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A swastika interpretation of Public Chain Sui: History, ecological Panorama, technical performance and token economy

2023-04-23 13:57

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Title: "Swastika Interpretation of Public Chain Sui: History, Ecological Landscape, Technical Performance and Token Economy"

Author: AppleJ, CryptoJ researcher

Take Aptos And Sui In order to represent the "Meta series" public chain to gain market recognition under the background of giant round financing and new narrative, the teams and overall technology of the two companies are derived from Facebook The defunct Diem and Novi projects. In August 2022, CryptoJ published Swastika Interpretation Public Chain Aptos: The project development of Aptos was introduced in detail in the report "Opportunities and Challenges under the first-mover Advantage". With the launch of the main network of Aptos, the market turned part of its attention to Sui. Compared with Aptos, Sui paid more attention to the innovation of underlying technologies, aiming to become the first Internet-scale programmable blockchain platform. Although the development path of Sui is a little slower than that of Aptos from the current state, projects driven by technological innovation often have potential. Sui has accumulated rich technical advantages in the past few years. With the launch of Sui's permanent test network, the market has high expectations for its innovative ideas in the next expansion cycle.

CryptoJ will conduct a brief discussion from the basic situation of Sui project, ecological development, token economy model, technological network progress, development planning and other aspects based on public data. The research content in this paper is for reference only and does not constitute any investment suggestions.

Summary of highlights of this paper, TL; DR:

Part I: Introduce the basic situation of Sui from the basic positioning, development until now, important events, time nodes, main team background, public financing situation and other aspects;

The second part: to GameFi And Metaverse, DeFi, NFT, wallet, infrastructure and development tools, Web3 and other modules were used to analyze Sui's existing ecological projects and their main social media popularity.

Part III: Detailed introduction of Sui token economy, use cases, total amount, advantages and detailed rules of public offering;

Part IV: To explore the existing network and technical progress of Sui from the aspects of Sui working principle and the progress of the tertiary test network.

Part V: To explore the potential uncertain factors of Sui's future development from five aspects, such as the actual landing of the main network, competition of the public chain circuit, meta-system similar competitive network and learning cost.

I. Basic Situation of Sui Project

1.1 Brief Introduction of Sui

Sui (https://sui.io/) is redesigned and constructed based on first principles; A public chain that starts from the bottom of the design allowing creators and developers to build satisfaction more easily. The Web3 experience of the next billion users. Sui is a decentralized proof-of-interest blockchain with horizontally scalable throughput and storage, allowing for high-speed and low-cost application development.

Links to relevant official information:

Medium

https://medium.com/@mystenlabs

https://medium.com/@media-mysten

https://medium.com/sui-network-cn

document

https://docs.sui.io/

Twitter

https://twitter.com/SuiNetwork

https://twitter.com/Mysten_Labs

Official website

https://sui.io/

Discord

https://discord.com/invite/sui

GitHub

https://github.com/MystenLabs

Public account

Sui World

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Origin of Sui name

Sui (pronounced sw), the word comes from the element of water in Japanese philosophy, to refer to the power of the sui element as its fluidity -- its ability to easily adapt and change any environment. Similarly, the Sui platform seeks to provide a flexible network that can be leveraged to shape. The new shape of the Web3 world.

Mysten Labs, the company behind Sui

It was founded in 2021 by a group of employees from Facebook's (later renamed Meta) Novi research team. Mysten Labs(https://medium.com/mysten-labs/announcing-sui-1 f 339 fa 0 af 08) -- a company committed to rethinking Web3 infrastructure from first principles. Sui is the first initiative undertaken by the team, and it is not a derivative of the Diem network or an incremental improvement. Sui is a step functional advancement of blockchain technology to meet the needs of the next generation of cryptocurrency users and developers.

Characteristics of Sui protocol

The main features of Sui agreement (https://docs.sui.io/learn/sui-compared) as follows:

Scalability, instant settlement

Secure smart contract language available to mainstream developers

Ability to define rich and composable on-chain assets

Provide a better user experience for Web3 applications

Memory pooling and efficient Byzantine Fault Tolerance (BFT) consensus based on Narwhal and Bullshark dag

Causal order and total order can be executed in parallel on a large scale

The Move variant of Sui and its object-centric data model enable composable objects /NFT Become possible

The blockchain-oriented Move programming language simplifies the developer experience

First, Sui's causal order and total order can be executed in large parallel: Sui abandons consensus on many transactions, whereas other blockchains always order them entirely. Causal ordering transactions allow Sui to execute many transactions in large parallel; This reduces latency and allows the validator to utilize all of its CPU cores.

Second, Sui The Move variant and its object-centric data model make composable object /NFT possible: Sui uses the object model and utilizes Sui Move Powerful ownership models further extend this approach to more involved transactions that may explicitly depend on multiple elements under the control of their sender. By requiring explicit dependencies, Sui applied a "multi-channel" approach to transaction validation, ensuring that these independent transaction flows could proceed without obstruction from others. This does not mean that Sui as a platform never orders transactions from one another, or that it allows owners to influence only the microcosm of the objects they own. Sui also handles transactions that have an impact on some shared state in a strict, consensus-ordered manner.

Third, Sui's blockchain-oriented Move programming language simplified the developer experience: Sui's asset-centric programming model made the experience easier for developers.

In addition, (https://twitter.com/SuiNetwork/status/1508572782560309248?s=20& Eg. Officials have stressed that. Sui It can be scaled horizontally with no upper limit to achieve extremely low operating costs per transaction while meeting application requirements, reducing computational waste caused by transaction sequencing. Sui achieved a major breakthrough in scalability by implementing parallel protocols for causal independent transactions. And the Sui authorities used Byzantine consensus broadcasting to present these transactions, eliminating the waste of consensus without sacrificing the guarantee of safety and effectiveness.

1.2 History of Sui

With Aptos and APTOS in the same line of development, the history of Sui so far has to be traced back to the team members' predecessor Meta (formerly Facebook).

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Mysten Labs publicly entered the market, announcing the completion of A $36 million Series A funding round

On December 7, 2021, Mysten Media published an article entitled "Introducing Mysten Labs: Building the Infrastructure for Web3" (https://medium.com/mysten-

labs/introducing-mysten-labs-building-foundational-infra-for-web3-7 e 5 ec 3d f 1 ccb's blog post came to the market and established Mysten Labs to unlock the driving force of what Web3 can achieve by laying the foundation for a decentralized network stack suitable for mass adoption, aiming to address issues of scalability and programmability. The main members of the team are from nbsp; Novi Research (Meta Advanced Encryption R&D team).

Mysten Labs also announced completion. $36 million in Series A funding. Lead investor, including Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, Finality Capital, Elad Gil, and Web3 Many other funds and angel investors in the field.

Mysten Labs announces the launch of Layer 1 Public chain Sui

Announced on March 23, 2022, Mysten Labs (https://medium.com/mysten-labs/sui-developer-kit-building-optimized-ux-488 ec 3 f 3 f 1 d 2) Release of Layer called Sui; 1 Public chain. Sui Is a permission-free proof-of-interest (PoS) blockchain network. Sui Smart Contract platform is a high-performance, horizontally scalable public chain with no theoretical limit on its capacity and minimal computing resources required for each transaction. Sui was designed from the start to facilitate instant settlement, providing high throughput, low latency, and low cost to power applications for billions of users.

