4D Interpretation of Public Chain Sui: Development History, Ecological Panorama, Technical Performance and Token Economy

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4D Interpretation of Public Chain Sui: Development History, Ecological Panorama, Technical Performance and Token Economy

CryptoJ

2023-04-17 10:14

本文约18360字，阅读全文需要约73分钟

With the launch of the main network in the future, Sui may be able to gain a place in the fierce Layer1 track.

Original author: AppleJ, CryptoJ researcher

The "Meta-system" public chain represented by Aptos and Sui has gained market recognition under the background of giant round financing and new narratives. The teams and overall technologies of the two companies are derived from Facebook's defunct Diem and Novi projects. In August 2022, CryptoJ will be"Wanzi Interpretation of Public Chain Aptos: Opportunities and Challenges under the First Mover Advantage"The report introduced the development of Aptos project in detail. With the launch of the Aptos main network, the market has turned some attention to Sui. Compared with Aptos, Sui pays more attention to the innovation of the underlying technology, aiming to become the first Internet-scale Although from the current state, Sui's development route is slightly slower than Aptos, but 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 testnet, the market has high hopes for its innovative ideas in the next expansion cycle.

CryptoJ will conduct a brief discussion based on public information from the basic situation of the Sui project, ecological development, token economic model, technology network progress, development planning, etc. The research content of this article is for reference only and does not constitute any investment advice.

Summary of the highlights of this article, TL;DR:

first part:Introduce the basic situation of Sui from the basic positioning of Sui, important events since its development, time node, main team background, public financing situation, etc.;
the second part:Use GameFi and Metaverse, DeFi, NFT, wallet, infrastructure and development tools, Web3 and other modules as the entrance to sort out Sui's existing ecological projects and its main social media popularity;
the third part:Introduce Sui token economy, use cases, total amount, advantages and public offering rules in detail;
fourth part:Explore Sui's existing network and technological progress from the aspects of Sui's working principle and the progress of the three testnets;
the fifth part:first level title

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1.1 Brief introduction of Sui

Sui (https://sui.io/) is a Layer 1 public chain redesigned and constructed based on first principles. Starting from the underlying design, it allows creators and developers to more easily create an experience that satisfies the future 1 billion users of Web3. Sui is a decentralized proof-of-stake blockchain with horizontally scalable throughput and storage, allowing high-speed and low-cost application development.

document

Medium

https://medium.com/@mystenlabs

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

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

document

https://docs.sui.io/

official website

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

No public

Sui Network

Origin of the name Sui

Sui (pronunciation: swē), the word is derived from the element of water in Japanese philosophy, in order to resemble the power of the sui element lies in its fluidity - its ability to easily adapt and change any environment. Likewise, the Sui platform seeks to provide a flexible network that can be leveraged to shape the new landscape of the Web3 world.

Mysten Labs, the development company behind Sui

In 2021, several employees from the Novi research team under Facebook (later renamed Meta) jointly established Mysten Labs(https://medium.com/mysten-labs/announcing-sui-1 f 339 fa 0 af 08 ) - a company working to rethink Web3 infrastructure from first principles. Sui is the team's first initiative, and it is not a derivative of the Diem network, nor is it an incremental improvement. Sui is a stepwise functional advancement of blockchain technology to meet the needs of the next generation of cryptocurrency users and developers.

Sui protocol features

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

Scalability, instant settlement
A secure smart contract language that mainstream developers can use
Ability to define rich and composable on-chain assets
Provide better user experience for Web3 applications
Mempool based on Narwhal and Bullshark dag and efficient Byzantine Fault Tolerant (BFT) consensus
Causal Order vs. Total OrderMassively parallel execution possible
Sui's Move variant and its object-centric data model enable composable objects/NFTs
blockchain-orientedMove programming languageSimplified developer experience

First, Sui'sCausal Order vs. Total OrderMassively parallel execution is possible: Sui forgoes consensus for many transactions while other blockchains always fully order them. Causally ordered transactions allow Sui to execute many transactions massively in parallel; this reduces latency and allows validators to utilize all of their CPU cores.

second,Sui's Move variantand its object-centric data model enable composable objects/NFTs:Sui uses the object modeland useSui MoveA strong ownership model further extends this approach to more involved transactions that may explicitly depend on multiple elements under the control of their sender. By requiring explicit dependencies, Sui applies a "multi-channel" approach to transaction verification, ensuring that these independent transaction processes can proceed without being hindered by others. This doesn't mean that Sui as a platform never orders transactions with each other, or that it allows owners to only affect the microcosm of objects they own. Sui also handles transactions that affect some shared state in a strict, consensus-ordered manner.

