A Comprehensive Revelation of Sui's Ecological Development and Layout

Author: TinTinLand

In less than a year, the Layer1 blockchain Sui, founded by the Mysten Labs team, has rapidly risen to become one of the top ten in decentralized finance (DeFi). According to data from DeFi Llama, Sui's total value locked (TVL) has grown by over 1000% in just four months, surpassing many mature projects. Currently, the Sui ecosystem includes 22 DeFi protocols, with two having a TVL exceeding $100 million, and another four protocols also exceeding $40 million in TVL.

Greg Siourounis, the Managing Director of the Sui Foundation, expressed recognition of this achievement: "This growth momentum not only validates the advanced nature of Sui's technology but also reflects the dedication of the Sui community. The key point is that we observe products built by developers on the Sui platform are being used to solve real-world problems, which will lay a solid foundation for us to create a sustainable decentralized network."

This article is the third in a series about the Sui ecosystem, aiming to provide readers with a comprehensive overview of Sui's development trajectory and future potential. In the previous two articles, we explored "How Sui is Building the Next Web3 Development Platform for a Billion Users?" in the first article, and in the second article, "Let's Move Sui: Unlocking Blockchain's High-Performance Potential, Exploring Innovative Development Experiences," where we learned about the innovative development experience of the Move language. We encourage developers and blockchain enthusiasts to continue following TinTinLand for more exciting content!

Current Development Status of the Sui Ecosystem

Key Data and Network Performance

Since the mainnet launch in 2023, the development speed of the Sui ecosystem has been remarkable. As of May 2024, there are over 500 active nodes in the Sui ecosystem, distributed globally, ensuring the decentralization and high availability of the network. In this year and more, the Sui ecosystem has not experienced a single minute of downtime or performance degradation, achieving several impressive technical milestones. For example, the final confirmation time for transactions is only 400 milliseconds, with peak transaction processing speeds reaching 297,000 transactions per second in a controlled environment, and daily transaction volumes reaching as high as 65.8 million transactions.

Additionally, Sui's daily transaction volume remains robust. Since May, the total number of transactions processed by the Sui network has exceeded 309 million, with an average of over 100,000 active wallets participating in transactions daily. With its unique object-centric model and parallel processing mechanism, Sui can achieve a processing capacity of over 100,000 transactions per second, greatly surpassing the performance limitations of traditional blockchains. This efficient transaction processing capability not only provides users with a smoother experience but also attracts more developers and projects to build on Sui.

Move 2024 Version Update

The core smart contract programming language used in the Sui ecosystem, Move, has undergone a significant update. The 2024 update adds enumerations (Enums), macro functions, and method syntax, greatly enriching the developer's programming toolbox, enabling them to develop applications more efficiently and flexibly.

Enumerations allow developers to define a single type that can contain various data forms, which is more flexible than structs, as the fields of structs are always fixed, while enumerations can change their fields based on variable types. For example, in enum Option { None, Some(T) }, None has no fields, while Some contains a field of type T.

Moreover, the macro function feature in Move allows it to simulate higher-order functions such as map, filter, and fold, which are used in many programming languages for concise collection processing. Although Move does not support runtime behaviors like lambda functions or function pointers, the introduction of macro functions allows these higher-order operations to be inlined at compile time, thus improving efficiency and expressiveness.

These updates are expected to first go live on Devnet, followed by gradual rollout to Testnet and Mainnet, ensuring stability and reliability in production environments.

🚩 Check out the Move 2024 Migration Guide now

Infrastructure Development

To further enhance network performance and user experience, Sui introduced several technological innovations at the recent inaugural global offline conference, Sui Basecamp, including Mysticeti, which significantly shortens final confirmation times, and Pilotfish, which allows validator nodes to scale capacity across multiple machines. These innovations enable Sui to scale horizontally almost without limits, greatly enhancing the network's scalability.

Additionally, Sui has introduced unique technologies that make the blockchain more user-friendly for mainstream users. For example, zkLogin allows on-chain authorization with traditional OAuth providers like Google and Twitter, enabling all users to operate directly on-chain through single sign-on, eliminating the hassle of managing wallet addresses and seed phrases. zkSend utilizes zkLogin, allowing users to send and receive tokens simply by sharing or clicking a link. With Sui's extremely low transaction fees, the sponsored transaction feature enables developers to eliminate the last barrier for user participation. The Enoki solution provides enterprises with plug-and-play blockchain technology, allowing seamless integration with the Sui network, simplifying enterprise-level blockchain applications.

Community and Developer Activities

The rapid development of the Sui ecosystem is supported by an active community and developers. The Sui official team and community have organized various forms of activities, including online seminars, hackathons, and developer competitions. On April 21, 2024, Sui launched its first global hackathon, Sui Overflow. This event aims to inspire the innovative potential of developers worldwide. The event covers seven tracks, including infrastructure and tools, zkLogin, gaming, DeFi, mobile, and mass applications. Participants can showcase their work and compete for over $1 million in prizes. This hackathon is not only a platform for showcasing technology and creativity but also an important opportunity to promote the thriving development of the Sui ecosystem.