Sui plans to be the easiest smart contract platform to use; Give developers the power to create a great user experience. Let's hope Sui is approachable to everyone, including end users and content creators. As Sui moved forward, the product roadmap included a set of building blocks, the Sui Developer Kit, that made developing on Sui a simple development activity.

Mysten Labs releases Sui testing network Sui DevNet

Announced on May 6, 2022, Mysten Labs (https://medium.com/mysten-labs/sui-devnet-public-release-a 2b e 304 ff 36 b) Launch of Sui's first test network Sui DevNet. DevNet lets Mysten operated verifier clients send transactions and read requests through CLI wallets; Also a public web browser for browsing DevNet transaction history; And can become a request test token. Discord channel, which can be used to pay for Gas on a test network.

Mysten Labs unveils Sui token economy model and incentive mechanism

Released on May 31, 2022, Mysten Labs (https://medium.com/mysten-labs/announcing-sui-tokenomics-9 cb 829086 e 30) Its Layer 1. Related contents of token economics and Sui incentive mechanism of public chain project SUI.

Mysten Labs said the token for the public chain project Sui is SUI, with a total supply of 10 billion coins, some of which will be circulated when the mainnet is launched, and the remaining SUI will be unlocked or distributed in incentive activities over the next few years. The four uses of SUI include participating in PoS pledge, payment Gas Fee, supporting the Sui economic system and participating in chain voting.

Public chain Sui Open Incentive test network registration

On August 2, 2022, Sui announced (https://sui.io/resources-sui/validator-registration-open/? utm_source=social& utm_medium=social& utm_campaign=registervalidator) has been registered on the open Incentive Test website, and validators, developers, and Sui lovers can apply to participate. The Sui Foundation will award 2,000 SUI for each validator participating in the test network "wave" and promise to pledge up to 10% of the supply of Sui tokens to the best-performing validators who continue to participate in the Sui Main network. SUI token rewards are only available after the main network of the Sui protocol goes live, with a one-year lock-in period.

Sui development team Mysten Labs has raised $300 million

September 8, 2022, Sui Development Team Mysten Labs (https://twitter.com/SuiNetwork/status/1567871062041321472) to complete & have spent $300 million in financing, FTX Ventures, a16z Crypto, Jump Crypto, A& T Capital, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners s&NBSP; And Bixin Ventures and others contributed.

Sui Foundation goes online

On October 27, 2022, the Sui Foundation announced its launch (https://sui.io/resources-sui/introducing-sui-foundation/). In addition to the grant program, the Sui Foundation will publish more information about Sui's initial token allocation, the process for obtaining a Sui Foundation pledge mandate, and other ways for community members to obtain funds. In the coming weeks, the Sui Foundation will share more information and announce future plans related to its decentralization and community building mission.

Sui Foundation released detailed rules for the allocation of SUI tokens, and the community reserves managed by the foundation accounted for. 50%

On December 14, 2022, Sui Foundation released (https://sui.io/resources-tokenomics/sui-token-allocation/) Details of SUI Token Economics Allocation, The community reserves managed by the foundation account for 50%. , early contributors accounted for 20%. , investors accounted for 14%. , Mysten Labs vault accounts for 10%. , community access plan and application testers accounted for 6%. "The Sui Foundation will make it a top priority to reward and distribute Sui tokens to early SUI community members."

Sui Network start Sui Testnet Wave 2

Announced on January 26, 2023, Sui Network (https://twitter.com/SuiNetwork/status/1618383406903230464), Sui Testnet Wave 2 has been online, With Wave 1 Similarly, running for a few weeks, the beta network will focus on testing epoch management, Gas mechanics, token economics, and equity pledge for Sui networks. It will be stress-tested by two beta games, Frenemies and Validator Games.

Sui Mainnet is expected to come online in Q2 2023

On March 22, 2023, Sui official twitter (https://twitter.com/SuiNetwork/status/1638243961348456449), said the main is expected to Q2 online this year, And kicked off a series of events and content called "Wave to Mainnet" aimed at further educating the community about the Sui agreement, stating that there are currently no formal plans for airdrops.

Mysten Labs will repurchase preferred stock and SUI scrip warrants from FTX for $96.3 million

On March 22, 2022, according to court documents (https://t.co/kkmfCmnE V1), Mysten Labs entered into an agreement with FTX Debtors to repurchase FTX's equity investment in Mysten Labs and SUI Token warrants for $96.3 million in cash. That means. FTX Creditors can recover more assets.

Sui launches permanent test net

On March 29, 2023, Sui Network announced the launch of Permanent Testnet (https://sui.io/resources-sui/announcing-permanent-testnet/), Will serve as a long-running, decentralized, and permissionless test net for Sui. Waves WavES&NBSP; 1 and Waves 2 Different test network. The test network will continue to run after the main network is started.

1.3 Main team members

Meta's innovative technology used to adopt the core principles of crypto currency system based on blockchain, while introducing Turing's complete smart contract. Supported by its innovative and forward-looking technology, Meta provides developers with more flexible application scenarios. The emergence of this technology makes blockchain technology more widely applied in various fields.

Tracing the initial development path of Sui and Aptos, it is not difficult to find that the development of both was inspired and influenced by Meta technology to a certain extent. Core team members of Sui and Aptos were highly similar in terms of work experience and technical background. The main team members for Sui are from Novi Research, Meta's advanced encryption research and development team.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Evan Cheng -- Co-founder & CEO

Evan Cheng (https://www.linkedin.com/in/chengevan/), Mysten Labs, chief executive and co-founder, & have spent He worked at Apple for a decade from 2005 to 2015. He joined Facebook in November 2015. In June 2018, I was responsible for the research and development of Meta encrypted wallet.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Sam Blackshear -- co-founder CTO

Sam Blackshear (https://www.linkedin.com/in/sam-blackshear-599 b 3965/details/experience/), Mysten Labs Co-founder and CTO, former chief engineer of Novi, founder of Move, known as the "father of Move programming language", was mainly responsible for static analysis work at Facebook, and did programming language research at the beginning of his career.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Adeniyi Abiodun -- Co-founder & CPO

Adeniyi Abiodun (https://www.linkedin.com/in/emmanuel-abiodun/), Mysten Labs co-founder and CPO, & have spent From August 2019 to November 2021 he was Head of Product for Meta Novi and prior to that worked at VMware, Oracle, PeerNova, HSBC, jpmorgan Chase and others.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

George Danezis -- Co-founder and Chief Scientist

George Danezis (https://www.linkedin.com/in/gdanezis/), Mysten Labs, co-founder and chief scientist, & have spent From February 2019 to July 2021 he was a research Scientist at Meta Novi, . From 2007 to 2013 he was a researcher at Microsoft.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Kostas (Konstantinos) Chalkias -- Co-founder and chief cryptographer

Kostas, Konstantinos Chalkias (https://www.linkedin.com/in/chalkiaskostas/), Mysten Labs, co-founder of chief cryptographers, & have spent Chief Cryptographer at Novi from April 2019 to March 2022; From January 2017 to January 2019 at R 3 As Chief cryptographer and blockchain engineer, and prior to that worked at the Erybo, Safemarket, NewCrypt.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

1.4 Financing Situation

Aptos and Mysten Labs share a high degree of similarity in terms of investment, and both are backed by many influential investment firms in the industry, including a16z, Coinbase Ventures, Jump, Circle, and others. According to Crunchbase ranges (https://www.crunchbase.com/organization/mysten-labs/investor_financials), according to data as of April 10, 2023, Mysten Labs complete total. $336 million in funding from a16z, Coinbase Ventures, Lightspeed All three have participated in the two public funding rounds so far.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Series A

December 7th, 2021, Mysten Labs announced (https://medium.com/mysten-labs/introducing-mysten-labs-building-foundational-infra-for-web3-7e5ec3df1ccb) to complete & have spent $36 million Series A funding round led by a16z, Participants include Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, Finality Capital, Elad Gil, and many other funds and angel investments in the Web3 space.