Third, Sui’s blockchain-orientedMove programming languageSimplified developer experience: Sui's asset-centric programming model makes the developer experience easier.

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1.2 Sui Development History

It has a "same line" development path with Aptos. Tracing Sui's development history so far, of course, we have to mention the predecessor of the team members, Meta (formerly Facebook).

Mysten Labs Goes Public, Announces $36M Series A Funding

December 7, 2021Mysten Media wrote an article titled "Introducing Mysten Labs: Building 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 into the market’s field of vision, established Mysten Labs, by laying the foundation for a decentralized network stack suitable for large-scale adoption, aimed at solving scalability and programmability issues, and unlocking the drivers that Web3 can achieve force. The main team members are fromNovi Research(Meta Advanced Encryption R&D Team).

Mysten Labs also announced the completion of a US$36 million Series A round of financing 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 investors in the Web3 space.

Mysten Labs announced the launch of Layer 1 public chain Sui

On March 23, 2022, Mysten Labs announced (https://medium.com/mysten-labs/sui-developer-kit-building-optimized-ux-488 ec 3 f 3 f 1 d 2 ) the release of a Layer 1 public chain. Sui is a permissionless proof-of-stake (PoS) blockchain network. The 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 has been designed from the ground up to facilitate instant settlement, delivering high throughput, low latency, and low cost to power applications with billions of users.

Sui plans to be the easiest-to-use smart contract platform; empowering developers to create a great user experience. Hope Sui is approachable to everyone, both end users and content creators. As Sui moves forward, the product roadmap includes a set of building blocks -- the Sui Developer Kit -- that make developing on Sui an easy development activity.

Mysten Labs Releases Sui Test Network Sui DevNet

On May 6, 2022, Mysten Labs announced that (https://medium.com/mysten-labs/sui-devnet-public-release-a 2b e 304 ff 36 b) launched Sui DevNet, Sui’s first test network. DevNet enables validator clients run by Mysten to send transactions and read requests through a CLI wallet; is also a public web browser for browsing DevNet transaction history; and can be a Discord channel for requesting test tokens, available on testnets Pay for gas.

Mysten Labs Announces Sui Token Economic Model and Incentive Mechanism

On May 31, 2022, Mysten Labs announced (https://medium.com/mysten-labs/announcing-sui-tokenomics-9 cb 829086 e 30) the token economics and SUI incentives of its Layer 1 public chain project Sui Mechanism-related content.

Mysten Labs said that the token of the public chain project Sui is SUI, with a total supply of 10 billion pieces, part of which will be circulated when the main network is launched, and the remaining SUI will be unlocked or distributed in incentive activities in the next few years. The four uses of SUI include participating in PoS pledges, paying Gas fees, supporting the Sui economic system, and participating in on-chain voting.

Public chain Sui opens incentive testnet registration

On August 2, 2022, Sui announced that (https://sui.io/resources-sui/validator-registration-open/? utm_source=social&utm_medium=social&utm_campaign=registervalidator) has opened the incentive test network registration, verifiers, developers, and Sui enthusiasts can apply to participate. The Sui Foundation will reward 2,000 SUI for each validator who participates in the testnet "wave", and promises to pledge up to 10% of the supply of Sui tokens to the best-performing validators who continue to participate in the Sui mainnet. SUI token rewards are only provided after the Sui protocol mainnet is launched, and have a one-year lock-up period.

Sui development team Mysten Labs completes $300 million in financing

On September 8, 2022, Sui development team Mysten Labs(https://twitter.com/SuiNetwork/status/1567871062041321472 ) completed a $300 million financing, led by FTX Ventures, with participation from a16z Crypto, Jump Crypto, A&T Capital, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and Bixin Ventures.

