Sui Network: Efficient Layer 1 Blockchain Built on Move Language

Sui Network is a fast and efficient Layer 1 Blockchain built on the Move programming language. It can complete transaction processing in one second, supports parallel transaction execution, and provides a strong infrastructure for complex blockchain games.

Mysten Labs launched Sui in May 2023, after completing a $300 million Series B funding round. As the cryptocurrency market gradually recovers, Sui has attracted the attention of a large number of traders and investors as a project with great potential.

Overview of Sui Network

After nearly a year of operation, Sui’s market capitalization has exceeded $1 billion, currently ranking among the top 50 tokens. Its ecosystem is also quite considerable, with a total locked value of ( TVL ) reaching $464 million, primarily distributed across lending protocols and decentralized exchanges.

From a user experience perspective, one of the most striking features of Sui is the innovative zkLogin wallet technology. This technology allows users to log into any decentralized application dApp on Sui using common web identity credentials like Google and Facebook accounts. This greatly simplifies the user login process, making it as convenient as using a regular website.

In addition, Sui has introduced a native account abstraction feature that allows one wallet to control multiple other wallets. This provides developers with a more flexible protocol design space while ensuring that users can have a smooth experience even when using Web2 standards.

For users already familiar with Blockchain, the transaction speed on Sui is extremely fast. Compared to other Blockchains like Ethereum, the network fees on Sui are almost negligible, with an average transaction cost of less than one cent. High throughput combined with low fees makes it an ideal choice for deploying complex game contracts, innovative DeFi protocols, and high-frequency trading.

Ecosystem

One of the most popular games on Sui is “Panzerdogs,” a 2D tank battle game where players can fully own in-game assets. The game is developed by the Dutch studio Lucky Kat Studios, which has previously achieved over 200 million downloads for its games.

“Panzerdogs” is just one representative among the many games on Sui. Other well-known games include the action game “Samurai Shodown”, the open-world game “The Walking Dead Lands”, and the strategy game “Legend of Arcadia”, among others. These games fully showcase the powerful infrastructure built by Mysten Labs.

In the decentralized finance ( DeFi ) sector, the lending protocol Scallop Lend currently ranks first in the ecosystem with a locked volume of $72 million. Scallop aims to provide institutional-grade quality, enhanced composability, and robust security for the dApp ecosystem of Sui. Historically, the growth of on-chain lending protocols often precedes the influx of liquidity into the ecosystem, as it allows traders to obtain liquidity on collateral without selling their assets. Therefore, seeing this sector rapidly develop on Sui is a positive sign.

The leading decentralized exchange on Sui ( DEX ) is Cetus, which is a concentrated liquidity protocol similar to Uniswap v3. The difference is that Cetus is specifically built to leverage the Move programming language of Sui and Aptos. With a strong presence on both chains, Cetus is gradually emerging in the Move ecosystem.

Conclusion

With top-notch support, innovative technology, and a strong product-market fit for blockchain gaming, Sui has become one of the most anticipated public chain projects in the market. From liquidity mining to tank games against friends, the application scenarios on Sui are rich and diverse. In addition, its native wallet product greatly simplifies the registration process for new users, marking a significant improvement over industry standards.

With the market warming up, the future development prospects of Sui are bright. We look forward to seeing its continued growth and innovation in the future.