Unknown round

According to the Finance Times reports (https://www.ft.com/content/aaa4a42c-efcc-4c60-9dc6-ba6cccb599e6), Data from a table of where the money goes to a venture capital fund linked to Sam Bankman-Fried Capital shows that FTX Ventrues Ltd. Participated in the investment of Mysten/Sui Foundation Token Warrant with an amount of $11,300.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Series B

On September 8, 2022, Mysten Labs announced (https://sui.io/resources-sui/raise-announcement/

) closed a $300 million Series B financing round from FTX Ventures Lead investment, new and old investors participate, including: a16z, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed, Sino Global, Dentsu Ventures, Greenoaks Capital, O "Leary Ventures and other investment firms and strategic partners.

Repurchase preferred stock and SUI scrip call warrants from FTX

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Photo credit: https://t.co/kkmfCmnE V1

Ii. Progress of Sui Project

2.1 Ecological development

In the fierce competition of the public chain circuit, if you want to stand out, you must have substantial landing scene application, in order to NFT and GameFi are making progress, and Sui is going all out because its underlying technology has natural advantages in games, social, and DeFi. These areas have a high demand for low latency and high throughput, and Sui is able to meet these demands.

Sui focuses on the extensive application of ecological layout in four fields: game, DeFi, business and social. Considering the current ecological development progress, Sui's development focus is more in the direction of games. Sui plans to invest more resources and energy in the game field to promote its development in this field.

2.2 Development direction with games as the entry point

Games as one of the first fast adopters. One of the vertical industries of Web3 is a hot topic in the market. However, existing Web3 games are arguably viewed more as investments than games, and user retention is influenced by market conditions rather than the games themselves. A successful Web3 game needs to offer a completely different experience than any Web1 or Web2 game. Web3 games must take advantage of fully on-chain, dynamic, composable digital assets with verifiable ownership in a meaningful way. These features can power games and ecosystems, creating tremendous value and engagement.

Second, games need experienced game developers and builders who know how to build games and create fun, user-centered experiences. There is a huge pool of talent eager to build in Web3, but its creativity has been hampered by platform constraints and learning new programming languages.

Based on this, Sui planned to take the game track as an entry point to better carry out ecological development. According to Mysten Labs, head of the ecosystem Koh said Kim (https://medium.com/mysten-labs/recap-sui-ama-gaming-with-koh-kim-a97ff2d80c1b) : "For those interested in the gaming world, I think Link play is a good Trojan horse to get more people excited about Web3 technology. So I'm excited to see how the ecosystem evolves!"

2.3 Ecological Project

Currently, more than 100 projects of Sui have been constructed on the network, with use cases covering DeFi, NFT, games and metauniverse, infrastructure and developer tools, wallet, Web3 . Six major sections. From the perspective of ecological layout, Sui cooperated with many traditional companies to expand the ecological map through cooperation in GameFi, payment and cloud services. However, according to the public market data, most of the Sui ecological projects are still in the relatively early stage of continuous development, and some projects are still under development. Therefore, CryptoJ sorted out the development status of Sui primary projects as of April 11, 2023 according to the public data as follows.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

DeFi

1. Aftermath

AMM model-based constructed on Sui; DEX, in the Aftermath, Liquidity Providers are allowed to provide seven tokens in a pool. In order to improve the composability of DeFi on Sui, the Aftermath is launching a liquidity collateralized derivative product: afSUI. And, according to its website, Aftermath DeFi components such as credit and option may be introduced in the future.

Website: https://aftermath.finance/

Twitter: https://twitter.com/aftermathfi

2. AirPay

AirPay issues debit cards and on-chain token holders can use cryptocurrency to pay for services or goods at any NFC-enabled POS (retail, merchant, store) via AirPay without having to open a bank account. Features to follow include:

Mortgage NFT (10 - & have spent 30%) in exchange for local currency;

Receive promotions and deals from different merchants and retailers through agreements. Use of promotions with AIR tokens as discounts;

Seamless payment online services and merchants (Amazon, Uber, ebay);

Pay different bills automatically using tokens (electricity, water, gas, Wifi, cell phone)

AirPay currently supports Polygon, Sui, Aptos and other public chains. AirPay testing is available to IOS users through TestFlight.

Website: https://www.hypermatter.xyz/

Twitter: https://twitter.com/hypermatterlabs

3. BeLaunch

BeLaunch includes three products: BeLaunchpad, BeNFT and BeDEX. Belaunchpad is a Launchpad platform based on Sui Public Chain. BeNFT will create a market for trading NFT with Semi-Fungible Tokens and provide a first class developer platform with an API, SDK, and developer guide. BeDEX is an aggregator DEX that uses something like Uniswap Or Pancakeswap's automated market maker (AMM) mechanism.

Official website: https://belaunch.io/

Twitter: https://twitter.com/BeLaunch_

4. Cetus Protocol

Cetus is a liquidity protocol based on the Move language, currently built on the Sui and Aptos blockchains. It features a centralized liquidity mechanism similar to uniswap V3. Its main features include:

No permissions: All major tools and functions on Cetus are basically built with no permissions standards.

Programmability: Cetus is building a highly customizable liquidity protocol based on the CLMM. By flexibly composing swaps, range orders, and limit orders, users can engage in almost any kind of complex trading strategy. In addition, liquidity providers are able to use CLMM to execute various Maker strategies to maximize their liquidity efficiency.

Composability: developers and others DApp Liquidity on Cetus can be easily accessed to set up their own products such as liquidity pools, derivatives, leverage mining, etc. A new project team can also easily build an interchange interface on its own front end by integrating the Cetus SDK to achieve quick access to Cetus mobility.

Sustainability: Cetus has adopted the dual token model driven by WHALE and xWHALE. Implement long-term and dynamic incentives sustained by the proceeds of the agreement.

Official website: https://www.cetus.zone/

Twitter: https://twitter.com/CetusProtocol

5. DeepBook

DeepBook is a shared, decentralized Central Limit order book (CLOB) for the Sui ecosystem. Presented by the MovEX team during Sui Foundation's "s Denver Builder House, MovEX is working closely with Mysten Labs on the technical side of DeepBook, and the Sui Foundation will provide funding.

DeepBook consists of two key parts -- a core matching engine and an intelligent order routing engine. The matching engine uses an order book built on each asset shared object. Order matching between assets occurs on the chain, while the routing engine processes transactions down the chain.