Sui Foundation launched

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 about Sui's initial token distribution, the process of obtaining Sui Foundation pledge delegation, 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 mission of decentralization and community building.

The Sui Foundation released the SUI token distribution rules, and the community reserves managed by the foundation accounted for 50%

On December 14, 2022, the Sui Foundation released (https://sui.io/resources-tokenomics/sui-token-allocation/) the details of the distribution of SUI token economics, in which the community reserves managed by the foundation account for 50%, Early contributors accounted for 20%, investors accounted for 14%, Mysten Labs treasury accounted for 10%, community access programs and application testers accounted for 6%, and stated that "Sui Foundation will reward and distribute SUI tokens to early Sui community members. as a top priority."

Sui Network launches Sui Testnet Wave 2

On January 26, 2023, Sui Network announced (https://twitter.com/SuiNetwork/status/1618383406903230464) that Sui Testnet Wave 2 has been launched. Similar to Wave 1, it will run for several weeks. This testnet will focus on testing Sui The network's epoch management, Gas mechanism, token economics and equity pledge, etc., will be stress tested through two test games, Frenemies and Validator Game.

The Sui mainnet is expected to be launched in Q2, 2023

On March 22, 2023, Sui's official Twitter (https://twitter.com/SuiNetwork/status/1638243961348456449) stated that its mainnet is expected to be launched in Q2 this year, and a series of activities called "Wave to Mainnet" will start and content, aiming to further introduce the Sui protocol to the community, and stated that there is currently no formal airdrop plan.

Mysten Labs to Repurchase Preferred Stock and SUI Token Subscription Warrants from FTX for $96.3M

On March 22, 2022, according to court documents (https://t.co/kkmfCmnE V1), Mysten Labs reached an agreement with FTX debtors to repurchase FTX’s equity investment in Mysten Labs and SUI representatives for $96.3 million in cash. Currency certificate. This means that FTX creditors are able to recover more assets.

Sui launches permanent testnet

On March 29, 2023, Sui Network announced (https://sui.io/resources-sui/announcing-permanent-testnet/secondary title

1.3 Key Team Members

Meta's innovative technology has adopted the core principles of the blockchain-based cryptocurrency system and introduced Turing's complete smart contracts. With its innovative and forward-looking technology, it provides developers with more flexibility. The emergence of this technology has enabled blockchain technology to be more widely used in various fields.

Tracing back the initial development paths of Sui and Aptos, it is not difficult to find that the development of both has been inspired and influenced by Meta technology to a certain extent, and the core team members of Sui and Aptos have a high degree of similarity in terms of work experience and technical background , Sui's main team members are from Novi Research (Meta's advanced encryption R&D team).

Evan Cheng — — Co-Founder & CEO

Evan Cheng (https://www.linkedin.com/in/chengevan/), CEO and co-founder of Mysten Labs, ten years at Apple from 2005 to 2015, joined Facebook in November 2015 , In June 2018, he was responsible for the research and development of the Meta encrypted wallet.

Sam Blackshear — Co-Founder and CTO

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

Adeniyi Abiodun —— Co-Founder & CPO

Adeniyi Abiodun (https://www.linkedin.com/in/emmanuel-abiodun/), Co-Founder and CPO of Mysten Labs, Head of Product at Meta Novi from August 2019 to November 2021 and previously at In VMware, Oracle, PeerNova, HSBC, JPMorgan Chase, etc.

George Danezis - Co-Founder and Chief Scientist

George Danezis (https://www.linkedin.com/in/gdanezis/), Co-Founder and Chief Scientist, Mysten Labs, Research Scientist at Meta Novi from February 2019 to July 2021, September 2007 to 2013 He worked as a researcher at Microsoft for several years.

Kostas (Konstantinos) Chalkias — Co-Founder and Chief Cryptographer

Kostas (Konstantinos) Chalkias(https://www.linkedin.com/in/chalkiaskostas/secondary title

1.4 Financing situation

Aptos and Mysten Labs have high similarities in terms of investment, both are backed by many influential investment firms in the industry including a16z, Coinbase Ventures, Jump, Circle, etc. According to data from Crunchbase (https://www.crunchbase.com/organization/mysten-labs/investor_financials), as of April 10, 2023, Mysten Labs has completed a total of US$336 million in financing. Participated in two rounds of public financing so far.

