Spam: The driving force behind Sui’s daily transaction volume exceeding Solana

2024-05-08 14:56

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Original title: "Interpreting Spam: The "Behind-the-scenes Pusher" that Makes Sui's Daily Transaction Count Exceed Solana"

Original author: Alex Liu, Foresight News

The Exploding Number of Transactions on Sui

A piece of news from Degen News, a media outlet that focuses on reporting on the Solana ecosystem, recently sparked heated discussions: "Sui's daily transaction count has exceeded Solana." Doubts flooded in: "There must be something wrong with the data, not many people are using it!", "Did they count the number of instructions as the number of transactions again?" - Sui has previously been criticized for confusing the number of instructions with the number of transactions in its promotion. (A transaction may include several instructions)

Solana co-founder Toly generously forwarded the message and sent congratulations, and Sui co-founder and CPO Adeniyi also clarified that "these are all independent transactions" and emphasized the authenticity of the data.

Related tweets

Why did the number of transactions on the Sui chain surge? Adeniyi @ the instigator of all this - Juzy, the developer of Spam. What is Spam and how can I participate?

What is Spam?

In short, Spam is a PoW project on a PoS chain, similar to Ore on Solana. Users earn tokens by continuously sending transactions. The more transactions they send, the more tokens they get. Gas fees are the only cost of obtaining tokens.

The total amount of SPAM tokens is 100 billion, and 1 billion are mined every day for a total of 100 days. The daily inflation rate of tokens gradually decreases.

The first day of token inflation was 100%, and the last day it dropped to 1%

Such tokens obviously have no functional value, but they are sought after because of these characteristics: everyone can participate equally, there is no whitelist; the token supply is predictable, simple and transparent; the team does not pre-mine, and the distribution is fair; the only cost is Gas.

So we found that all this is not new. Fair distribution is a concept that has been hyped for more than half a year, and the gameplay concept of Spam seems to be similar to Ore.

But there is still a difference. PoW on the PoS chain sometimes serves as a "performance test" of the underlying chain. Solana exposed problems in the Ore test, and the transaction success rate dropped to a low point, maintaining a state of almost unavailable entire chain for several days. Sui seems to have withstood the stress test. Despite the surge in the number of transactions, the transaction success rate, confirmation speed and fees are still in good condition. So after the news that the number of transactions per day exceeded Solana, the subsequent actions seem to have become a "joint marketing" between Sui and the project party. And the Sui official has indeed strongly supported Spam, and official accounts and co-creations have reposted it, and even the SPAM-SUI LP on Turbos has begun to receive official subsidized SUI token incentives.

Spam founder announces SPAM-SUI receives token incentives

How to participate in Spam?

To consume SUI Gas to mint SPAM, you need to go to its web minter, where an in-browser wallet will be generated for Spam.

The web minter will automatically do everything: automatically send transactions, mint coins, and claim SPAM. Just transfer any amount of SUI for transaction fees to the wallet, click start, and you're done. The overall operation is actually simpler than the previous Ore.

Spam Web Minter

You can also use existing wallets for Spam, but you need to load the private key into the web minter program for use. If you have other assets (such as NFTs, etc.), this is not recommended because it is a bit risky to save the private key in the browser storage.

Also, remember to register before Spam! Spam's counter works like this: a new counter is created every day, a transaction is sent on the 1st day, and it must be registered on the 2nd day. From the 3rd day, SPAM can be minted at any time.