DeepBook is highly optimized for frequent injection and removal of market maker orders, as well as matching between market maker orders and receiver orders, ensuring fast and efficient trading. In addition, DeepBook uses the underlying mechanism of Move VM to parallelize certain transactions, further improving its efficiency.

Official website: https://sui-deepbook.com/

Twitter: https://twitter.com/DeepBookonSui

6. Kuna labs

AMM DEX on Sui was established using a constant product model of uniswap V2.

Official website: https://kunalabs.io/

On Twitter: https://twitter.com/kuna_labs

7. MovEX

Adopt AMM+ Order Book combined with Blended liquidity DEX. Within MovEX there is a clearing engine that distributes orders between the AMM and the order book, ensuring a minimum slip point for traders and fairness for liquidity providers.

In addition, MovEX provides intelligent liquidity management services designed to help project creators avoid the complexity of manually adjusting liquidity, improve their capital efficiency and market making returns.

Website: https://app.movex.exchange/

Twitter: https://twitter.com/joinMovEX

Relevant article: https://medium.com/@moveexchange/introduction-to-movex-c58a79d9ca6e

8. SuiPad

SuiPad is a community-focused Launchpad platform. Users qualify to participate in IDO by pledging their token SUIP on the SuiPad platform. According to the number of SUIP tokens pledged by users, the platform divides users into "ruby, sapphire, emerald, diamond, crown" and other levels, and different levels can obtain different token allocation shares in IDO. The details are as follows:

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Official website: https://www.suipad.xyz/

Twitter: https://twitter.com/SuiPadxyz

9. Typus Finance

Typus is a yield infrastructure built on top of Sui that integrates Swap, lending, and derivatives on top of the Sui ecosystem.

Typus' first product is the DeFi Option Library (DOVs), which uses a Dutch auction to simplify the decision-making process for users. By establishing an options market for long-tail assets, Typus offers LPs more risk-reward and deepens the liquidity of the DeFi ecosystem. Typus is creating a DeFi native primitive to transfer risk so that LP can smoothly provide liquidity.

Official website: https://typus.finance/

Twitter: https://twitter.com/TypusFinance

10. Turbos Finance

Turbos Finance is a decentralized zero-slip perpetual contract trading and spot exchange built on Sui, with trading supported by a unified multi-asset liquidity pool TLP. TLP Is a total pool of money made up of a range of crypto assets. Any cryptocurrency can be used to mint TLPS, such as SUI, ETH And USDC. At the same time, any crypto asset can be redeemed by destroying TLPS, which cannot be transmitted between networks. Ninety percent of Turbos' revenue will be distributed to token holders and TLP liquidity providers.

On March 29, TurbosFinance announced it had received an investment in Jump Crypto.

Official website: https://turbos.finance/#

Twitter: https://twitter.com/Turbos_finance

Introduction: https://mp.weixin.qq.com/s/PVDm8nXG71cbNKr_2WrNAA

11. YouSui

YouSui products include Launchpad, DEX, NFT Marketplace And cross-chain Bridges, become Sui Ecological game, NFTs, DeFi And Metaverse An integrated platform for such projects. YouSui In the future, it will be extended to other public chains to realize multi-chain deployment.

Official website: https://yousui.io/

Twitter: https://twitter.com/YouSUI_Global

NFT

1. BlueMove

The NFT trading market established on Aptos and Sui includes web terminal and mobile terminal apps. At the same time, the project includes AMM mechanism DEX, NFT Staking, NFT launchpad, etc. BlueMove's governance token MOVE is now available.

Website: https://sui.bluemove.net/

Twitter: https://twitter.com/BlueMove_OA

2. Cramium

Cramium is a platform for real-world brand solutions. Cramium delivers discounts to brand consumers through Sui Network and NFT technology to develop highly personalized, traceable offers that provide privileged access to premier content, events and exclusive products, Use collectibles, recognition and loyalty rewards to attract brand customers.

Official website: https://cramium.io/#

3. Keepsake

The NFT trading market on Sui mainly serves game NFT assets. Keepsake provides NFT lookup by art, music, sports, collectibles, images, domain names, etc. The project provides game SDK, game App can directly integrate Keepsake into the game, so as to provide convenient trading service for players.

Official website: https://keepsake.gg/

Twitter: https://twitter.com/KeepSakeMarket

4. OriginByte

OriginByte is an NFT smart contract toolset that contains a series of SDKS designed to help developers on Sui easily create, launch, and showcase NFTS. The core intent of the OriginByte protocol is to bring programmability and interoperability to NFT, thereby expanding NFT's space of possibilities for art, game assets, tokenized real estate, software licenses, and digital native patents.

Official website: https://originbyte.io/

Twitter: https://twitter.com/Origin_Byte

5. Rotten Us

Rotten will be creating the first Omega NFT collection on Sui, with the goal of gathering those who are interested in working on it. Those who found opportunities in the Sui network and formed a community, NFT would be released after the main Sui network went online. Rotten will not only be a simple NFT collection, but will be followed by more community initiatives to unite partners and focus on community development, including the Retroactive mining campaign, a liquidity mining competition, before the release of project token ROTN.

Rotten Us The will be created later. NFT Token transaction AMM.

Website: https://rottenus.com/index.html

Twitter: https://twitter.com/Rotten_Us

6. Sui Gallery

The NFT trading market on Sui. Platforms include NFT trading, Launchpad for NFT projects, Mint, and the ability to create your own NFT.

Official website: https://www.sui.gallery/

Twitter: https://twitter.com/GallerySui

7.Souffl3

The NFT trading platform based on Move ecology has been launched on the Aptos main network, mainly including NFT secondary trading, Launchpad, aggregator and other product functions. Its core NFT trading functions have been launched on the Sui permanent test network, which is planned to be launched simultaneously with the Sui main network in the future.

On Twitter: https://twitter.com/nft_souffI3

Official website: https://souffl3.com/

GameFi with Metaverse

1. Abyss World

Abyss World is an open world dark fantasy action RPG based on Unreal Engine 5, supported by AMD, Epic Games, and IGN. In Abyss World, players can explore the world of PVE alone or with others as a Lord, search for treasure, defeat monsters to obtain equipment and in-game currency, send them to the currency factory, the center of the game, forge better weapons and equipment, and form a stronger hero team to explore the new world of PVE. In addition, players can send their own teams of heroes to battle in PVP arenas, competing against other players' teams of heroes. The players in Abyss World fall into two categories: casual players and professional players. Casual players can participate in the game for free, while professional players can upgrade their equipment and learn new strategies, so that they have excellent equipment, the chance to win glory and honors, as well as generous rewards and equipment.

Abyss World is being developed by Metagame Industries, a technology-driven gaming studio that is leveraging blockchain, artificial intelligence and cloud gaming to build the next generation of meta-universe games.

Abyss World has been on sale in March 2023 series of Gazer NFT, total 2100, currently the floor price of 0.34 ETH (https://opensea.io/collection/gazeraw), the & have spent NFT The main functions include:

Game closed test and open test Pass Card;

Access to unique equipment and accessories airdrop;

Future get NFT with token airdrop.

