the Sui Community

https://blog.sui.io/ambassador-program-launch/

Sui is thrilled to unveil the Sui Ambassador Program, a key initiative towards building a global community around this groundbreaking technology.

This program empowers passionate individuals who believe in Sui’s mission and are eager to spread awareness within their communities and audiences. Sui ambassadors embody the network’s values and accelerate adoption through strategic and impactful actions. We are excited to provide opportunities for our most enthusiastic community members to play a pivotal role in driving the success of the Sui community.

Choosing your path

At launch, the Ambassador Program offers two distinct tracks. We encourage applicants to choose the track that aligns best with their unique skills and strengths.

Content Creator

Are you driven by a passion for creating impactful content and sparking vibrant discussions on major social platforms? We’re looking for you! Join us in shaping the narrative and spreading the word about Sui’s innovative ecosystem. For those ready to embark on this journey, possessing the following skills will help set you apart:

  • Content creation
    • Possess the craft of producing diverse, high-quality content across various formats, including written, visual, and video. Your content should reflect Sui’s vision as well as resonate with a wide audience.
    • Using your unique creative flair, independently shape content that both leverages and showcases Sui’s innovative ecosystem.
  • Engagement and advocacy
    • Excel in creating engaging content that sparks meaningful conversations and interactions across multiple platforms.
    • Represent Sui with sophistication and assuredness, embodying our core values within your content.
    • Embrace opportunities to represent Sui at virtual events.
  • Personal growth
    • Exhibit a proactive and growth-oriented mindset, continually seeking opportunities to advance both your skills and understanding of Sui’s ecosystem.
    • Aim to elevate your personal brand in parallel with Sui’s growth, fostering a symbiotic relationship that benefits both your individual journey and our collective mission

As a Content Creator, we look forward to seeing:

  • Regular content production: Craft and publish content consistently, adhering to a regular cadence. This includes a diverse mix of formats, ensuring your message resonates across different platforms and reaches a broad audience.
  • Event promotion: Actively promote and highlight key Sui events and announcements.
  • Community engagement: Engage with and support content from fellow ambassadors as well as the wider Sui community.
  • Initiative leadership: Lead by example in community initiatives, inspiring and motivating others to participate.

Experience with the Sui ecosystem is certainly a plus, but not a requirement. We value all levels of familiarity!

Local Community Leader

Are you passionate about organizing events, building vibrant local communities, and bringing Sui’s vision to life in your region? We want you to be a catalyst for Sui’s growth in your city, planting the seed of Sui’s vision and nurturing its development as a local leader.

If organizing events, leading community initiatives, and being the local face of Sui in your area excites you, then this is the perfect fit for you. Embrace the chance to be the face and voice of Sui in your community, further connecting and growing our global Sui community. To excel in this role, we’re looking for skills such as:

  • Event organization expertise
    • Have a strong background in planning and executing events, harnessing your creativity and organizational skills to bring Sui’s vision to life in your area.
    • Leverage your deep understanding of the local market and existing networks within the Web3, finance, or development communities within your region.
  • Community leadership and digital engagement
    • Demonstrate exceptional leadership in fostering vibrant regional communities, both through impactful in-person events and active participation in Sui’s regional channels on Discord and Telegram.
  • Communication and advocacy
  • Exhibit excellent communication skills, effectively conveying Sui’s message in a way that resonates locally.
  • Be a vocal advocate for Sui, engaging and educating your community about our vision and values.

As a Local Community Leader, we look forward to seeing:

  • Consistent event organization: Host at least one engaging Sui event in your community each month, fostering a strong Sui presence.
  • Digital community management: Actively manage and maintain your region’s presence in Discord and/or Telegram channels, ensuring vibrant and continuous engagement.
  • Community engagement: Regularly engage with your community to promote Sui’s initiatives, enhancing community cohesion and boosting event participation.
  • Support for Sui initiatives: Actively contribute to both local and global Sui initiatives as they evolve, playing a key role in their development and success.

Experience with the Sui ecosystem is certainly a plus, but not a requirement. We value all levels of familiarity!

Why join the Sui Ambassador program?

Becoming a Sui Ambassador places you in a pivotal role where you’ll actively shape and elevate our community. You’ll have the unique opportunity to represent Sui’s innovative vision in diverse and dynamic environments.

  • Co-marketing opportunities
  • Invitations to events and potential travel opportunities
  • Work closely with the Foundation team members
  • Priority access to Foundation activities
  • Exclusive swag
  • Discord role and badge
  • Monthly SUI rewards
  • …and more

How to join the program

Eager to be a part of Sui’s growth? Apply now by filling out the Sui Ambassador application form

Please note that the initial application window will be closed on 11:59PM PST, February 25th, 2024. We will contact selected candidates by the end of February. 

The enthusiasm and eagerness from our community to contribute to the Sui ecosystem is truly inspiring. We’re thrilled about the prospect of embarking on this exciting journey together with you!

ThinkSui Launches, Rewarding Sui Builders and Content Creators

https://blog.sui.io/thinksui-app-nft-rewards-thrive/

We’re excited to announce ThinkSui, a new program that recognizes our community members, builders, and creators. Arising from a collaboration between Sui and Thrive, this program gives our community a platform to share ideas, turn them into impactful contributions, and get rewarded for their work in driving the growth of the Sui ecosystem.

Turn your ideas into funded projects 

ThinkSui is for the entire Web3 community with a special call to those who build apps, create NFTs, educate others, and are enthusiastic about Sui technology. Whether you have a passion for NFTs, digital collectibles, games, or specialize in breaking down complex concepts, we invite you to participate!

For the next couple of months, participants who actively contribute to these initiatives will be rewarded from a shared pool of $720,000 in SUI tokens. Please read the guidelines for details.

Create digital collections, build apps or games

  • Pitch an idea for an NFT collection, Web3 app, or game.
  • Submit your idea to ThinkSui.
  • The community and the ThinkSui board evaluates your ideas.
  • Upon approval, start building.
  • Once your project is complete, you can submit your project for review to get your rewards. You may earn more rewards by hitting critical milestones and winning the Best of ThinkSui Award.

Learn about Sui and share the knowledge

  • Pitch a content idea, whether from the suggested list of ideas or something new that you feel is important. Educational content that helps onboard more users to Sui is appreciated! 
  • Submit your idea to ThinkSui.
  • The community and the ThinkSui board evaluates your ideas.
  • Upon approval, start creating content and sharing to your network.
  • In the process, become a Sui expert, teach the community about the benefits of Sui technology, host or participate in X Spaces and other interesting discussions around Sui, and help onboard more users to Sui! 
  • Once a project is complete, you can submit your project for review to get your rewards. You may earn more rewards by hitting critical milestones and winning the Best of ThinkSui Award. 

Ready to go? Get Started with ThinkSui

  • Visit ThinkSui and connect your Sui Wallet  
  • Look for ways to contribute by exploring the contribution lists. Be sure to check back every week for new ways to earn!
  • Read the guidelines.

If you have any questions, follow up in our #thinksui Discord channel.

NAVI Leverages Silicon Valley Know-How for DeFi Success

https://blog.sui.io/navi-defi-technical-expertise/

With features such as online banking and chip cards, banks have long embraced technology. However, Charles and Elliscope took a different approach in founding NAVI Protocol. Using their technology expertise and background, they embraced banking. 

“We believe that NAVI can become a Web3 bank for Web2 users, where kindness and open-mindedness are at the heart of the company culture,” said Elliscope. The founders chose the name NAVI, which means be kind to each other, to reflect their ethos.

With stints at companies such as Apple and LinkedIn, NAVI’s founders have been inculcated in Silicon Valley innovation, working with top engineers from around the world to develop technology used by millions globally. When they evaluated Sui as a potential platform for NAVI, they recognized how it was developed with the same eye towards innovative scalable impact.

Sui’s founders, coming from a similar background, built the network from the ground to support enterprise-scale applications. Features such as Sui’s object-focused programming model go far beyond the account-based model of other blockchains to give experienced developers the expressiveness available in the infrastructure from leading Silicon Valley technology companies.

Building for users

At its core, NAVI enables borrowing and lending on Sui. The protocol lets people contribute tokens, which will increase at a set interest rate. And on the other side of the equation, people can pay the interest rate to borrow tokens. Borrowers typically would use those tokens in ways that increase their supply beyond the interest rate. NAVI maintains a unified lending and collateral pool, maximizing its capital efficiency. 

“We took inspiration for NAVI’s design from traditional financial institution models that operate lending and deposit offerings, which has proven to be historically very effective. By integrating this approach with the flexibility and innovation of blockchain technology, we’ve been able to create a protocol that is both user-friendly and efficient,” said M, NAVI’s head of business.

NAVI Leverages Silicon Valley Know-How for DeFi Success
By various metrics, NAVI’s growth has been considerable, testament to how well it serves DeFi users borrowing or lending crypto on Sui.

The results have been impressive, with NAVI continually appearing among the top protocols on DeFiLlama’s Sui listing page. It holds $150 million in total value locked and borrowed assets of $60 million.

Beyond the efficiency of its protocol, part of NAVI’s success comes from its user interface. The main dashboard shows each user their token supply and borrowed amounts on the protocol, along with a health metric. Through Notifi, users receive updates through their preferred communication channels if the health metric signals they need to adjust their accounts. The dashboard also shows a lists of tokens, including SUI, USDC, and WETH, along with their yields and a simple “Supply” button, the latter enabling one-click lending.

NAVI Leverages Silicon Valley Know-How for DeFi Success
Over less than a year, NAVI grew its user base to nearly 800,000.

Other tabs in the interface let users view NAVI’s market by token supply, access bridging and swap capabilities, and see the top users on a leaderboard. This gamification feature includes categories for NAVI’s point rating, supplied amount, borrowed amount, and overall activity. 

“We partnered with renowned brands in the Web3 industry, like OKX on a variety of campaigns, Bitget Wallet, Zealy, and Galxe,” said Ivan, NAVI’s marketing lead. As an example of these partnerships, the leaderboard includes a category showing users who completed quests on the Zealy platform.

Leveraging object security

DeFi protocols must practice and demonstrate superior security to protect their users and reputations. One thing that drew NAVI’s founders to Sui was its object-focused data architecture, making it more resistant to exploits than account-based blockchains.

“All the assets and tokens are represented as objects,” said Charles, “which avoids attack patterns common on EVM chains, like reentrancy attacks or double spending.”

