Protocol launches, growth trajectory, and industry-leading technology point toward more success to comeOn the first anniversary of Sui’s Mainnet launch, the Sui community is celebrating a landmark year that saw it rise from a nascent ecosystem to the top tier of Layer 1 blockchains, amassing household name partners and shipping multiple technology breakthroughs in the process. In the build-up to its launch in 2023, the chatter around Sui reached a level of excitement that has not been matched by any chain that has launched since. The first anniversary of Sui represents a culmination of the remarkable milestones achieved by the network in its first year.
While centralized institutions face growing public distrust due to decades of anti-competitive and anti-consumer behavior and legacy blockchains lack the speed and technology to solve the problem, in a single year, Sui has emerged as the decentralized solution most capable of disrupting the status quo at scale. The innovations of Sui begin with Sui’s novel programming language, Move, which was created by Mysten Labs Co-founder and CTO Sam Blackshear. Move introduced a new architecture centered around objects, enabling performance and functionality that was simply not available on existing blockchains. The result is a blockchain that is singular in the industry — the universal coordination layer for intelligent assets.
The results Sui has achieved have validated the team’s approach. In addition to not experiencing a single minute of downtime or instance of degraded performance since Mainnet launch, in the last 12 months, Sui has achieved:
Sui has also introduced unique implementations of technologies that make adoption easier and make the blockchain accessible to mainstream users, both at the enterprise and retail levels. zkLogin is on-chain authorization with traditional OAuth providers like Google (NASDAQ:GOOGL) and Twitter, allowing all users to directly operate on-chain with the single sign-on process they have become accustomed to, removing the hurdle of managing wallet addresses and seed phrases. zkSend is an application exclusive to Sui that utilizes zkLogin to enable users to send and claim tokens simply by sharing or clicking a link. Sponsored transactions, enabled by Sui’s extremely low fees, empower builders to remove a final hurdle for engagement. Finally, Enoki, which was announced at Sui Basecamp, removes requirements for enterprises looking to incorporate blockchain technology with a turnkey solution that gives them access to build seamlessly on Sui.
Also owing to the strength of the network and especially notable for an ecosystem so early in its development, Sui has quickly become one of the preeminent destinations for DeFi activity. Within 9 months of its Mainnet launch, Sui ranked in the Top 10 of all blockchains in TVL. A month later, Sui’s DEX volume also achieved top 10 status. Throughout, Wormhole stats show Sui as a top destination for bridging from Ethereum, including over a 30-day period where Sui saw more inflows than all other blockchains combined, and more than twice as much as the next closest blockchain. In each of these cases, Sui eclipsed numerous well-known networks that have existed for far longer.
Builders and enterprises integrating with Sui are also adding to the growing momentum. Bluefin, a derivatives exchange that had already executed billions in transaction volume in its first iteration on another chain, shut that integration down to build on Sui. Solend, a leading lending protocol on Solana, chose Sui for its first integration beyond its initial network, launching the Suilend protocol which has already amassed over $30M TVL. Additionally, First Digital Labs, creator of FDUSD, the fastest-growing stablecoin in crypto with over $4B in market cap, chose Sui for its first expansion since its launch on Ethereum and BNB.
Other notable ecosystem partnerships achieved in Sui’s first year include those with Alibaba (NYSE:BABA) Cloud and Google Cloud, which focused on enhancing security, scalability, developer tools and user experiences across a range of Web 3.0 and AI-powered applications. BytePlus, the web3 arm of ByteDance, partnered with Sui ecosystem partner Mysten Labs to explore collaboration on data warehousing, AI recommendation algorithms, and AI visual algorithms in web3 game platforms and socialFi projects on Sui.
The crowds that gathered for Sui Basecamp 2024 represented the culmination of Sui’s arrival, as over 1,000 projects, partners, investors and enthusiasts from 65 countries around the world came to Paris in April to celebrate Sui at the vaunted Layer 1’s inaugural global conference.
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This article was originally published on Chainwire
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