Website: https://www.abyssworld.games/

Twitter: https://twitter.com/AbyssWorldHQ

Introduction: https://www.odaily.news/post/5185725

2. Arcade Champion

March 15, 2023, BlueJay Games, a game studio based in Austin, Texas, USA. The company's experienced team of founders have over 20 years of experience in the games industry.) Announced a partnership with Mysten Labs to launch a mobile Arcade game, Arcade Champion, on Sui. Arcade Champion has created a hero-based system that uses NFT to represent each player's unique character. These NFT can be upgraded, traded, and fused to play a key role in single - and two-player play modes, enabling players to accumulate bonuses and gold for arcade supremacy.

Website: https://www.bluejaygames.com/

Related links: https://www.businesswire.com/news/home/20230315005396/en/Mysten-Labs-and-BlueJay-Games-Announce-Partnership-for-Launch-o f-Arcade-Champion-on-Sui

https://www.bluejaygames.com/

3. Battlemon

GameFi project with interactive 3D model NFTS for open game worlds -- Lemoland In. Battlemon's ecosystem includes:

NFT Hub: Genesis Lemon NFT additions and subtractions;

Games Hub: Open world games with different activities, including shooting, fighting, survival Road, racing, etc

Labs: Repair, casting, grinding, etc

Shop: Buy and sell NFT, launchpad;

Vault: Store NFT or replace it with JUICE tokens;

DeFi Hub: NFT lease, pledge, mine, exchange, cross chain, etc.

Official website: https://battlemon.com/

Twitter: https://twitter.com/BATTLEM0N

4. Cubic

Cubic is an integrated platform designed to provide a user-friendly experience and simplify the game development process for studios. Cubic offers an easy login experience, multiple payment channels and a unified economy to level up in the Cubic ecosystem and earn rewards in multiple games. The platform also features the Sui Game SDK and a host of other tools and features, including AI Enabling toolset, digital asset exchange, and user growth support.

Cubic offers a comprehensive solution that offers a range of features specifically designed to simplify the game development process. The platform provides Sui interaction tools, anti-scripting mechanisms, proof of zero knowledge, verifiable random functions, Cubic Chain Service smart contract registration, and AI Empowerment AIGC Tool set. Together, these tools provide an all-in-one solution for game studios to develop successful web3 games. In addition, Cubic offers a built-in token exchange and NFT marketplace that supports on-chain attributes, editable and interactive NFT, and lock-in in-game NFT.

Cubic's game Operations dashboard includes user management tools and data operations tools to provide data support for game optimization and operational strategies. It also supports user growth features, such as sharing invitations and socializing, to facilitate the initial stages of game development.

Website: https://www.cubicgames.xyz/developer

Twitter: https://twitter.com/cubicgamesxyz

5. Defight

Defight is a martial arts simulation game that uses a control system that allows players to control every muscle and joint of their fighter's body, creating endless possibilities for movement and striking. In DeFight, players can personalize their fighters to the maximum, there is a built-in ranking system where players earn belts through victories, and the game also has a tournament system that allows players to compete for big prizes.

Official website: https://defight.me/

Twitter: https://twitter.com/defightme

6, F 1 Dog

F 1 Dog is a Race-to-earn game built on the public chains Aptos and Sui. F 1 Dog digitizes the traditional dog racing industry. By buying NFT, players can train dogs, breed them, use them to compete, and achieve Race-to-earn. According to its website, F 1 Dog will support mobile apps, including Android and ios.

https://f 1.dog/

Tweet: https://twitter.com/F 1 Dog_Official

7. Grand Cross: Metaworld

In December 2022, Netmarble announced a partnership with Mysten Labs to develop Grand Cross: Metaworld on Sui, which would be based on Unreal Engine 5 Developed in a unique anime style, covering characters and environments, users can design their own space in the game and customize their avatar in the game through the console camera. Metaworld plans to go into closed beta in the first half of 2023, with a full release by the end of 2023.

Relevant link: https://twitter.com/Mysten_Labs/status/1603780259647733763

8. GGslayer Web3

A decentralized Web3 gaming community built on Sui. GGslayer aggregates game assets from multiple chains and ecosystems, providing users with an on-chain basis. SBT To become a one-stop library of game assets. The community initiates building, operating and rewarding, and then the community shares the revenue from the platform game. Key features include:

A unique voting and contest system that defines the game's value to Web3 game users;

A complete experience rating system is designed to allow players to participate in the investment incubation of Web3 games, and NFT is issued to optimize the traditional token pledge mode.

Get back to the essence of the game and make it fun.

Official website: https://www.ggslayer.io/

Twitter: https://twitter.com/ggslayer_game

9, Haven "s Compass

Haven "s Compass is based on Unreal Engine 5 Build a shooting game. I Haven't heard of it yet. With a focus on fast-paced shooters, tactics is also an important part of the game, which includes both multiplayer and single-player versions and will be available on PC and mobile. On April 3, Haven "s Compass announced the partnership with Mysten Labs on Twitter.

Website: https://www.havenscompass.com/

Twitter: https://twitter.com/HavensCompass

10. Run Legends

Run Legends is a fitness fighting game that allows players to sync up with their friends no matter where they are in the world. The player controls the character through movement: moving outward, unleashing skills in combat by moving faster and slower. Its main features include:

Walk or run in the real world to have fun! Set your own pace and adjust the game to your physical level.

(1 ) Play matches with real players around the world and participate in real time. 5 - & have spent A short 15-minute assignment

(2 ) Unlock rewards and new missions to increase your level by executing them

(3 ) See how you stack up against other players in leaderboards and events

(4 ) With friends or AI players to form a remote team, real-time cooperative combat, increasing difficulty

(5 ) Craft and upgrade equipment to take down assassins. Each piece of equipment is tailored for a different sports style

So people of different physical levels can play together seamlessly.

The Run Legends mobile App is expected to launch at the end of April, both for ios and Android.

Website: https://www.talofagames.com/

Twitter: https://twitter.com/talofagames? lang = en

11. SAMURAI SHODOWN: the legend of the light moon

On March 22, 2023, Onbuff tweeted that Onbuff would be using the Sui network to help its gaming partners join the blockchain, including its latest partner, the famous Japanese gaming company SNK. SNK will bring world-renowned games to Sui's blockchain, including the exclusive Web3 version of "SAMURAI SHODOWN:the legend of the light moon" and "Samurai Shodown: The Legend of the Light Moon." Onbuff will also leverage Sui's scalable technology to build its new INNO platform, a blockchain content platform that enables users to enjoy earning, exchanging game credits and tokens, managing wallets, and purchasing NFT.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Infrastructure and developer tools

1. Capsule

Capsule is a standard for attaching metadata to objects on the Sui network, and its developers actively participate in the Sui community online and offline to help community members solve problems.

Relevant website: https://github.com/FrankC/pysui 01

2. PySui

PySui is a Sui client SDK. PySui focuses on supporting Python application developers with a consistent and high performance interface to the Sui blockchain. The SDK is well suited for both server-side and user-facing applications.

Relevant website: https://github.com/FrankC/pysui 01

3. Perceptron Labs

Perceptron Labs aims to be a web3 technology company focused on building tools for the Aptos and Sui ecosystem. Tools that have been developed and are under development include:

NFT holder verification

Wallet and user behavior analysis

Whitelist management tool

Financial accounting instrument

Other Discord and AI Tools (TBD)

Website: https://perceptronlabs.io/

Twitter: https://twitter.com/perceptronlabs

4. Suiscan

Block browser on Sui network enables users to track and query on-chain data of Sui network in real time.