“This design paradigm allows for more robust control over how objects interact and are accessed, effectively mitigating a broad spectrum of attack vectors. The granularity of control extends to specifying who can interact with an object, under what conditions, and through what methods. Unlike traditional account-based systems that rely on more generalized security measures, Sui’s object-centric approach enables developers to tailor security policies directly to the individual characteristics of each digital asset,” said Haoran, NAVI’s core smart contract developer.

NAVI’s focus on user experience includes making sure that DeFi activities initiated by customers complete quickly and successfully. Users of Web2-based financial apps expect actions they initiate to conclude almost immediately. It’s essential that these users find a similar experience when they open an account on NAVI. 

Sui supports this experience with a consensus mechanism that processes transactions quicker than other blockchains. When someone engages with NAVI for DeFi, their transactions finalize in less than a second, with settlement occurring within a few seconds. And with Sui’s scalability, those times don’t increase with volume, letting NAVI support trading surges.

Leaning into the future

DeepBook, Sui’s first native liquidity layer, plays a part in NAVI’s future plans. The protocol integrates with DeepBook for liquidations, ensuring it can weather changes in the market. The liquidity support offered by DeepBook has NAVI looking into new options for users, including swaps and flash loans.

With their experience at leading technology companies, coupled with a passion for Web3 and decentralization, NAVI’s founders are well equipped to leverage Sui’s architecture and features. The protocol’s success already shows they are on the right track.

AGSpeedy’s AI to Grade Collectibles, Certify on Sui

https://blog.sui.io/agspeedy-collectibles-certificate/

Speedy Comics, producer of PopCon Me, and AGS, an AI-powered collectibles authentication service, will use Sui to securely host certificates attesting to the ownership and provenance of verified pop culture collectibles. Buyers of collectibles, from rare Pokemon cards to Star Wars props, can be assured of their item’s authenticity and their proof of ownership.

The AGSpeedy system, the result of this partnership, laser scans collectibles and uses its AI engine to verify and grade the item. It then generates an authenticity certificate which includes the item’s grade and uploads it to Sui. The certificate serves as a digital twin of the collectible item.

AGSpeedy's AI to Grade Collectibles, Certify on Sui
Collectibles authenticated by the AGSpeedy system will receive a digital version of AGS’ certificate, serving as a digital twin to the item.

Sui’s blockchain technology ensures the certificate cannot be duplicated or altered in a fraudulent manner. In computational terms, the certificate is an object stored on the Sui network, with fields containing the provenance of the item it represents. That certificate appears in the owner’s Sui account. If the owner decides to sell the physical item, they can securely transfer the certificate to the buyer. Sui verifies the transaction on its network and records the certificate’s new ownership, maintaining a chain of custody. 

Collectible owners won’t need to navigate the complexities presented by other blockchain networks, as Sui offers zkLogin, a simplified means of creating an account using existing credentials from services such as Google and Facebook.

With its AI technology, AGSpeedy grades and verifies physical items much quicker and more consistently than grading services that rely on human experts. The system creates a grading constant for items, eliminating the problem of differing opinions from various experts as to quality.

Speedy Comics runs the largest comic book store in Dubai, with landmark collectibles such as an issue of Superman #1, valued at $33 million. It’s PopCon Me event brings together popular culture fans and cosplayers from around the world, serving as a nexus for collectors to trade unique and iconic items from the worlds of film, television, and comics. 

The introduction of AGSpeedy brings the collectibles industry, with a market valued in the billions of dollars, into the 21st century.

At Over $500 Million TVL, Sui Lands in the DeFi Top 10

https://blog.sui.io/sui-500-million-tvl-top-10/

DeFi protocols on Sui grew rapidly in 2023, and that momentum continues, leading to DeFiLlama reporting Sui’s total value locked (TVL) at over $500 million. Reaching this amount in less than a year mirrors other breakthrough metrics on Sui, such as its peak transactions-per-second (TPS) approaching 6,000

Breaking through $500 million TVL puts Sui in the top 10 of all blockchains.

TVL represents the amount users have added to DeFi protocols, which include lending, borrowing, and taking positions in derivatives. The rise in TVL shows a high interest in Sui’s DeFi protocols as users explore the many options available. 

Two factors unique to Sui, time to finality and low transaction fees, help DeFi protocols grow their user numbers. Sui’s consensus mechanism allows subsecond finality, so transactions complete quickly, letting users react in real-time to market conditions. Consistently low transaction fees, which do not rise as traffic increases, give users confidence their tokens will remain productive rather than being absorbed as network costs.

Beyond those fundamental features, DeFi protocols on Sui benefit from user-friendly features such as sponsored transactions and zkLogin, greeting easing the onboarding experience.

Although TVL is useful in representing overall DeFi activity, volume is an equally important metric. Unlike TVL, volume tends to be volatile from day to day. Looking at a 30-day average, however, shows a trendline on a significantly ascent. Sui’s average daily volume over January, 2024, rose to $47.2 million. Given Sui’s scalability, volume drives fees for DeFi protocols, contributing to their success.

At Over $500 Million TVL, Sui Lands in the DeFi Top 10
DeFi protocols on Sui logged rapidly increasing volume recently, as measured in 30-day averages, rising to $47.2 million.

Sui’s rapid growth indicates its exceptional market fit, offering Web3 developers expressiveness and flexibility unique in the industry. The experiences they create attract both crypto-native and inexperienced users, the latter who may have never before used a Web3 app. 

Ultimately, Sui’s growth and promise comes down to the community’s hard work in developing the network and leveraging its features and attributes to create leading DeFi protocols.

Cost Efficiency, Composability, and Decentralization with Sui’s Liquid Staking

https://blog.sui.io/cost-efficiency-composability-and-decentralization-with-suis-liquid-staking/

Liquid staking emerged as a foundational element for DeFi on proof-of-stake blockchains, with approximately 45 percent of total staked ETH currently locked in liquid staking protocols. This substantial adoption highlights a clear demand for liquid staking tokens (LSTs) among users.

However, on many blockchains, particularly those using the Ethereum virtual machine (EVM), existing liquid staking protocols pose challenges for both users and developers, often raising concerns about stake decentralization. For instance, over 30% of staked ETH on Ethereum is attributed to Lido, the primary liquid staking protocol. 

Sui’s approach to liquid staking sets itself apart, providing native integration with the network through a unified coin standard and composability. These features set the stage for more efficient and cost-effective liquid staking transactions.

Sui’s coin standard

Liquid staking on Sui addresses a prevalent issue seen in various proof-of-stake implementations, where users who have already staked SUI encounter the unbonding period when attempting to utilize a liquid staking protocol. Sui introduces a significant improvement in staking design by enabling the exchange of the staked SUI object for an LST. This innovative approach lets users seamlessly transition to liquid staking without the constraints of the unbonding period, a notable advancement facilitated by Sui’s use of a single coin standard

Unlike the approach of having multiple token standards depending on the intended use, Sui adopts a unified and comprehensive coin standard. This singular standard simplifies integration for apps, as they only need to support this single coin type, eliminating the necessity to integrate different token standards for compatibility. On Sui, all tokens, regardless of their purpose, are treated equally as coin objects at the network layer. This uniformity is advantageous for liquid staking protocols, ensuring that apps seamlessly recognize both SUI and staked SUI objects. The functionality of natively staked SUI can be extended without requiring changes to the security of the underlying staked asset.

A distinctive feature of Sui’s single coin type is the absence of differing computational requirements when interacting with LSTs compared to the native asset, SUI. In contrast, platforms like Ethereum impose higher gas costs for interacting with ERC-20 tokens, such as LSTs, compared to the native asset, ETH. On Sui, this translates to no difference in gas pricing between native SUI and LSTs. This eliminates any gas-related burdens commonly observed on EVM-based chains, providing a seamless and uniform experience for users interacting with different tokens on the Sui network.

Sui LST composability

Sui’s native staking implementation enhances the composability of liquid staking by enabling stake and unstake actions to be entirely onchain and, crucially, atomic. This contrasts with the predominantly offchain solutions in many other ecosystems, which lack the atomic nature necessary for composable extensions of native staking. Sui’s approach ensures seamless and secure composability, allowing for more flexible and integrated interactions within the liquid staking ecosystem on the Sui network.

Upon unstaking an LST on Sui, it is possible to receive the corresponding SUI in the same transaction. Leveraging Sui’s primitive, Programmable Transaction Blocks (PTBs), the unstaked SUI can be seamlessly utilized as input for another function within the PTB. This high degree of composability is a direct result of both PTBs and Sui’s innovative liquid staking design, showcasing the platform’s ability to enable versatile and interconnected transactions.

Staking decentralization

Liquid staking serves as a fundamental catalyst for enhanced decentralization by incentivizing users to engage in both staking to the network and providing capital to DeFi protocols. This contrasts with scenarios where users are given the option to solely choose one option, often based on the return, likely leading to a less favorable outcome for the overall amount of native stake delegated to validators. The dual incentivization mechanism in liquid staking promotes a more balanced and decentralized participation, contributing to the robustness and resilience of the network.

Moreover, Sui’s native staking mechanism facilitates permissionless delegation, letting users stake as little as one SUI to any validator within the active validator set. This intentional design choice plays a crucial role in promoting long-term decentralization of stake. The LSTs on Sui often follow a similar design, preserving the same decentralized benefit. This commitment to accessibility and decentralization underscores Sui’s dedication to creating an inclusive and robust staking ecosystem.

In line with any DeFi protocol, transparency stands as a paramount consideration in product design. For liquid staking protocols, a key avenue for promoting transparency is providing visibility into the protocol’s underlying delegation. This, coupled with the capacity for permissionless delegation to any validator, offers users a valuable level of transparency. It allows users to understand the state of a liquid staking protocol at any given point in time.

Solidifying liquid staking knowledge

Sui’s innovative approach to liquid staking represents a significant evolution of Sui DeFi. Addressing challenges seen in other ecosystems, Sui introduces a unified and comprehensive coin standard, eliminating many common issues observed by both users and developers.

Embracing the core philosophy of promoting decentralization in blockchain technology, Sui’s liquid staking implementation not only contributes to the decentralization of the network but also encourages active user participation in DeFi activities. In essence, liquid staking on Sui reflects a holistic and forward-thinking approach, poised to enhance and reshape the landscape of decentralized finance.