Series A

On December 7, 2021, Mysten Labs announced that (https://medium.com/mysten-labs/introducing-mysten-labs-building-foundational-infra-for-web3-7e5ec3df1ccb) completed a $36 million Series A round of financing led by a16z, with participants 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 many other funds and angel investments in the Web3 space.

unknown round

According to the Finance Times report (https://www.ft.com/content/aaa4a42c-efcc-4c60-9dc6-ba6cccb599e6）, a table of funds of venture capital funds related to Sam Bankman-Fried Capital shows that FTX Ventures Ltd. participated in the investment of Mysten/Sui Foundation Token Warrant,The investment amount is $11,300.

Series B

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

) completed a $300 million Series B financing, led by FTX Ventures, with participation from new and existing investors, 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 companies and strategic partners.

Buyback of Preferred Shares and SUI Token Subscription Warrants from FTX

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2.1 Ecological development

In the highly competitive public chain track, if you want to stand out, you must have the application of substantive landing scenarios. In order to make progress in the field of NFT and GameFi, Sui is going all out, because its underlying technology is in the fields of games, social networking and DeFi. Excellent application scenarios with natural advantages. These fields have very high requirements for low latency and high throughput, and Sui is able to meet these requirements.

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2.2 Development Direction Taking Games as the Starting Point

Gaming, as one of the first verticals to rapidly adopt Web3, is a hot topic in the market. However, existing Web3 games are arguably viewed more as investments than games, with user retention 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 enormous 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 their creativity has been hindered by platform limitations and learning new programming languages.

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2.3 Ecological projects

The Sui ecosystem currently has more than a hundred projects built on the network, with use cases covering six major sections: DeFi, NFT, games and Metaverse, infrastructure and developer tools, wallets, and Web3. From the perspective of ecological layout, Sui cooperates with many traditional companies in the fields of GameFi, payment and cloud services to expand the ecological layout. However, judging from the current market public information, 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 has compiled the Sui native project development as of April 11, 2023 based on public information. details as following.

DeFi

1、Aftermath

Twitter:

Official website:https://aftermath.finance/

Twitter:https://twitter.com/aftermathfi

2、AirPay

AirPay issues a debit card and on-chain token holders can use AirPay to pay for services or goods with cryptocurrency at any NFC-enabled POS machine (retail, merchant, store) without opening a bank account. Features to be rolled out in the future include:

Mortgage NFT (10-30% of reserve price) in exchange for local currency;
Receive promotions and deals from various merchants and retailers through the agreement. Use promotions with AIR tokens as discounts;
Seamless payments for online services and merchants (Amazon, Uber, eBay);
Automatically pay different bills (electricity, water, gas, Wifi, mobile) using tokens

Twitter:

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

Twitter:https://twitter.com/hypermatterlabs

3、BeLaunch

Twitter:

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. Its main feature is the use of a centralized liquidity mechanism similar to the uniswap V3 version. Its main features include:

No permissions required: All major tools and functions on Cetus are basically built with permission-free standards.
Programmability: Cetus is building a highly customizable liquidity protocol based on CLMM. Through the flexible composition of swaps, range orders and limit orders, users can carry out almost all kinds of complex trading strategies. In addition, liquidity providers are also able to use CLMM to execute various Maker strategies to maximize their liquidity efficiency.
Composability: Developers and other DApps can easily access liquidity on Cetus to build their own products such as liquidity pools, derivatives, leveraged mining, etc. A new project team can also easily establish an interchange interface on its own front end by integrating the Cetus SDK to quickly access the liquidity of Cetus.
Twitter:

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

Twitter:https://twitter.com/CetusProtocol

5、DeepBook

DeepBook is a shared decentralized Central Limit Order Book (CLOB) built for the Sui ecosystem. Proposed by the MovEX team during the Sui Foundation's Denver Builder House, MovEX is working closely with Mysten Labs on the DeepBook's technology, and the Sui Foundation will provide funding.

DeepBook consists of two key parts — the core matching engine and the smart order routing engine. The matching engine uses an order book built on each asset sharing object. Order matching between assets happens on-chain, while the routing engine handles transactions off-chain.