Website: https://suiscan.xyz/devnet/home

Twitter: https://twitter.com/staketab

5. Shinami

Shinami aims to build a foundational developer platform for Sui. WebSocket API for developers on Sui; The Sui API, Node services, lets developers focus on building unique applications without having to run and maintain nodes. In addition, Shinami's Gas Station API allows apps to sponsor gas fees for their users' transactions. Shinami's team is mainly from Meta, CIRCLE, Tik Tok, Alchemy, etc.

Official website: https://www.shinami.com/

Twitter: https://twitter.com/ShinamiCorp

6. WELLDONE

Multi-purpose blockchain infrastructure with user-friendly interface, including Wallet, Code, AddChain And other functional components.

WELLDONE Wallet: Provides a wallet for all of a user's assets. And easily develop, test, and deploy on multiple chains.

WELLDONE Code: will WELLDONE Code The Remix IDE (development tool) seamlessly uses a variety of languages and compilers when building smart contracts.

WELLDONE AddChain: AddChain provides a user-friendly multi-chain lead, enabling users to smoothly add networks from one interface.

Website: https://docs.welldonestudio.io/

wallet

1. Ethos

The unmanaged wallet built on Sui network now provides a Google browser plug-in version, and users can customize the name and background color of the wallet. In addition, Ethos also created a wallet browser, which enables users to manage wallet assets, conduct transactions, and view Sui games and NFT in the form of web pages by connecting to the wallet address. This function currently integrates Ethos wallet and Sui wallet.

Official website: https://ethoswallet.xyz/

Twitter: https://twitter.com/EthosWalletXYZ

2. Martian Wallet

web3 wallet, built on Aptos and Sui public chain, has been integrated with Twitter. Martian currently has more than 1.5 million total installs, and the Chrome extension has more than 500,000 active users per week. Martian supports browsing and purchasing NFT.

Website: https://martianwallet.xyz/

Twitter: https://twitter.com/martian_wallet

3. Morphis

Web3 wallet built on Sui enables users to manage all assets of Sui public chain in one stop through Morphis wallet, including mint and transactions of NFT. Wallet will include chrome add-ons as well as Android and IOS Mobile version.

Website: https://morphiswallet.com/

Twitter: https://twitter.com/morphis_network

4. Suiet

For Sui Network Wallet, users can access mint related NFT assets through Suiet wallet with one click. Suiet Wallet includes a browser plug-in and a mobile App version.

Official website: https://suiet.app/

Twitter: https://twitter.com/suiet_wallet

5. Sui Wallet

The official wallet developed by Sui web development team Mysten Labs. It is currently available as a Chrome plugin. Currently, sui network is in the testing phase, and users can directly receive Sui through Sui Wallet. Test coins are used for interactive experience of ecological App.

The wallet links: https://chrome.google.com/webstore/detail/sui-wallet/opcgpfmipidbgpenhmajoajpbobppdil

Web3

1. ComingChat

ComingChat is a mobile Web3 application that supports a full-chain ecosystem, covering encrypted communication, social networking, wallet, NFT, decentralized digital identity, full-chain exchange, bitcoin lending and other features.

ComingChat has three chat modes: private chat, encrypted group chat, and unencrypted group chat. Private chat and encrypted group chat use the Signal protocol to encrypt communication through the KDF ratchet algorithm and public key signature.

ComingChat is OmniBTC's mobile portal, and in ComingChat's "OmniSwap" interface, users can exchange native assets on two different chains with one click, eliminating the need for cross-chain Bridges. In ComingChat's "OmniLending" interface, users can mortgage multiple assets and borrow multiple stablecoins on any chain with one click.

Users can play a variety of mini games at the ComingChat Mini Game Studio. Mini game is a new type of blockchain game product form with small program as the carrier, with no download, click to play, light experience and other characteristics.

ComingChat SocialFi The account system, payment tools and social features provided will create a vertical game on Sui. NFT Trading platform.

Official website: https://www.coming.chat/

Twitter: https://twitter.com/ComingChatApp

2. Polymedia

Polymedia has developed several Web3 DApps based on the Sui network, including:

Polymedia Profile: A fully on-chain identity system that can be easily integrated into third party apps via the SDK tools.

Website: https://profile.polymedia.app/

Polymedia Chat: A social APP that allows users to join other people's chat rooms or create their own.

Website: https://chat.polymedia.app/

Got Beef: An on-chain betting platform, Got Beef offers a robust escrow system coupled with a flexible voting mechanism that makes betting safe and transparent.

Official website: https://gotbeef.app/

Polymedia website: https://polymedia.app/

Polymedia twitter: https://twitter.com/polymedia_app

3. Quask

A paid knowledge-based question-and-answer system based on social networks and cryptocurrency markets; By paying for knowledge, users can get professional advice or answers from professionals. Quask users can authenticate as celebrities, answer questions from other users, and receive revenue and Quask tokens. Quask is planned to be deployed on multiple chains in the future and will be supported in the future. ETH, DOGE, BSC, SUI, POLYGON, NEAR.

Official website: https://www.quask.xyz/

On Twitter: https://twitter.com/AMA_web3

4. Suia

The social dApp built on Sui has the following functions:

Participate in the activities of community organizations;

Collecting artworks, souvenirs and photographic works created by the creators;

Unlock games created by each brand. NFT Proof of contribution;

In a composible form with PFPs Interaction;

Short video platform like Tik Tok.

Suia received Sui Grants and Sui Builder Heroes from the Sui Foundation.

Official website: https://suia.io/

On Twitter: https://twitter.com/suia 2023

5. Sui Name Service

sui, a domain name service provider whose first product is a ".sui "domain address, has about 410,000 wallet addresses and more than 580,000 domain names registered on its platform, according to its website.

Sui Name Service completed a Pre-seed round of financing in October last year with the participation of Mysten Labs, Sui's official development company. Sui Name Service expects to issue 100 million tokens in the third quarter of this year, 25 percent of which will be used for community airdrops.

Official website: https://suins.io/

Twitter: https://twitter.com/suinsdapp

6. WatorFlow

WatorFlow is a Web3 platform for Launchpad community rewards and tokens that runs entirely on the Sui chain. WatorFlow provides a variety of on-chain and off-chain tasks and activities for each project to manage, acquire, and reward users for each project. WatorFlow has built a blockchain-based anti-bot system for users to rate and comment on the chain, questions and answers, and suggestions.

WatorFlow is the only Launchpad that uses fully decentralized technology to ensure all IDO Information is recorded and updated to the public. WatorFlow will not issue tokens, and everyone can join IDO without having to buy or mortgage tokens. Instead, users need to learn, complete tasks, and support the project's community to join IDO.

Official website: https://watorflow.com/

Twitter: https://twitter.com/WatorFlow

Note: The above is only the introduction of some key projects in Sui ecology. 4 Month 7 A day, a day, a day. It's official. Sui Directory, developers and projects can submit applications for related project materials on the SUI Directory, and users can proceed. Sui Ecological project search and search. Here's the link:

https://sui.directory/

2.4 Sui Social media heat

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Three, token economy model

The original assets of Sui are called SUI (https://docs.sui.io/devnet/learn/tokenomics), which usually use uppercase SUI To distinguish between tokens and Sui platforms. The upper limit of total supply of SUI is 10 billion tokens. A portion of the total SUI supply will become current assets upon mainnet start-up, and the remaining tokens will be released or distributed in installments over the next few years for future equity incentive subsidies.