Additional contributions for this article came from Kevin (@KevinAftermath), Co-Founder and CTO of Aftermath Finance.

All About SuiNS

https://blog.sui.io/suins-name-service-explained/

The SuiNS name service lets Sui users own a human-readable identifier and associate it with a Sui account. SuiNS identifiers dramatically simplify how users can specify Sui accounts, creating a significantly better experience. 

Unique identifiers have always been valuable in navigating digital spaces. For instance, Wi-Fi networks often have complex, hard-to-remember names. Most internet services allow users to change their network’s name, making it easier to distinguish it from others and add a little personalization.

Whether in Wi-Fi network names, domain extensions, or social media usernames, unique identifiers define and represent entities in the digital realm.

Blockchain name services

In the realm of blockchain technology, users frequently grapple with lengthy and arbitrary strings of numbers and letters when specifying an account. Typing out a blockchain address is highly cumbersome, and when transferring assets, users must meticulously review each character to ensure accuracy. A minor discrepancy could result in irreversible transfer to an entirely different address. Blockchain name services play a vital role in identification and discoverability, mitigating a significant pain point in everyday blockchain transactions.

Name services like SuiNS not only alleviate a burden, but also let users own social usernames. Unlike Web2 name services, which often face issues of censorship and lack of individual ownership, SuiNS provides users with greater control. An illustrative example is when Twitter rebranded to X; the handle @X was forcefully taken from its original owner for use by the platform. Blockchain naming services seek to address such challenges by granting users ownership of their social usernames.

Web2 social usernames remain vulnerable to control by centralized entities, whereas Web3 identifiers are directly owned by individuals. Blockchain name services represent a significant step towards revolutionizing the concept of digital identity.

Sui Name Service – SuiNS

As a name service platform, SuiNS issues identifiers on Sui, like alice.sui. These identifiers can link to a Sui account, directing transactions with alice.sui as the recipient to the associated Sui account. Represented as NFTs, SuiNS identifiers are stored in the user’s wallet, ensuring that ownership benefits, granted to Sui objects, also apply to SuiNS identifiers.

The owner of the NFT for the domain name has the authority to configure parameters for the identifier, determining, for instance, which wallet account the identifier directs to. While one account can possess multiple identifiers, only one identifier can point to a specific account at any given time. Additionally, identifiers have the flexibility to point to accounts other than the owning account.

SuiNS allows further personalization by letting users associate an avatar with their names. The avatar is an NFT which, given Sui’s support for composable objects, opens up a world of possibilities for users’ graphical representations. Along with avatars, SuiNS also supports IPFS web sites. Users can create simple informational pages or complex, dynamic sites. 

Given that these identifiers are not able to be reclaimed by a centralized entity, SuiNS assigns them expiration dates at the one year mark. Users may renew their identifiers, holding them indefinitely while keeping the namespace adaptable and dynamic. This approach proves beneficial in cases of lost account access. Following the expiration date, the SuiNS identifier is reclaimed and becomes available for purchase again, contributing to a continuous cycle that reintroduces unrenewed identifiers into the ecosystem.

Unclaimed SuiNS identifiers are priced based on the number of characters: those with five characters or more cost 20 SUI, those with four characters cost 100 SUI, and the most limited group with only three characters are priced at 500 SUI. While most identifiers are sold at these fixed rates, popular ones are auctioned live to ensure a fair opportunity for when multiple users want the same identifier.

Personalizing identity

In a digital space, human-readable names are crucial for easy identification and discovery of entities. In the context of blockchain technology, name services enhance user experience by simplifying complex blockchain addresses into clear and readable identifiers. SuiNS offers identifiers for Sui that extend beyond mere functionality, providing users with genuine ownership akin to any object on Sui. SuiNS enhances the user experience by offering a path for more user-centric and streamlined interactions on Sui.

How Sui Primitives Help DeFi Flourish

https://blog.sui.io/sui-primitives-help-defi-flourish/

Sui’s innovative app primitives pave the way for impactful user experiences in DeFi applications. Each primitive, from facilitating efficient liquidity sharing to streamlining user interactions, plays a crucial role in shaping Sui DeFi.

Examining the core functionalities of these primitives individually highlights their significant impact on DeFi apps. However, when considered collectively, their unique ability to enhance user engagement and experience within the Sui DeFi landscape becomes even more pronounced.

DeepBook

DeepBook, an integral element of Sui DeFi, is a protocol designed for efficient liquidity sharing across multiple apps. Operating as a central limit order book, DeepBook systematically records bids and asks in chronological order, autonomously identifying matches between the two sides for smooth trading execution. Harnessing Sui’s high-performance capabilities, apps can leverage DeepBook to execute trades with low latency and high throughput. As a native protocol within the Sui ecosystem, DeepBook seamlessly grants DeFi applications access to substantial liquidity, effortlessly accommodating market and limit orders through simple integration.

DeepBook efficiently stores unfilled maker orders in pools, removing them upon successful matching with corresponding orders. DeepBook enables the creation of pools for any asset pair in a permissionless manner. As the first native liquidity layer on Sui, it leverages the robust networking layer and distinctive data model of Sui, thereby streamlining the development of DeFi applications within the Sui ecosystem.

zkLogin

zkLogin serves as a solution to the onboarding challenges faced by new users exploring blockchain applications. The absence of a streamlined login process often creates barriers for users new to blockchain apps, leading to substantial onboarding drop-off. In contrast, zkLogin simplifies this process by enabling users to securely create accounts and conduct transactions using their existing Web2 login credentials.

zkLogin provides developers with flexibility, enabling the offering of invisible wallets that abstract user interactions with the blockchain or a simpler pathway for users to access their onchain assets. It seamlessly integrates with existing account types, such as mnemonic and hardware wallets, catering to both novices and experts based on their preferences. This versatility enhances the accessibility and user-friendly nature of DeFi apps within the Sui ecosystem.

As an integral part of Sui, zkLogin empowers application builders to provide optimal user experiences, catering to individuals who prefer the convenience of utilizing Web2 logins. zkLogin enhances accessibility and usability, fostering a more inclusive environment for users engaging with DeFi apps within the Sui ecosystem.

Sponsored transactions

Sui addresses the challenges surrounding blockchain gas fees by introducing sponsored transactions. Requiring that new users pay fees in the coin native to the underlying blockchain creates unnecessary user friction. For those not familiar with blockchain apps, they may be immediately turned away by this. 

Sponsored transactions eliminates onboarding friction associated with gas fees, allowing apps to subsidize specific user transactions and abstract gas fees away from the end-user experience. Sponsored transactions on Sui offer granular control over gas fee subsidization, providing unique incentives for app developers to enhance user engagement and reduce friction for those new to blockchain. Although placing the onus of gas fees on an app rather than the user may seem an unlikely business model, it gives builders a flexibility in determining the revenue model that works best for them.

Programmable Transaction Blocks

Programmable Transaction Blocks (PTBs) are a Sui primitive that offer unique possibilities in composability and greatly simplify blockchain interactions for end users. Instead of requiring multiple transactions to be submitted for a simple action, PTBs enable bundling, signing, and submitting a complex series of transactions in one unified process. Each command executes sequentially, allowing results from one to be utilized in subsequent commands, ensuring a cohesive and atomic process where the entire block fails if one command fails. 

PTBs markedly enhance the experience for both app developers and end-users, simplifying and consolidating intricate transactions. This capability allows for the creation and execution of unique DeFi strategies involving multiple applications and interactions within a single transaction block. As a potent tool, PTBs contribute to a seamless and user-friendly blockchain experience, providing a streamlined approach for simplifying interactions in Sui’s DeFi ecosystem.

Kiosk

Sui’s Kiosk primitive empowers users to retain full control over their assets even when listed for sale. When selling items like NFTs, users often have to relinquish certain ownership-related abilities. For instance, an NFT owner may want to maintain access to features associated with ownership even while it is listed for sale. Kiosk not only facilitates the transfer of digital asset ownership but also enables creators to define specific policies for the asset type. This includes custom trading functionalities like auctions, providing a versatile solution for users seeking to interact with and trade their assets seamlessly.

In essence, Kiosk serves as a straightforward yet highly customizable tool for constructing and engaging with commerce applications on the blockchain. Functioning like a real-world kiosk with a single owner and a designated space for various items, Kiosk simplifies the process of trading unique assets. Whether for individuals or large markets, Kioski offers an all-in-one solution, eliminating the need for additional layers or third-party services commonly required on the traditional web and some other blockchains.

Making DeFi better

Exploring Sui’s app primitives reveals how DeFi applications on Sui can deliver powerful user experiences. Apps can leverage DeepBook for instant access to deep liquidity and various trading functions. zkLogin and sponsored transactions eliminate significant blockchain adoption barriers, such as wallets and gas fees. PTBs offer robust composability while simplifying user interactions. Lastly, Kiosk provides a unique approach to trading digital assets with powerful auxiliary capabilities.

Sui development is driven by the vision of providing the best experience for both end-users and developers. Core Sui developments focus on empowering app builders through Sui primitives, crucial for realizing this vision. Keep an eye out for upcoming improvements and new Sui primitives throughout the year. It’s an exciting time for Sui builders!

Play Beyond: Sui Gaming Summit Comes to GDC in March

https://blog.sui.io/play-beyond-summit-gdc-2024/

Sui is launching its first major gaming event at this year’s Game Developer Conference (GDC) in San Francisco this March, showcasing its ability to power anything from indie to AAA games and open new player engagement features for game developers. Sui will host the Play Beyond: Sui Gaming Summit, a day-long event in a dedicated space near the conference to learn all about Sui’s potential to enhance gaming experiences by powering player-driven economies and new, unique gameplay paradigms.

Boasting the fastest performance among blockchains, Sui makes Web3-powered gaming viable at scale with a seamless user experience for players. Additionally, Sui’s elastically scalable architecture keeps infrastructure costs predictably low for game developers and players alike. Its technology also enables unique on-chain features for games, such as dynamic NFTs that can be updated in real time, and royalty enforcement at the protocol level for IP-related assets. Publishers gain exceptional control over in-game assets, creating a bounded ownership experience between them and their players. 

Happening alongside GDC’s main event, Play Beyond: Sui Gaming Summit will feature talks, discussions, development workshops, and live game demos. Networking opportunities include partners already benefiting from key Sui innovations and the drivers behind the future of gaming, such as South Korean gaming giant NHN. 