Twitter:

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

Twitter:https://twitter.com/DeepBookonSui

6、Kuna labs

Twitter:

Official website:https://kunalabs.io/

Twitter:https://twitter.com/kuna_labs

7、MovEX

A hybrid liquidity DEX combined with AMM+Order Book. Inside MovEX there is a settlement engine that distributes orders between the AMM and the order book, guaranteeing minimum slippage for traders and fairness for liquidity providers.

Twitter:

Official website:https://app.movex.exchange/

Twitter:https://twitter.com/joinMovEX

8、SuiPad

Twitter:

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

Twitter:https://twitter.com/SuiPadxyz

9、Typus Finance

Typus is a yield-yield infrastructure built on Sui, which integrates Swap, lending and derivatives on the Sui ecosystem.

Twitter:

Official website:https://typus.finance/

Twitter:https://twitter.com/TypusFinance

10、Turbos Finance

Turbos Finance is a decentralized zero-slippage perpetual contract transaction and spot exchange built on Sui, and the transaction is supported by a unified multi-asset liquidity pool TLP. TLP is a total pool of funds composed of a series of encrypted assets. Any cryptocurrency can be used to mint TLP, such as SUI, ETH and USDC. At the same time, any encrypted asset can be redeemed by burning TLP, and TLP cannot be transferred between networks. 90% of Turbos revenue will be distributed to token holders and TLP liquidity providers.

Twitter:

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

Twitter:https://twitter.com/Turbos_finance

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

11、YouSui

Twitter:

Official website:https://yousui.io/

Twitter:https://twitter.com/YouSUI_Global

NFT

1、BlueMove

Twitter:

Official website:https://sui.bluemove.net/

Twitter:https://twitter.com/BlueMove_OA

2、Cramium

Official website:

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

3、Keepsake

Twitter:

Official website:https://keepsake.gg/

Twitter:https://twitter.com/KeepSakeMarket

4、OriginByte

Twitter:

Official website:https://originbyte.io/

Twitter:https://twitter.com/Origin_Byte

5、Rotten Us

Rotten will create the first Omega NFT series on Sui. The goal is to gather those who are interested in discovering opportunities in the Sui network and form a community. NFT will be issued after the Sui mainnet goes live. Rotten will be more than just a simple NFT collection. The community will launch more activities in the future, unite partners, focus on community development, and launch a liquidity mining competition before the project token ROTN is issued — Retroactive mining campaign.

Twitter:

Official website:https://rottenus.com/index.html

Twitter:https://twitter.com/Rotten_Us

6、Sui Gallery

Twitter:

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

Twitter:https://twitter.com/GallerySui

7.Souffl3

Official website:

Twitter:https://twitter.com/nft_souffI3

Official website:https://souffl3.com/

GameFi and Metaverse

1、Abyss World

Abyss World is an open world dark fantasy action RPG game based on Unreal Engine 5, supported by AMD, Epic Games and IGN. In Abyss World, players can explore the PVE world alone or with others as a lord, find treasures, defeat monsters to obtain equipment and in-game currency, and send them to the center of the game—the currency factory to forge better weapons and equipment , Form a stronger hero team to explore the new PVE world. In addition, players can also send their own hero team to participate in the battle in the PVP arena to compete with other players' hero teams. Players in Abyss World are divided into two categories: casual players and professional players. Casual players can participate in the game for free, while professional players constantly upgrade their equipment and learn new strategies, so that they have excellent equipment and have the opportunity to gain glory and honor, as well as generous rewards and equipment.

Abyss World is developed by Metagame Industries, a technology-driven game studio utilizing blockchain, artificial intelligence, and cloud gaming to build the next generation of Metaverse games.

Abyss World has launched the Gazer series of NFTs in March 2023, with a total of 2,100 pieces. The current floor price is 0.34 ETH (https://opensea.io/collection/gazeraw). The functions of this NFT mainly include:

Pass cards for the game closed test and public test;
Have the opportunity to get unique equipment and accessories airdrop;
Twitter:

Official website:https://www.abyssworld.games/

Twitter:https://twitter.com/AbyssWorldHQ

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

2、Arcade Champion