The overall goal of Sui is to implement an economic system that makes the incentives of the various entities participating in the Sui ecosystem consistent. The goal was to make Sui's financial system comparable to its engineering design, so that the smart contract platform could provide an ecological economy with billions of participants.

3.1 Use case for SUI tokens

There are four main use cases for SUI tokens on the Sui platform:

Users can pledge SUI To participate in the Proof of Interest Mechanism (PoS)

2. Pay Gas fees to perform transactions and other operations

SUI is the denomination of the asset that pays for the gas required to execute and store a transaction or other operation

3. Multifunctional and current assets supporting the entire Sui economy

SUI can be used as a versatile and liquid asset for a variety of applications, including standard functions for currencies, units of account, medium of exchange, or stores of value -- as well as by smart contracts, interoperability, and groups

The more complex functions that conformance achieves in Sui ecosystems

4. Participate in on-chain voting to play an important governance role

By being the right to participate in on-chain voting, SUI tokens play an important role in governance, such as protocol escalation issues

The economic characteristics of Sui were mainly composed of three groups of participants:

Users submit transactions to create, transform, and transfer digital assets or to interact with more complex applications enabled by smart contracts, interoperability, and composability

SUI Token holders may choose to pledge their tokens to the verifier and participate in the proof-of-interest mechanism. SUI The owner also has participation. Sui Right to govern

The verifier manages transaction processing and execution on the Sui platform

The economic model of Sui is as follows:

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Image source: https://docs.sui.io/devnet/learn/tokenomics

Due to the limited number of SUI tokens, if Sui unlocked many use cases and millions of users migrated to the platform, the same number of tokens would need to be used for more economic activity in the long run. In addition, the existence of a storage fund creates important monetary dynamics, as higher on-chain data requirements translate into larger storage funds, thereby reducing the number of SUI in circulation.

3.2 Allocation of SUI tokens

The Sui Foundation released the details of the SUI Token economy allocation on December 14, 2022 (https://sui.io/resources-tokenomics/sui-token-allocation/), in which:

The foundation manages 50% of the community reserves.

Early contributors accounted for 20%.

Investors accounted for 14%.

Mysten Labs Vault 10%.

Community access plan and application testers accounted for 6%.

"The Sui Foundation will make rewarding and distributing Sui tokens to early SUI community members a top priority," Mysten Labs said.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

The Sui Foundation-managed Community Reserve holds more than half of the SUI tokens, which will be used for a variety of community programs:

Delegation Program: The Foundation will help launch community-run validators and promote equitable equity distribution of network validators by delegating its tokens to coordinated third parties.

Grant Program: The Foundation will distribute tokens directly to developers, community ambassadors, and other participants who build and create educational materials on Sui to make Sui more accessible.

Research and Development: The Foundation will support the further development of the Sui agreement, ensuring that its technological advantages remain intact even in the distant future

Validator Subsidies: The foundation has set aside a significant amount of tokens to subsidize the pledge awards in the early days of the network.

In addition to the Sui Foundation's efforts, Sui community members will be able to purchase Sui tokens in the early stages of the SUI main network. The Community Access Program will give Sui enthusiasts direct access to SUI without having to participate in the foundation's program. These tokens will also support community members who have already interacted and tested Sui Apps to help improve the Sui ecosystem during the development net and test net phases.

3.3 Advantages of SUI tokens

Alonso, chief economist and head of financial products at Mysten Labs, was involved with SUI tokens on July 19 of last year AMA (https://medium.com/mysten-labs/recap-sui-ama-tokenomics-ca 00967 b 937 d) SUI The advantage of tokens is that the construction of token economics is very much in sync with innovation and engineering. Mainly from the following two aspects:

When transactions on Sui are run with objects that are independent of each other, they can be executed in parallel. Because Sui has the capacity for causal ordering, the chain can expand essentially horizontally if the demand for network activity increases at any given point in time. Each verifier can add more computing power to ensure that they can execute these transactions in parallel, providing: high TPS, low latency, and a good user experience.

Sui has the ability to process any amount of on-chain data, ensuring that on-chain storage is available to anyone, and that the user pays for the storage space required.

In addition, Alonso pointed out that Sui's POS incentive allocation rules created a market that promoted low reference gas rates by increasing the returns of price verifiers with low reference gas rates and by penalizing verifiers who did not comply with the initial submitted offer. At the same time, he believes it is a win-win mechanism for all:

Customers pay low and predictable gas rates throughout the epoch

The verifier will only set the reference gas rate for a viable business model operation, operate in a competitive environment and be rewarded

This contributes to the long-term growth of the ecosystem, which benefits. Sui token holder

3.4 Sui Tokens will go live on three exchanges

On April 15, OKX, Bybit, Kucoin and other exchanges announced that they would launch Sui Token, and relevant exchanges all had the subscription mechanism of Sui Token whitelist. There is no news on Binance launching Sui Token for the time being.

Taking the OKX announcement as an example, the selling price of the token for the general distribution of SUI is 1 SUI = $0.1, and the maximum number of individual purchases is 10. 000 SUI. Additional recognition sales are available for Sui ecosystem contributors only. To participate in the recognition sale, users must have been officially whitelisted by the Sui Foundation. Whitelisted users can start from 25, 000, A maximum of $0.03 from a pool of 000 SUI. 500 SUI, the token will be fully unlocked during mainnet startup.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

Iv. Sui Network and technical Progress

Sui (https://docs.sui.io/learn/how-sui-works) is by its speed and scalability to reshape the encryption industry, its innovative method using a large amount of chain block trading involves the non-overlapping state of facts, so as to realize the parallel processing. In addition, Sui optimized single-write objects to eliminate the need for consensus in simple transactions.

Unlike traditional blockchains, which rely on "fire and drop" broadcasts, Sui's design enables the requestor or agent to proactively communicate with the verifier to finalize the transaction, resulting in a near-instant end result. With latency so low, Sui was a key driver of incorporating transactions into games and other environments that needed to be completed in real time.

Sui also supports smart contracts written in Sui Move, an adaptation of the powerful asset-centric Move language for the Sui blockchain to achieve strong intrinsic security and an easier to understand programming model.

In a world where bandwidth costs are decreasing, Sui is creating a service ecosystem that will turn activities like trading and voting on behalf of users into simple, fun, and perhaps profitable activities.

4.1 Overview of the working principle of Sui

Basic concepts of Sui:

Objects - Sui has programmable objects that are created and managed by the Move package (aka smart contract). Move packages are objects themselves. Thus, Sui objects can be divided into two categories: mutable data values and immutable packets.

Transaction - All updates to the Sui ledger are made through transactions.

Verifier -- The Sui network is operated by a set of independent verifiers, each of which runs its own instance of Sui software on a separate machine (or cluster of machines operated by the same entity).

Sui is a distributed ledger that stores a collection of programmable objects, each with a unique ID. Each object is owned by an address, and each address can have any number of objects.