The full program and speaker announcements will be released over the coming weeks. The free event will begin at 11 AM and end at 4 PM on March 19, located only two blocks from GDC at 40 O’Farrell Street. 

Register today, and we will see you at Play Beyond: Sui Gaming Summit and GDC!

Alibaba Cloud Supports Sui Builders with AI, Hackathons, and Doc Translations

https://blog.sui.io/alibaba-cloud-builder-services-ai/

Last year Alibaba Cloud began offering services tailored to Sui builders, with secure infrastructure and archival node services. Today, the company announced an array of new services in support of Move developers to keep pace with Sui’s rapid growth.

The Sui network offers developers capabilities not seen on other blockchains, including horizontal scaling, high throughput, object-focused programming, and cutting edge cryptographic primitives such as zkLogin. The relative newness of the Move programming language, however, means a limited pool of developers ready to take advantage of Sui’s opportunity.

The services with Alibaba Cloud support not only boost existing Move developers, but help onboard new developers to Sui. These services include an artificial intelligence-enabled development environment, community events, and translation of Move documentation into Asian languages.

Building a developer base

Projects eager to build on Sui may face difficulties in finding developers experienced in Move. Alibaba Cloud’s new services help developers onboard to Move and generally increase developer velocity. Recognizing high interest in Sui from Asian regional builders, the company will help translate Sui documentation into Mandarin Chinese and Korean. These new translations will open Sui development to millions of builders, who can build decentralized apps that offer global and local solutions, ranging from loyalty programs to games to decentralized finance. 

As an exciting new development, Alibaba Cloud, in collaboration with Mysten Labs and the ChainIDE team, will create an artificial intelligence-enhanced tool for Sui builders in ChainIDE, a popular blockchain-focused development environment. This version of ChainIDE will be able to generate code based on natural language prompts from builders, giving them a base to begin fine-tuning for specific applications. Generating code in this manner increases velocity for experienced developers while helping new Move developers learn the language and explore its possibilities.

Helping build the Sui developer community further, Alibaba Cloud plans on sponsoring project incubators and hackathons. With assistance from Mysten Labs, the company will invite projects to incubators in strategic locations, such as Hong Kong, Singapore, and Dubai. These incubators will support promising projects that help grow the Sui ecosystem. Similarly, Alibaba Cloud hackathons, held on a global scale, will incentivize developers to learn and develop new Sui projects. 

Putting its stake in the ground further, Alibaba Cloud will support Sui infrastructure by providing Sui Full Node services. The company already offers cloud services supporting independent Sui infrastructure operators, but this full node signals Alibaba Cloud’s commitment to Sui’s future. In addition, Mysten Labs’ strategic partner Shinami Gas Station will support Sui builders on Alibaba Cloud, making it easy for builders to sponsor user transactions and onboard new users seamlessly. 

Beyond Web3

With a goal of bridging both worlds, Sui technology combines the virtues of Web3 technology with the accessibility and ease-of-use the general public expects from online tools. Projects can make an impact in the real world as well as online. Alibaba Cloud’s new offerings will increase Move knowledge and give builders the tools they need to make their projects a reality.

Alibaba Cloud rewards the Sui builder community’s enthusiasm for Move and the platform with tools, events, and services that take projects from the planning stages to production. Users benefit by finding more utility and engagement on Sui.

All About Parallelization

https://blog.sui.io/parallelization-explained/

Blockchains revolutionized decentralized applications, allowing efficient execution of transactions across a network. However, interaction with applications on traditional blockchain platforms often face a limitation to scale – sequential transaction execution. The Ethereum Virtual Machine (EVM), processes transactions one at a time, hindering efficiency and scalability. 

Sequential execution models imply that even independent transactions, such as payments between entirely different users, cannot occur simultaneously. Networks using these models suffer from diminished throughput during periods of high demand. Sui overcomes these limitations by enabling concurrent processing of multiple transactions, known as parallel execution.

Parallel processing is indispensable to meet the needs of enterprise level infrastructure, common from leading technology companies such as Apple, Netflix, and Facebook. Earlier blockchain architecture did not handle the demands of mass throughput. For a blockchain to meet enterprise demands and be globally useful, parallelization is required.

Parallelization improves scalability, reduces latency

Transaction parallelization enables the processing of multiple transactions simultaneously by utilizing multiple computing resources concurrently. This results in better scalability, allowing for increased throughput as hardware resources are scaled up during periods of high demand. 

In Sui, validator nodes can dynamically allocate more computational power to handle additional transaction loads, enhancing the scalability of the network and so improving the overall user experience. Through increased transaction processing efficiency and reduced congestion, a network employing parallelization may necessitate less gas for transaction processing, resulting in lower transaction fees.

Providing multiple transaction processing channels ensures swift confirmation of transactions, even during increased network loads. Picture a one-lane road expanded to a multi-lane highway – more traffic can move through, reducing wait times and fuel costs from idling in traffic. Similarly parallelization in a blockchain eliminates the need for transactions to wait extended times for confirmation or pay excessive fees for prioritization of standard use transactions. Shorter confirmation times contribute to quicker transaction finality and pave the way for latency-sensitive applications, such as games or auctions.

Approaches to parallel execution

The two most prevalent methods for parallelizing transactions on a monolithic blockchain are a state access method or executing optimistically. The state access method proactively identifies transactions’ access to specific parts of the blockchain’s state, making it easy to declare independence and execute specific transactions in parallel. In contrast, the optimistic model assumes all transactions are independent initially, only to retrospectively verify this assumption and re-execute transactions that are not parallelizable.

Both methods are currently utilized in blockchains. Networks like Monad and Aptos implement optimistic parallelization, whereas Sui and Solana utilize state access methods. Optimistic methods are advantageous for their simplicity, requiring less effort from developers in defining transactions. However, executing optimistically introduces the potential for transaction conflicts and other inefficiencies during retrospective verification. State access methods, though requiring a bit more effort from developers, offer more predictable outcomes and avoid latency impacts from retroactive verification.

State access methods also enable more dynamic gas fee markets. Because dependencies are declared upfront, transactions involved in a highly congested part of the blockchain state can be treated differently than others. For instance, a highly popular NFT mint may generate massive amounts of transaction requests in a short timeframe. A network employing a state access method can identify blockchain state hotspots, such as the NFT minting contract, and rate-limit, and even charge more for transactions involving hotspots.

This allows standard transactions to proceed smoothly, while transactions related to the minting process are prioritized separately based on the the total gas associated with the transactions. On Sui, transactions are included into a checkpoint on a first-come-first-serve basis, but within the checkpoint are ordered based on gas provided. This creates a dynamic that allows for those interested in paying to have priority within a checkpoint without unfairy excluding transactions from a checkpoint that are not offering additional gas so long as they meet the minimum requirements. Achieving this level of granularity is not as easily feasible with optimistic parallel execution.

Parallelization in Sui

Sui uses a state access method for transaction parallelization and its object-centric data model ensures clarity in state access. Each object exists independently, and every object involved in a transaction must be declared in that transaction. As long as a transaction doesn’t interact with an object used in another transaction simultaneously, they are parallelizable. Additionally, transactions not involving a shared object bypass consensus entirely.

To illustrate, consider Alice owning an NFT, represented as an object in Sui with Alice as the object’s owner. When Alice transfers this NFT to Bob, the transaction, categorized as an owned object transaction, bypasses the consensus process. However, if Alice mints an NFT through a smart contract involving a shared object, such as a minting contract, it must undergo consensus and sequencing. 

Although transactions involving that shared object must be ordered and executed in sequence, the series of transactions related to this NFT mint object can run in parallel to transactions involving other objects. When other users conduct payment transactions or trade on a DEX, they remain unaffected by users rushing to access a specific object, such as an NFT minting contract.

In the end, all transactions are eventually ordered and cemented in place at the end of an epoch. But Sui leverages the ability to provide transaction finality with causal order, giving users a great user experience with the assurances of blockchain finaility and immutability while operating within the epoch.

Pulling it together

Smart contract platforms opened diverse possibilities for application builders, yet traditional platforms often face limitations with sequential transaction execution. The choice between state access methods and optimistic execution in blockchain design is nuanced, with both approaches in use. Sui leverages its object-oriented data model to implement transaction parallelization via state access, enhancing scalability while reducing latency and fees.

Join Us For the Premier Sui Event of the Year

https://blog.sui.io/sui-basecamp-2024-paris/

Throughout the past year people have learned about Sui through Builder Houses, Sui Connects, meetups, and other events. Sui’s incredible momentum since Mainnet launch, however, calls for an inclusive event, bringing Sui builders and enthusiasts together from all over the world. 

In that spirit, we present Sui Basecamp, pitching up in Paris on April 10 to 11. 

At Sui Basecamp builders can gather the expertise and resources they need to reach the summits of success. Our premier event of the year features two days packed full with talks and workshops led by people with the deepest and practical knowledge of the Move programming language, cryptography, infrastructure, and tokenomics. 

“Almost a year after our Mainnet launch, Basecamp will be a celebration of all the ways Sui’s ecosystem and partners have grown and prospered,” said Evan Cheng, Co-Founder and Chief Executive Officer of Mysten Labs, Sui’s original contributor. “We look forward to seeing partners, builders, enthusiasts, developers, and industry leaders in Paris for the first global Sui conference to celebrate achievements to date and to be inspired by the future possibilities.”

Sui Basecamp, held during Paris Blockchain Week, will feature a main stage hosting leaders in Sui and the blockchain industry. Developers will find tech talks and workshops in a separate area of the venue, set up to promote learning the latest techniques for programming and updates to the Move language. 

Early bird tickets, at the discounted prices of $99 USD, are available today through March 1. Ticket prices remain discounted, at $149 USD, from March 2 through 31, then go up to the full price of $299 from April 1 until the event. 

Register today for Sui Basecamp 2024!

Move Adds Enums and Macros in 2024 Edition

https://blog.sui.io/move-edition-2024-update/

Updates coming to the Move programming language this year give developers new ways to define data and call functions. These significant new features make building apps on Sui even more flexible and comport with the expectations for the most current programming languages.

Move, Sui’s native programming language, lets developers write efficient and expressive code. Originally designed by Mysten Labs CTO and co-founder Sam Blackshear, this smart contract-focused language takes advantage of Sui’s scalable, high throughput environment.

