Sui Network: Next-Generation High-Performance Blockchain Ecosystem

In 2023, Mysten Labs launched the Layer 1 Blockchain Sui based on the Move programming language, which is an important achievement following a $300 million Series B funding round. The Sui network has gained attention for its efficient transaction processing capabilities and support for complex blockchain games, making it an ideal platform for building DeFi applications and games.

Overview of Sui Network

Since its operation, Sui has entered the top 50 cryptocurrencies by market capitalization, with a total market value exceeding 1 billion dollars. Its ecosystem is developing rapidly, with a total locked value of ( TVL ) reaching 464 million dollars, mainly distributed among lending protocols and decentralized exchanges.

One of Sui's major innovations is the zkLogin wallet technology, which allows users to easily access decentralized applications on Sui using common web credentials such as Google or Facebook accounts. This greatly lowers the entry barrier for new users, making the experience of using blockchain applications closer to that of traditional websites. In addition, Sui has introduced native account abstraction features, providing developers with more flexible protocol design space.

For users, the transaction speed of the Sui network is lightning fast, and the fees are almost negligible. The average cost of each transaction is less than one cent, making Sui an ideal choice for developing complex game contracts, innovative DeFi protocols, and high-frequency trading.

Diverse Ecosystem

Gaming Sector

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

In addition to "Panzerdogs", Sui has also attracted several high-quality games to its ecosystem, including the action game "Samurai Shodown", the open-world game "The Walking Dead Lands", and the strategy game "Legend of Arcadia". These games fully demonstrate the advantages of the Sui network in supporting complex Blockchain games.

DeFi ecosystem

In the DeFi space, the lending protocol Scallop Lend ranks first in the Sui ecosystem with a TVL of $72 million. Scallop aims to provide institutional-grade quality, enhanced composability, and strong security for the DApp ecosystem of Sui. The rapid growth of lending protocols often indicates an overall increase in liquidity within the ecosystem, which is a positive sign for the development of Sui.

Cetus, the leading decentralized exchange on Sui, adopts a concentrated liquidity model similar to Uniswap v3 but is specifically optimized for the Move programming language. With a significant presence in both the Sui and Aptos Move ecosystems, Cetus is gradually becoming the dominant DEX in the Move ecosystem.

Conclusion

Sui has become one of the most eye-catching public chain projects currently thanks to its strong technical support, innovative infrastructure, and optimization for blockchain games. From liquidity mining to fun gaming experiences, Sui offers users a rich variety of application scenarios. In particular, its native wallet solution greatly simplifies the registration process for new users, which is undoubtedly a significant improvement in the current state of the industry.

As the crypto market gradually warms up, the development prospects of Sui are bright. We look forward to seeing this promising ecosystem continue to thrive in the future, bringing new possibilities for the popularization and application of Blockchain technology.