The ledger was sent to a specific addresstransactionPerform the update. A transaction can create, destroy, and write objects, as well as transfer them to other addresses.

The verifier on the Sui blockchain does not need consensus to process transactions involving exclusively owned objects. Instead, they utilized Byzantine consistent broadcasting to execute transactions in parallel at high throughput. For transactions involving shared objects, the verifier uses Bullshark, a high-throughput DAG-base consensus protocol.

System overview

Sui assumed that a typical blockchain transaction was a user-to-user transfer or asset operation, and optimized for this situation. Therefore, Sui distinguishes between two types of assets:

(i) Owned objects, which can only be modified by their specific owner, should not be contested;

(ii) Shared objects, with no specific owner, can be modified by multiple users. This distinction allows designs to achieve very low latency by abandoning consensus on simple transactions involving only their own objects.

In Sui, consensus is required only when the transaction involves a shared object. To this end, Sui adopted mempool based on Narwhal DAG and Efficient Byzantine Fault-tolerant (BFT) consensus via Bullshark. When it comes to shared objects, Sui validators play a similar role to validators in other blockchains, ordering transactions that access the shared object entirely.

Because Sui focuses on managing specific objects rather than a single aggregation state, it also reports on them in a unique way:

(i) Sui Each object has a unique version number

(ii) Each new version is created by a transaction that may involve several dependencies and is itself an object of the version.

Thus, the Sui verifier or any other entity with a copy of the state can show the causal history of an object, showing its history since creation.

Sui ensures that transaction processing is subject to final consistency in the classical sense. This can be broken down into two parts:

Ultimate Delivery - If one honest verifier processes a transaction, all other honest verifiers will eventually do the same.

Pooling - Two verifiers who have seen the same set of transactions have the same view of the system (reaching the same state).

But contrary to typical blockchains, Sui does not stop the flow of transactions until the end of an epoch in order to witness the "outcome."

4.2 Progress of Test Network

4.2.1 Wave 1

On November 17, 2022, Mysten Labs announced. Sui Test network Wave 1 Put into use. Wave 1 focuses on node operators. Sui released its open application to node Operators in August and received over 28,000 applications as of November. Mysten Labs finally selected several hundred operators to run the validator and full nodes.

Sui Developer Network (Devnet) and Test Wave I (Test Wave 1 ) The key difference is the introduction of independent validators in the Testnet phase. Under the developer network, Mysten Labs operates four validators to verify transactions on the network. The test network includes third-party validators and full nodes selected from the public application process.

Test Wave 1 ended on December 1, 2022 after several weeks of operation, with independent verifiers and node operators spread across eight time zones and 10 countries. The main work carried out during the period is as follows:

Genesis Block: Test Wave 1 , successfully conducted a cooperative creation ceremony with the verifier to bring Sui network online.

Monitoring: Global monitoring has been established to observe consensus health, network health, throughput, and resource usage.

Communication: Node operators need a communication channel to coordinate creation ceremonies, ask about changing metrics, share problems, and learn about software patches. During Wave 1, the Mysten Labs team communicated effectively by creating a single Discord channel.

Problem mitigation: Wave 1 exposed teams to the hands-on process of detecting, diagnosing, and mitigating network events involving disconnection, misconfiguration, file errors, node synchronization and catch-up, consensus reliability, machine resource consumption, and transaction traffic surges.

Update: With Wave 1, Sui rolled out three different software updates to mitigate the issues that arose. All node operators were able to update to the new version without downtime or data loss.

The test net usage during Wave 1 is as follows:

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

V. Potential Uncertainty of Sui Development in the Future

5.1 Competition of the public chain track

Traditional blockchain verifiers collectively build a shared accumulator. In a blockchain that provides a deterministic end result, each time a verifier wants to make an incremental addition to the blockchain, known as a block proposal, they rank the proposals. This protocol allows them to form an agreement on the current state of the chain, whether the proposed increment is valid, and the state of the chain after the new addition.

This approach to maintaining a common state over time has had practical success over the past 14 years or so, using a wealth of theories from the Byzantine fault-tolerant distributed system field of research over the past 50 years. However, it is essentially sequential: the increments in the chain are added one at a time, like pearls on a string of pearls. In practice, this approach suspends the influx of transactions (typically stored in a "mempool") while the current block is considered.

In each round of market cycle, the public chain circuit has been one of the most fierce competition areas, attracting the attention and investment of many enterprises and developers. Layer 1 public chain, such as Solana, Cosmos, Avalanche Together with BSC, Ethereum captured a lot of value and development talent, with a market value of more than $300 billion at the peak of the market. Although this number was significantly reduced during the market downcycle, there is a renewed focus on network scale scalability, security, and continued innovation around technology design. Aptos And Sui The teams and architectures of both unicorns are derived from Meta's former projects Diem and Novi, further fueling the buzz and discussion.

万字解读公链 Sui：发展史、生态全景、技术性能与代币经济

5.2 Meta is a similar competitive network

Aptos and are also public chain projects belonging to the Meta family with Sui. Linera, the founders of the three public chains all came from Meta. The team members were the main creators and core developers of Diem and crypto wallet Novi, and a16z participated in the investment.

Judging from the current development of the three public chains, the main network of Aptos has been online, which has a slight advantage in terms of ecology and progress. However, because the three public chains have a great degree of overlap in terms of background, technology and institutional support, the future progress of similar competition remains to be observed.

5.3 The main Net is Landed

Of course, certain problems will inevitably be exposed in Sui test network, such as processing too much information or transaction. More robust handling of type parameter input for transactions; Narwhal consensus delay improvement, but the earlier the problem found, the more conducive to the official as soon as possible to solve the problem.

However, there are still differences between the two rounds of test network that have been carried out and the environment of the future main network. Due to the adjustment of test nodes, number of people and configuration, although the safety of core functions may be ensured, problems that may occur after the main network is put online cannot be excluded.

At the same time, some technical problems may be adjusted in the next permanent test network, which may affect the original online time of the main network and then affect the progress of some related ecological projects.

5.4 Learning cost

Although Sui Move language is highly innovative, the new language will also increase certain learning costs. In addition, it requires a certain amount of time to re-learn and build in terms of ecological security, audit, development infrastructure and other aspects. How to attract more developers for Sui to build an ecological future and ensure enough security of the upper application is still an inevitable problem.

Vi. Summary

The overall development of the public circuit has been sluggish in the last cycle, but in the meantime, many other layertracks have been growing. Project 1 emerged from the previous bear market and achieved rapid development in the subsequent market expansion.

It is still a difficult task for Sui to develop its own characteristic development path on the public chain track. Although there is no perfect path, it may require a large amount of capital and talent investment, and it will take months or even years to establish, expand, promote and gradually improve. However, Sui paid more attention to applying the underlying technology innovation to its business, and focused its development on the game direction. Sui planned to invest more resources and energy in the game field to promote its development in this field, so as to establish an active ecosystem, governance framework and user support.

From the technical point of view, Sui has carried out its own innovation at every level, and conducted more in-depth research in terms of security, smart contract, flexibility of programming mode and compatibility. With the coming online of Sui's main network in the future, it may be able to make drastic changes in Layer . 1. Get a place on the track.