Updates in Move 2024 Edition introduce Enums, macro functions, Method syntax, and a host of other new features making it even more capable. As open source, Move and Sui allow continual improvements from the community. 

Major Move updates 

The following features will be available to test in alpha versions initially, followed by release candidate and final releases.

Method syntax

Method syntax is a syntactic transformation that allows for functions to be called “on” a value rather than directly from a module. The change greatly improves the ease of programming in Move.

For example:

let c2: Coin = c.withdraw(10);

Expands to:

let c2: Coin = sui::coin::withdraw(&mut c, 10);

A new syntax, use fun, will be introduced for adding either public or internal method aliases. This feature can be used for creating an alias to rename a method. Or it can be used to create a local method alias outside of the associated types defining module.

Index syntax

Building on Method syntax, Index syntax adds code to access indexes, with specific code depending on the type of access. Tentatively, this code will look like the following:

&x[i] expands to x.borrow(i)
&mut x[i] expands to x.borrow_mut(i)
x[i] expands to *x.borrow(i)
x[i] = v expands to x.assign(i, v)

Macro functions

Higher-order functions, such as map, filter, fold, and for_each, are useful in many languages for concisely transforming collections. Move does not have lambdas, closures, or function pointers, which makes defining these sorts of operations impossible.

Macro functions let Move mimic these types of operations without supporting the behavior at runtime. The body of the macro mimicking the higher-order function will get inlined at each call site. And the call site can provide a lambda that will be substituted in as the macro is expanded. 

For example:

let v2 = v.map!(|x| x + 1);

or

v.for_each!(|x| foo(x));

Additionally, the “lambdas” will support control flow through break and return.

Enums

Enumerations let developers define a single type that may hold multiple different shapes of data. Unlike structs, which always have the same fields, enums can have different fields depending on the variant of the enum. For example, in enum Option { None, Some(T) }, the variant None has no fields and the variant Some has a single field of type T.

Move will allow destructuring enums using match expressions. Some examples of enums in Move are the following:

public enum Color {
    RGB { red: u8, green: u8, blue: u8 },
    HSL { hue: u16, saturation: u8, lightness: u8 },
    Hex(u32)
}
public enum Option {
    None,
    Some(T),
}
public fun is_rgb_color(color: Color): bool {
    match (color) {
        Color::RGB{ .. } => true,
        _ => false,
    }
}
const EOptionIsNone: u64 = 0;
public fun unwrap_some(option: Option): T {
    match (option) {
        Option::Some(x) => x,
        Option::None => abort EOptionIsNone,
    }
}

Although enums are a part of the Move 2024 Edition, they will not be immediately available on Sui Mainnet. Instead, the feature will first launch only on Devnet, followed by Testnet and then Mainnet, once it seems fit for a production environment. 

Additional new features

Beyond those shown above, the Move 2024 edition includes additional smaller updates, such as eliminating the need for explicit friend declarations and allowing break to take a value. The roadmap contains explicit reasoning and examples behind these updates. In general, they are designed to future-proof Move and make the coding experience more efficient.

Breaking changes

A few planned updates for Move will affect existing code. Of the three changes noted here, most require more explicit code, such as including mut annotations for local variables if they are assigned or mutably borrowed. 

Struct declarations

Currently, struct declarations can only be public, so it’s not necessary to include the visibility modifier. To make room for a future where struct types have visibility other than public, the 2024 edition of Move will require public on all struct declarations.

mut annotations

Today, all local variables in Move can be assigned x = e and mutably borrowed &mut x. Variables don’t need to be annotated as mut before being modified or mutably borrowed due to the fact that developers can always look locally to check for assignments or mutable borrows. However, the new method syntax, mentioned above, will automatically borrow locals in some circumstances. 

To improve readability and understandability in the presence of method calls, the 2024 edition of Move will require adding mut annotations to all local variables if they are assigned or mutably borrowed.

New keywords

Move 2024 adds new keywords that were previously accepted as identifiers. The new keywords are:

  • mut
  • enum
  • type
  • match

To help with migrating existing fields, functions, or local variables with these names, new syntax lets developers use a keyword as an identifier. For example:

let `type` = 0; `type` + 1

In short, any keyword can be used as an identifier by enclosing it in backticks, as with `type`.

Testing and implementation

The 2024 edition of Move will roll out in a considered manner, letting developers test new features and update existing code accordingly. Developers can begin testing the alpha version by specifying edition = "2024.alpha" under the [package] section in their Move.toml files. Features released under the alpha version will be unstable and might fail to compile.

A release candidate version will be released after these new features become relatively stable and the breaking changes have been added. As with the alpha, developers will be able to test the release candidate version by specifying edition = "2024.rc" under the [package] section in their Move.toml files. 

Although the release candidate version will be more stable than the alpha, small breaking changes might occur in the future. Early this year, likely at the beginning of March, the compiler will ask developers if they would like to migrate to the release candidate when they build their projects. An automated tool will then migrate the project to the new edition, adding the edition marker in the Move.toml and automatically fixing all breaking changes.

Later this year, the 2024 Move update will advance from the release candidate and edition = "2024" will become the default for all new Move packages.

All About Onchain Storage

https://blog.sui.io/onchain-storage-explained/

In the ever-evolving landscape of blockchain technology, onchain storage solutions play a crucial role in ensuring a secure and censorship-resistant ecosystem. Onchain storage refers to the practice of storing data directly on a blockchain rather than relying on external storage solutions.

While there are benefits to networks built solely for the purpose of data storage, opting to store data directly on a blockchain enhances composability, providing greater utility. Storing data on general-purpose blockchains can often incur high costs, but Sui was designed at the outset to make onchain storage economically feasible.

Data storage on Sui

Sui’s distinctive economic model introduces a powerful storage fund, providing the option to store data onchain indefinitely. The storage fund compensates validators for ensuring the continuous availability of data posted to the blockchain. From a user’s perspective, the storage fund is straightforward as it seamlessly accumulates storage fees along with each transaction’s gas fee. A noteworthy feature of Sui’s storage fund is the user’s ability to deactivate an object, removing it from the active blockchain state, thereby releasing the remaining SUI locked in the storage fund associated with that object.

In contrast to the convoluted methods often required for storing data on general-purpose blockchains, Sui simplifies the process. It eliminates the need for workarounds that partition data from the underlying network’s data model, resulting in increased utility for onchain data. In Sui, arbitrary data storage is treated the same as data used for smart contracts and other typical purposes. Validators store any file, including image data, that a project indicates should be stored onchain, on their servers. This seamless integration is facilitated by Sui’s unique data model and economic design, allowing for cost-effective data posting and the option for updates as desired.

Files stored onchain in this manner become available indefinitely, as opposed to a model where a smart contract may point to a file stored on an external server. Builders can create complex object associations that also store important information on Sui without fear that part of their project might disappear and users can rest assured knowing that data is stored immutably onchain.

Onchain storage demands

The fees associated with maintaining data storage are a critical aspect of any viable storage solution. Sui’s economic model excels in keeping fees at a minimum, with the average transaction costing less than $0.01. Equally important, if not more so, is Sui’s capacity to manage spikes in throughput demand without causing abrupt spikes in gas fees. 

The recent surge in inscription-related activity demonstrated Sui’s ability not only to handle high levels of throughput but also to maintain stability in gas fees during such periods. This resilience is particularly crucial for the viability of arbitrary data storage on Sui, emphasizing its capability to handle sustained throughput demands.

Summing it up

The objective of onchain storage is to diminish dependence on centralized entities for data storage and management while ensuring it remains within the protocol where it is required. Sui, with its distinctive features, emerges as a compelling alternative to centralized and other decentralized storage solutions. This empowers developers to advance decentralization, integrity, and accessibility of data, all while keeping it within the protocol. Sui stands as a viable solution for those seeking to foster a decentralized and robust approach to data storage and management.

Overmind’s Developer Platform Launches Sui Quests

https://blog.sui.io/overmind-launches-sui-quests/

Overmind, in collaboration with the Sui Foundation, released its first series of quests designed to help developers learn Move and start building on Sui. The quests gamify the learning experience by offering the opportunity to win rewards, motivating developers to build high quality code and showcase their skills to the Sui community.

Launched last year, the Overmind platform is expanding to the rapidly growing Sui ecosystem. Its new quest series will give developers the hands-on experience they need to build apps with real utility on Sui. Tony Cotzias, Overmind’s Growth Lead said, “We are excited to collaborate with Sui on onboarding the next wave of developers to Web3. The Sui ecosystem’s focus on developer experience coupled with the unparalleled composability of Move on Sui will enable us to take our platform and community to the next level.”

Move on Sui quests

The quest journey takes the developer through a series of projects where they will fill in the blanks for both the frontend and smart contract, developing a robust understanding of how things work. The learning experience is designed as a gateway to Sui’s developer opportunities, catering to both entrepreneurial developers with their own ideas and those looking to join one of the many growing projects in the ecosystem. Developers acquire not just knowledge but invaluable practical experience, positioning themselves for success in Sui’s growing ecosystem.

The first quests focus on building a marketplace to serve as a foundation for later quests as well as an NFT lottery called “JPEG Jackpot”. The JPEG Jackpot enables the creation of user-generated lotteries with NFTs as prizes, where participants buy tickets and a random draw determines the winner. It also allows for lottery cancellation and ticket refunds. Some applications include promotional events, community engagement, or a novel way to trade or win rare NFTs. 

What’s next

Stay tuned for upcoming quests in the following weeks as Overmind and the Sui Foundation challenge users to take their Move skills to the next level! Despite Move being a relatively new language, Move programmers are in demand, and Sui offers the best platform to leverage this powerful language to build high performance apps.

Bluefin Relies on Sui Performance For First Class DeFi

https://blog.sui.io/bluefin-defi-derivatives-volume/

Bluefin’s founders wanted to offer advanced, capitally efficient derivatives trading on a decentralized platform competitive with anything in the traditional finance sector. The platform would need to be performant, inexpensive, and accessible to serve both institutional and individual users.

A beta launch in 2023 on Arbitrum, a layer 2 network built on Ethereum, helped the Bluefin team see the potential of its DeFi vision and gain a better understanding of the technology. The Bluefin Classic platform gained users who traded over $2.1 Billion over the course of the year.  However, the team recognized limits to what it could accomplish on Arbitrum.

Exploring options, Bluefin found that Sui could not only meet its technical performance requirements, but also deliver a user experience unlike any other in the blockchain industry. In addition, Sui’s transaction processing fees would be a fraction of those on other blockchains.

“From the start, we wanted to put user experience first for both institutional and retail users within decentralized finance, something we saw lacking in the industry and a great opportunity,” said Bluefin co-founder Rabeel Jawaid.

Bluefin Relies on Sui Performance For First Class DeFi
Bluefin v2 launched on Sui in the last quarter of 2023, with performance and an interface designed for both Web3 and Web2 users.

With its next iteration, Bluefin v2, the company developed and launched a platform on Sui offering exceptionally quick trades and a seamless account creation process. Despite a launch in the last quarter of 2023, Bluefin v2 logged over $3.2 billion in trading volume in December alone, with over 80 percent market share in the ecosystem.

Derivatives demand 

Among the many DeFi services available, Bluefin sees derivatives trading as the largest use case for crypto. Unlike a direct swap, derivatives traders agree to purchase a specific cryptocurrency amount at a set price sometime in the future, essentially making a bet on whether the token will increase or decrease in value. 

Traders may enter into a set contract or pay for an option to buy the token at a specific price. With the former, a trader would gain value if the token increased in value. Under an option agreement, the trader can decline to purchase the token if its value decreased below the set option price. 

Perpetual contracts, a recent addition at Bluefin, let traders enter a contract to buy a cryptocurrency at a set price with no specific end date. In these contracts, a trader who expects an increase in value, called going long, would want to sell when the token rises above their purchase price. Other traders may buy into a perpetual contract with an expectation the token will lose value, called going short. Each side of this trading equation pays a funding rate to maintain their position.

Milliseconds matter

Derivatives trading became popular in cryptocurrency markets due to users being able to go long and short, take on leverage, and deploy their capital more efficiently, such as using the same collateral to go long on Bitcoin and short on Ethereum. They are also significantly more liquid and have cheaper fees on most exchanges. However, only recently have blockchains offered the performance to support derivatives.

Bluefin Relies on Sui Performance For First Class DeFi
Over December, 2023, Bluefin users typically traded over $100 million per day, with some notable spikes rising much higher. (Source: Def

“Derivatives trading in DeFi requires high-performance blockchains and no decentralized protocol has yet matched the success of a leading centralized exchange because of the user experience challenges with onchain trading,” said Rabeel. “We’re going to change that, and Sui enables us to do so.”

Bluefin found that Sui meets its performance needs in two key metrics: transactions per second (TPS) and trade confirmation timing. Where TPS on other chains becomes a bottleneck during high volume trading, Sui handled 5,414 TPS in 2023 without hitting its theoretical or practical limit. Equally as important, Bluefin can give an optimistic confirmation of transactions in 30 milliseconds and finalize transactions in about 550 milliseconds. Each of these metrics meets the expectations of traditional finance platform users.

Bluefin Relies on Sui Performance For First Class DeFi
Bluefin v2 processes transactions quickly, leading to impressive DeFi volume.

Letting traders conclude transactions in a timely manner is just half the battle. “A major step towards achieving scale on Bluefin is the elimination of the need for wallets,” said Rabeel, “which aligns with our goal of emulating a Web2 trading experience while retaining the decentralization benefits of an on-chain protocol.”

Bluefin leveraged Sui’s zkLogin primitive to seamlessly bring new DeFi users onboard. Although existing DeFi users can begin trading on Bluefin by connecting a wallet, the platform gives people the option of creating an account through their Google or Apple login credentials. As a primitive on Sui, zkLogin does not depend on a middleman, which would increase costs and create a security risk. zkLogin uses zero-knowledge proofs to verify a user’s identity without requiring Bluefin to store IDs or passwords.

Bluefin Relies on Sui Performance For First Class DeFi
Bluefin leverages zkLogin to seamlessly onboard users through their existing accounts on trusted services.

As the icing on Bluefin’s DeFi cake, Sui’s consistently low transaction fees further served its users. As an axiom similar to buy low, sell high, traders seek the lowest fees for their activities, as fees eat into capital that could be put to better use. Transaction fees on Bluefin v2 are coming in at below $0.005 per trade. Arbitrum’s base fee comes in at 1 GWEI, equivalent to $0.005, and rises with network demand, penalizing users as transactions increase. Sui’s scalable architecture means that these fees do not rise as traffic increases, supporting Bluefin’s high volume users.

Future forward

Although Bluefin v2 showed stellar performance in its short existence, the company plans to make it even better. Currently, it uses shared objects on Sui, which require consensus to achieve finality. Bluefin is redesigning its architecture so that all trades between parties will use owned objects in a trusted transaction, bypassing consensus to resolve as quickly as possible. 

“We’ve benchmarked these trades to take about 400 milliseconds onchain to finalize,” said Rabeel, “and coupled with a redesign of our offchain orderbook to intelligently partition trade submissions by users, we expect to reach up to 30,000 parallel trades per second of unique users before experiencing any delays in execution.”

Beyond infrastructure updates, Bluefin wants to make its user experience even better. “Within the next few weeks, users will be able to land on our exchange, use Google to create an account, walk through a bridge to deposit funds, and start trading seamlessly,” said Rabeel.

Future offerings will include the exchange’s BLUE token and access to spot markets through DeepBook, Sui’s first native liquidity layer. With such a strong start in late 2023, Bluefin’s path looks bright in 2024.

Sui Closes in on 6,000 TPS as Inscriptions Surge

https://blog.sui.io/inscriptions-surge-6000-tps/

As 2023 drew to a close, users flooded numerous smart contract platforms with inscription-related transactions, inadvertently serving as stress tests for various networks. Amidst congestion and fee spikes on many platforms, Sui stood out by achieving impressive transactions per second (TPS) without slowdowns or a spike in gas fees.

Initially used in Bitcoin, inscriptions offer a method for recording arbitrary data onchain without the use of smart contracts. This method utilizes the witness field within Bitcoin transactions, requiring minimal fees and permanently associating the data with a distinct Bitcoin coin unit. As Bitcoin doesn’t incorporate smart contracts, inscriptions bring a fresh utility to the blockchain. Consequently, individuals began inscribing tokens, including NFTs, onto the Bitcoin blockchain.

Inscriptions and smart contract platforms

As inscriptions took off on Bitcoin, developers adapted them to the Ethereum Virtual Machine (EVM) by storing inscription data within EVM transaction calldata fields. EVM calldata serves as an optional, read-only, and cost-effective data field for EVM transactions, primarily utilized for smart contract inputs and rollup data on Ethereum. By defining specific interaction formats, inscriptions enable the recording and management of arbitrary data onchain. Similar to Bitcoin, inscriptions on smart contract platforms are typically used to inscribe token and NFT metadata onchain. 

Inscriptions offer a cost-effective method of storing token balances and NFT metadata directly onchain due to their significantly lower gas requirements compared to typical transactions involving smart contract interactions. However, these inscriptions rely on offchain indexers, a serious drawback. Users anticipate these indexers to follow identical rule sets, yet unlike smart contract interactions, there’s no enforced adherence to these rules by the virtual machine itself.

The appeal of inscriptions lies in their ability to create and exchange tokens without burdensome smart contract gas fees, which can be substantial on most blockchains. Consequently, inscription usage surged across most smart contract platforms. As transactions remain relatively inexpensive, users vying for sought-after inscriptions often resort to submitting transactions in very quick succession. However, the overwhelming influx of transactions during the recent inscription frenzy strained the infrastructure of many blockchain networks, leading to failed transactions, spikes in gas fees, and even network downtime. Essentially, the inscription craze inadvertently acted as a grassroots stress-test.

Sui’s inscription performance

Although the inscription fervor extended to Sui, it was not borne by necessity nor efficiency. Sui uses objects as its basic storage unit, and objects offer enormous flexibility for data. Objects on Sui fundamentally allow dynamic fields, which can include the kind of data typically encoded in an inscription. Similarly, gas fees are not prohibitive on Sui, making it unnecessary to find a means of bypassing them, as inscriptions were used on other networks.

However, the novelty of inscriptions brought this new concept to Sui, and developers found that Sui’s object model enables inscriptions seamlessly. There are various methods to create inscriptions on Sui, including ways that leverage Sui’s transaction fast path. Presently, most inscriptions on Sui rely on shared objects and must pass through consensus, offering a unique method to gauge Sui’s throughput in production.

Sui Closes in on 6,000 TPS as Inscriptions Surge
Number of transaction blocks processes peaked at 13.8M on Dec 22, 2023.

During a surge in inscription-driven activity, Sui encountered two days of exceptionally high transactions, surpassing 10 million transaction blocks processed each day, with a peak of over 13.8 million transaction blocks processed on December 22, 2023. In fact, despite the heightened demand, the average gas price decreased, showcasing the network’s stability and the efficiency of Sui’s gas pricing mechanism. Demonstrating remarkable resilience, Sui achieved a peak TPS of nearly 6,000, underscoring its impressive network throughput capabilities.

Built for the future

Although Sui’s architecture obviates the need for inscriptions, similar use cases frequently arise in the blockchain industry. Built as the most cutting edge compute environment, Sui’s inherent flexibility and support of developer expression lets it support any need or desire. The expectation of onchain storage and a tokenomics model designed around consistently low gas fees lets Sui easily adapt to new ideas in the blockchain world. As more developers discover the power of Sui and Move, the possibilities are endless.

Sui’s Biggest Gaming Wins of 2023

https://blog.sui.io/biggest-gaming-wins-2023/

In the ever-evolving landscape of Web3 gaming, Sui stands as a powerful platform, carving a unique path in the industry’s transformative journey. Sui’s distinctive network architecture, providing scalability and high throughput, makes gaming possible in a blockchain setting. The incorporation of Sui primitives, such as sponsored transactions, notably streamlines gaming experiences while abstracting blockchain complexities from users.

As we look back on the year 2023, five key highlights emerge, showcasing Sui’s role in transforming Web3 gaming.

1. Alliance with Korean gaming giants

Sui’s ascent in the gaming realm began with a resounding achievement—securing partnerships with three out of the four Korean gaming giants: Netmarble, NHN, and NCSoft. These alliances are not simply symbolic, they are a catalyst for innovation and collaboration in Web3 gaming. These strategic alliances continue to forge new pathways shaping the trajectory for the evolution of Web3 gaming on Sui.

2. Launch of Sui’s Play Beyond hub

Sui’s Play Beyond hub stands as a testament to the unwavering dedication of the Sui Foundation to the evolution of Web3 gaming. Through curated content, interactive showcases, and insightful resources, Play Beyond encapsulates Sui’s vision to propel gaming beyond conventional norms, empowering developers and enthusiasts to explore the possibilities of Web3 gaming. It serves as a hub for knowledge and inspiration, highlighting the Sui Foundation’s proactive role in shaping the future of gaming on the decentralized web.

3. Successful Quest 3 metrics

The gaming-centric Quest 3 drew an impressive tally of 809,000 participating wallets overall and 136,000 daily active wallets. Quest 3 was specifically designed to incentivize users to engage with Sui-based games, such as Panzerdogs, which, currently, boasts over 1.6 million associated Sui wallets and sees approximately 1,000 games played per day. These metrics serve as an indication of Sui’s prowess in captivating and retaining a significant user base, reinforcing its role as a leading force in advancing Web3 gaming experiences.

4. Pioneering partnerships

A testament to collaborative innovation, Mysten Lab’s Solutions Engineering team completed over 65 engagements with gaming partners. These initiatives represent a united drive to pioneer groundbreaking solutions and technologies, steering the advancement of Web3 gaming applications.

5. Enhanced User Experience with Sponsored Transactions

Beyond the performance benefits provided from the underlying network, Sui offers primitives for abstracting the common user friction points, such as gas fees. Sui primitives, such as sponsored transactions, have proven to be invaluable to the top games on Sui. Developers wanting to abstract gas fees from their user’s experience may use Shinami’s Gas Station API for an even easier experience. By offering primitives to ease onboarding frictions and make for a better user experience, Sui offers a great developer experience for Web3 gaming, while also enriching the gaming experience.

Sui’s gaming journey continues

Closing the chapter of 2023, Sui established the bedrock for a flourishing gaming ecosystem. Its impactful partnerships and live games attest to Sui’s strength as a potent force in Web3 gaming. Throughout 2024, expect to see many new games launching on Sui, delighting users with new, exciting experiences.

Top 10 Most Popular Sui Articles of 2023

https://blog.sui.io/top-10-popular-articles-2023/

Reflecting on a year of significant achievements within the Sui ecosystem, it’s time to revisit the most exciting blog articles that captured the community’s attention. Popular topics in the top 10 included Sui infrastructure and performance, grants and token distributions, and the network’s outlook. Join us as we journey through the most-read articles, beginning with the 10th most viewed piece and on to number one. 

  1. Contribute to Sui through SIPs

Sui Improvement Proposals (SIPs) provide the opportunity for the community to actively shape the development of Sui. Community contributions hold immense value in steering the evolution of the Sui network. Notably, a community-led SIP resulted in the implementation of Sui’s native liquid staking. Stay updated and engaged by joining the Sui Developer Forum to follow the latest discussions and developments.

  1. $230K in Developer Grants Awarded to 8 Teams

A whopping $230,000 was distributed among participants in the second cohort of the Sui Foundation Developer Grant program. A robust developer ecosystem thrives on skilled innovators and distinctive technology. These grants serve as catalysts, inspiring developers to craft exceptional products harnessing Sui’s unique features and core elements. The Sui Foundation continually encourages all interested developers to apply, as the grant reviews operate on a rolling basis.

  1. How to Get Started with Wallets on Sui

Installing and learning to operate a blockchain wallet is a crucial first step towards interacting with a blockchain. Sui presents diverse wallet options, including standard seed phrase-based wallets. Additionally, users can leverage Sui’s functionality to create and oversee a wallet through a Web2 credential such as Google, facilitated by zkLogin.

  1. Sui and the Journey Ahead

Greg Siourounis, Managing Director of the Sui Foundation, shares insights into the company’s vision for bolstering a vibrant Web3 ecosystem. In this discussion, the focus lies on the crucial role of innovative technology and the necessity of a robust support system for developers, creators, and everyday users. Siourounis provides a glimpse into the array of programs offered by the Sui Foundation, all aimed at nurturing and empowering the community.

  1. Sui Shares Planned Schedule for Future Token Releases

Presenting a comprehensive token distribution schedule, this roadmap details the allocation of tokens among stakeholders, encompassing team members, advisors, ecosystem development, and other key areas within Sui’s long-term vision for a robust and sustainable ecosystem. The release schedule ensures transparency and gradual distribution, aligning with Sui’s long-term goals and commitment to fostering a healthy and sustainable ecosystem.

  1. Announcing Sui Academic Research Awards

Introducing the Sui Academic Research Awards, an initiative fostering collaboration with academic institutions worldwide. These awards support blockchain-focused research, offering grants to academics exploring innovative applications and advancements within the field. This initiative underscores Sui’s dedication to driving blockchain research and innovation.

  1. 20 Developers Win Sui Builder Hero Award

Sui proudly spotlights the remarkable contributions of builders within its ecosystem, emphasizing their innovative projects and significant impact. Many of these winners have gone on to make waves in the Sui community, even submitting and implementing a SIP.

  1. Sui Delivers Infrastructure-friendly Tokenomics

Delve into Sui’s tokenomics strategy, specifically designed to accommodate infrastructure requirements. Explore how the dynamics between consensus, gas, and storage are balanced to support infrastructure needs in a way that provides a sustainable environment for growth and development in Sui.

  1. Sui Performance Update

Assessing Sui’s early performance highlights notable advancements in refining user experience, scalability, and operational efficiency. These initial strides demonstrate a proactive approach to platform enhancement, laying a robust groundwork for an optimized and more user-centric experience moving forward.

  1. Announcing Permanent Testnet

The introduction of Sui’s Permanent Testnet marked a significant milestone in the history of the platform, representing a pivotal moment offering a consistent development testing ground to initiate and cultivate the development of diverse Sui applications. This article was overwhelmingly the most viewed article of 2023!

An extra present! Discover the two articles from the Sui blog that captivated readers the most, holding their attention for the longest reading time.

Build Beyond: Scaling the Network

In this interview, George Danezis delves into the intricate dynamics and challenges of managing a distributed network at scale. The conversation navigates through various aspects, from the role of cryptography and decentralized systems to the ethical considerations surrounding data collection and surveillance in our interconnected world.

Insecure Code Delays Mass Web3 Adoption

Examining the influence of insecure code on technology adoption reveals the substantial hurdles it poses to progress. Sui and, particularly, Move on Sui facilitate a secure development environment and encourages best practices to propel innovation and foster widespread adoption.

Closing the 2023 chapter

As we conclude our review of the Sui blog’s impactful year, it’s clear that each article defines a chapter in the story of innovation and advancement. From the exploration of cutting-edge technologies to the insightful discussions on blockchain’s future, this year’s blog posts have painted a vivid picture of progress around Sui and the broader ecosystem. As we step into the horizon of a new year, the Sui blog remains an important aspect in spreading knowledge around Sui while guiding us toward a future of unique potential. Here’s to another year of discovery and growth!

How Settlement Time and Composability Help DeFi Flourish on Sui

https://blog.sui.io/settlement-time-and-composability-help-defi-flourish-on-sui/

Sui’s decentralized finance (DeFi) success comes down to unique elements of the platform. Two of these core elements, settlement time and composability, not only grant DeFi protocols on Sui a competitive edge but also ensure unparalleled user experiences and development opportunities. 

Settlement timing, a metric based on Sui’s transaction processing model, ensures DeFi users see near-immediate results for transactions. Composability, deeply ingrained in Sui’s programming environment, extends its reach to both objects and smart contracts. Sui’s deep composability empowers DeFi builders to introduce innovative products, setting themselves apart from DeFi apps on other blockchains. 

With over 20 DeFi protocols launched within Sui Mainnet’s first six months, these distinctive Sui-specific features have become a cornerstone for DeFi innovation.

From finality to settlement

DeFi often faces usability challenges due to communication overhead within the underlying network, leading to significant transaction confirmation delays. Waiting 10 minutes, or even 30 seconds, for transaction confirmation falls short for many DeFi use cases. Despite notable advancements in reducing transaction latency with proof-of-stake technology, most blockchains struggle to achieve the minimal latency required to compete effectively with Web2 applications.

When discussing transaction completion, it’s important to distinguish between transaction finality and settlement. Time to finality (TTF) denotes the period for a transaction to become non-reversible and eventually recorded onchain. However, TTF does not assure successful transaction execution; the transaction might fail and be recorded as unsuccessful. Settlement time is a clearer metric to gauge a blockchain’s transaction latency. One step beyond TTF, settlement time refers to the duration for transaction execution and its outcome to be recorded onchain. It marks the moment users retrieve the actual transaction result, representing the actual latency experienced when submitting a transaction.

Finality and settlement on Sui

On Sui, the settlement path of a transaction hinges on the object types involved. Sui’s transaction processing model lets owned objects follow the fast path, while those involving shared objects require consensus validation. Despite the path taken, TTF remains consistent at approximately 400 milliseconds. Owned object transactions also achieve settlement at this point. However, shared object transactions require consensus validation, pushing settlement time to 2 to 3 seconds. 

Highlighting the importance of defining ‘finality,’ especially in Layer 2 contexts, it’s crucial to note the varied interpretations. In some instances, finality within Layer 2 frameworks refers to the initial transaction finalization with a sequencer before settling into an external network. However, on Sui, a Layer 1 blockchain, settlement stands as an absolute process, completely independent of any external network or additional infrastructure.

Blockchain settlement times vary widely across the industry, from fractions of a second to as long as thirty minutes. However, for most DeFi applications, a consistently fast settlement time is paramount. Surprisingly, certain blockchains, despite boasting low TTF, might still exhibit considerably longer settlement times. This duration directly impacts users and, if overly burdensome, can deter app usage.

On Sui, developers can creatively leverage owned object transactions, fostering the creation of projects with exceptionally low latency. Faster settlement times not only enhance the DeFi user experience but, when combined with robust composability, provide developers the flexibility to execute complex operations swiftly.

Composability

Composability underscores the capacity of software to seamlessly integrate with other systems, reducing reliance on inherent trust. Enabling developers to easily interact with various apps is crucial for inventing new mechanisms and products. Sui drives composability across two important levels of the developer stack: one for objects and data, and another for apps and contracts.

Data and object composability

Sui provides the flexibility for developers to define new object types tailored to encapsulate necessary data fields for their intended use. Once established, these object types gain network-wide recognition, ensuring seamless interaction with an object’s data across various applications. This foundational focus on object-centricity within Sui paves a clear path for data and object composability.

Sui emphasizes explicit ownership in its objects, allowing for the easy establishment of hierarchical relationships by linking objects to others. Beyond this, enhanced capabilities arise from an object’s ability to reference another object’s data. However, direct object referencing through an object field necessitates including all referenced objects in the transaction, regardless of their relevance.

To address this challenge, Sui introduces a dynamic method that enables object incorporation without incurring gas fees for unnecessary objects in transactions. Through dynamic fields, applications or users selectively specify the required objects for reference in a transaction. This innovative development environment significantly optimizes gas usage, fostering greater gas efficiency and a better user experience for DeFi apps.

App and contract composability

While data and object composability is extremely important, enabling applications to interact with others in a composable manner is equally as vital. Despite the facilitation by object composability, app builders encounter additional requirements, notably the need for atomicity.

Atomicity signifies executing a series of transactions either entirely without interruption or not at all. This quality is especially valuable for processes involving multiple transactions across different apps. Ensuring that if any transaction within the sequence fails, the entire transaction path reverts is pivotal for maintaining consistency. Sui addresses this need through programmable transaction blocks (PTBs).

PTBs play a pivotal role in establishing atomic composability among applications within Sui. Transactions within a PTB execute sequentially but finalize only when the entire sequence concludes, ensuring atomic execution. Presently, a single PTB can accommodate up to 1,024 unique operations in a single execution. Contrarily, a traditional blockchain would execute 1,024 separate transactions consecutively, resulting in a cumbersome development experience and significant gas requirements.

PTBs serve multiple purposes beyond achieving atomic composability. For instance, minting and distributing numerous NFTs simultaneously can be efficiently executed through a PTB, significantly reducing gas usage. 

The integration of PTBs in DeFi apps provides a transformative advantage, reducing transaction costs and enabling comprehensive operations in a unified sequence. By consolidating multiple transactions into a single cohesive unit, PTBs allow for significant optimization of gas usage within Sui’s DeFi environment. This consolidation allows for increased efficiency while empowering developers with greater capabilities, marking a significant stride in DeFi evolution.

Expanding the DeFi universe

These qualities of finality, settlement, and composability underscore the intricate web of elements shaping the landscape of DeFi and Sui’s transformative role within it. As the future of DeFi evolves, crucial protocol-layer elements such as network fee dynamics, scalable throughput, and account abstraction give developers the tools to bring greater innovation and efficiency to their protocols.

Although many DeFi activities fall along well-understood yield-earning mechanisms, developers can use Sui’s intrinsic features to fine-tune the elements underlying the protocols. Leveraging composability to minimize fees and delivering settlement in record time can give new DeFi uses, with expectations created in traditional financial platforms, a satisfying experience encouraging onboarding and continued use. 

Sign up for Sui’s monthly developer newsletter to keep informed about the newest Move and Sui developments.

Sui Hits Major Growth Milestones in 2023

https://blog.sui.io/2023-growth-milestones/

With its public Mainnet launch, 2023 became Sui’s inaugural year, the time when its innovative technology could really be put to the test. With early projects developed on Devnet and Testnet the previous year, and untold hours put into building Sui as a Layer 1 blockchain, the network had a lot of expectation riding on its shoulders. 

Sui builds on the lessons learned from the blockchain industry. It solves detrimental factors such as low throughput and high gas fees, exhibited by previous chains, and creates an entirely new paradigm. Sui combines the best of decentralized networks and what builders expect from a modern computing environment.

The 2023 results show a network proving its promise, delivering consistent and low gas fees while serving high traffic demand. Games and decentralized finance (DeFi) protocols built on the network have flourished due to the lack of network restraints. 

Here’s 2023, the year in Sui:

January 25, 2023

Testnet Wave 2 launches, using two gamified apps to test the tokenomics model in relation to Validators. The results, with statistics including 36.5 million transactions, set the stage for Mainnet launch. Wave 2 followed Testnet Wave 1, launched in 2022, which focused on Validator coordination.

March 29, 2023

Testnet launches as a permanent resource, letting builders test their apps and ready them for public launch. This Testnet brought new Sui features to builders, such as sponsored transactions, the Kiosk primitive, and programmable transaction blocks

May 3, 2023

Sui Mainnet launches, opening up the network to unfettered public use. Supported by over 100 Validators and over 400 nodes, builders can launch their apps and bring Sui’s innovative features to the public. 

July 12, 2023

DeepBook, Sui’s first native liquidity layer, launches. This central limit order book gives DeFi protocols and other app builders a mechanism to support both market and limit token swaps.

July 15, 2023

Sui celebrates hosting one million active accounts, an early indicator of interest in the network.

July 26, 2023

Sui experiences over 65 million transactions in one day, the most recorded on a blockchain ever and proof of its scalability. Other metrics for Sui Mainnet’s first three months include hitting 5,414 transactions per second without causing a gas fee spike.

August 15, 2023

Momentum continues to grow as Sui reaches three million active accounts

September 13, 2023

zkLogin, an innovative new primitive, launches on Sui, letting builders incorporate authorization through existing credentials from providers such as Google, Facebook, and Twitch. zkLogin greatly eases the onboarding path for new Web3 users.

October 19, 2023

DeFi shows substantial growth, with combined activity from protocols showing Total Value Locked rising 341 percent and volume rising 229 percent over three months.

November 2, 2023

Using the technology behind zkLogin, zkSend launches in beta, giving users a seamless means of sending tokens to anyone, even those not yet using Sui.

November 3, 2023

As a new user milestone, Sui records seven million active accounts.

November 8, 2023

Combined Total Value Locked for DeFi protocols on Sui crosses the $100 million mark, showing continued DeFi growth.

November 27, 2023

Nine million accounts became active on Sui, as new users onboarded through the many engaging projects on the network.

Full speed ahead

Reaching these milestones required hard work from builders around the world. Their efforts created the network and the many projects bringing users to Sui. This impressive momentum bodes well for the new year, as more builders learn Move and leverage Sui to make the projects they imagined a reality. 

We look forward to user growth and engagement in 2024 and new network features expanding Sui’s utility.

The Top 6 Sui Videos of 2023

https://blog.sui.io/showcasing-top-sui-video-content-2023/

Amidst an eventful year filled with groundbreaking strides, Sui played host to numerous insightful discussions and interviews with industry experts. Dive into Sui’s transformative journey, traversing the barriers of scalability and pioneering the fusion of Web2 and Web3, through this selection of videos featuring Sui experts.


Adeniyi emphasizes that if scalability is fundamental for the future of blockchain, the overarching vision extends beyond. The aim is to amalgamate the strengths of Web2, primarily user experience, with the strengths of crypto, such as ownership rights, self-custody, agency, and asset programmability. However, realizing this promise has been hindered by various barriers related to blockchain technology. Sui’s primary objective is to eliminate these barriers, allowing developers to seamlessly connect with users, meeting them at their level and streamlining the interaction between builders and consumers. Just as someone building a website doesn’t need to understand Amazon Web Services or worry about its ability to scale, Web3 builders shouldn’t be required to deal with infrastructural concerns unless they wish.


Sam and Logan delve into various aspects of Sui, exploring the Move programming language and pivotal features like zkLogin, while also touching upon Sui’s scaling strategies for wider adoption. When asked what aspect of Sui people should be excited about, Sam presents a twofold response. Firstly, zkLogin stands out as a solution, offering a seamless single sign-on experience using familiar Web2 credentials. This development addresses a significant challenge for builders around user onboarding. Once this hurdle is cleared, the focus shifts to a broader question: “What do you want to build?” Builders are now empowered to create for a larger audience beyond the realm of existing crypto users.


Kostas highlights Sui’s remarkable cryptographic adaptability. Instead of relying on a single cryptographic algorithm, Sui stands out by offering a range of cryptographic options, with potential for further additions down the line. This flexibility extends to wallet developers who can leverage multiple cryptographic algorithms, enabling wallet compatibility across diverse blockchain platforms, mobile device passkeys, and even email addresses via zkLogin. This diverse functionality, coupled with native multisig capabilities, paves the way for the creation of more powerful wallets. Sui’s versatile cryptography isn’t limited to wallet infrastructure but extends to broader applications like account abstraction, obfuscated NFTs, and social media platforms, among others.


During the a16z Summer Research Seminars, George Danezis delves into Sui Lutris, the foundational distributed system protocol driving the Sui blockchain. His presentation thoroughly explores the lifecycle of a Sui transaction, detailing the interactions between users and infrastructure, including validators, in advancing a transaction. George discusses the evolution from Diem’s Fastpay to Sui’s consensus-less transaction pathway, shedding light on the challenges encountered when reorienting Fastpay for broader applications found in Sui.


Alonso delves into Sui’s delegated proof-of-stake system, highlighting its commitment to preserving user control and ownership of staked SUI tokens. He details the reward calculation and distribution mechanisms for both validators and stakers. Alonso explores the evolution of staking within Sui, enhancing the security of both staking and the validator ecosystem through redesigned staking pool structures and the integration of native liquid staking. Additionally, he elaborates on the tokenomics that fuel staking rewards and discusses the intricate processes behind validator selection and management.


Evan sat down with Hub71 for a fireside chat discussing Sui’s journey in the Web3 space and offering insights and advice for navigating this industry. When prompted about the future of the industry, Evan emphasized a crucial shift in perspective: instead of focusing on bringing more users to Web3, the focus should be on bringing Web3 to a broader user base. This change in approach, deeply rooted in Sui’s philosophy, aims to create user experiences seamlessly embedded in Web3, where users engage without even recognizing they’re in a Web3 environment.

Bonus! Dive into content specifically crafted for those eager to commence their journey to build on Sui.


Shayan, in collaboration with the Encode Club team, delivers a comprehensive six-part video series introducing Sui, guiding viewers through the fundamentals and culminating in the development of a basic RPG game on the Sui platform.


For those seeking more, Mathew Jurenka, a member of the Sui community, has crafted an in-depth Sui Full Stack developer tutorial. This comprehensive video series offers step-by-step guidance on configuring a Sui developer environment and maximizing the utility of Sui infrastructure while constructing a full stack app on the platform.