🔸 Join Sui Overflow now: https://Sui.io/overflow

🔸 Check out: "Analysis of Sui's First Global Hackathon Tracks, Are You Ready?"

Want to participate in the hackathon but don't know where to start? Don't worry! On May 16 (Thursday) at 20:00, TinTinLand invited Sui technical ambassador Teacher uvd to provide a comprehensive analysis of the Sui Overflow tracks and outstanding projects. If you missed the live broadcast, you can watch the replay below to get expert guidance and find the best direction for your hackathon journey!

Live replay: https://www.bilibili.com/video/BV1Yt421M7Q4/

Popular Tracks and Project Introductions

NFT

The Sui ecosystem has also performed impressively in the NFT track. NFT projects uniquely identify assets such as digital artworks, collectibles, and game items through blockchain technology, endowing them with unique value.

Fuddies, a well-known NFT project on Sui, is famous for its unique artistic style and strong community support. Fuddies is not just an art collectible but also a vibrant community that regularly hosts various events and benefits.

Learn more: https://t.co/KBRCAO8eOc

DeSuiLabs is dedicated to creating a series of high-quality NFTs covering various fields, including artworks and game assets. Its innovative technology and rich content have attracted a large number of users and investors.

Learn more: https://heylink.me/DeSuiLabs/

Inscription & MEME

Sacabam is a highly regarded Inscription project in the Sui ecosystem, allowing users to record any content on the blockchain through simple operations, ensuring the immutability and permanence of information.

Learn more: https://linktr.ee/sacabamfun

The FUD project focuses on the dissemination and development of MEME culture, providing users with a platform to create and share MEMEs in a decentralized manner, greatly enriching community culture.

Official website: https://fudthepug.com/

Gaming

Panzerdogs is a multiplayer online game based on blockchain technology, where players can acquire and trade unique game assets. Its high interactivity and rich gameplay attract a large number of players.

Official website: https://home.panzerdogs.io/

Bushi is an innovative game that incorporates blockchain technology, allowing players to experience unique battles and adventures while earning rewards through the in-game economic system.

Official website: https://playbushi.io/

Infrastructure

Pyth Network is committed to providing efficient and secure infrastructure services for the Sui ecosystem, with innovative solutions including cross-chain bridges and payment gateways, greatly enhancing the usability and scalability of the Sui ecosystem.

Official website: https://pyth.network/

Supra is a key infrastructure provider in the Sui ecosystem, focusing on delivering high-performance blockchain services. Its unique technical architecture and strong performance make it stand out among numerous projects.

Official website: https://supra.com/

DeFi

The DeFi track occupies an important position in the Sui ecosystem. Through smart contracts and blockchain technology, DeFi projects provide users with decentralized financial services, breaking down the barriers of traditional finance and enhancing the transparency and efficiency of financial activities.

Cetus is a leading decentralized finance platform in the Sui ecosystem, offering a range of DeFi products, including lending, trading, and yield farming. Its advanced technology and user-friendly interface attract a large number of users.

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

Scallop.io is a platform that integrates various decentralized financial services, aiming to provide users with a one-stop DeFi experience. Scallop.io not only supports basic functions such as lending, trading, and staking but also introduces innovative insurance and payment solutions, enhancing the security and convenience of users' financial activities. The platform features a user-friendly interface design and efficient operation processes, making it easy for novice users to get started.

Official website: https://scallop.io/

Wallet

Sui has also excelled in infrastructure development. First, Sui Wallet, as the core tool for users to conduct transactions and manage assets, has been widely used. Sui Wallet not only supports browser extensions but also launched mobile applications for iOS and Android systems on May 9, 2024, providing users with a one-stop digital asset management solution. Additionally, Sui Wallet delves into the NFT space, allowing users to organize and access their NFTs directly through the application without switching between different platforms. This feature greatly facilitates NFT management.

The token exchange feature of Sui Wallet is also a major highlight. Users can directly exchange different Sui tokens within the application, eliminating the hassle of using external exchanges. This not only simplifies the transaction process but may also reduce transaction fees, providing users with a more convenient trading experience.

Sui Wallet also supports built-in interactions with DeFi protocols. Users can directly manage their investments through the application and interact with various DeFi applications and smart contracts. Additionally, Sui Wallet provides staking and management functions for SUI (the native token of the Sui network), allowing users to support the network through staking while earning corresponding rewards.

Experience Sui Wallet now: https://suiwallet.com/

Marketplace

Hyperspace is a decentralized marketplace on Sui where users can trade various digital assets, including NFTs and game items. Its simple and intuitive interface and powerful features attract a large number of users.

Official website: https://t.co/38nlztb4gE

Clutchy is a comprehensive decentralized marketplace where users can easily buy and sell various blockchain assets. Its powerful search and recommendation features enhance the user experience.

Official website: https://clutchy.app/marketplace

In the Sui ecosystem, popular tracks and projects continue to emerge, each showcasing Sui's strong innovative capabilities and limitless potential.

To learn more about projects in the Sui ecosystem, please visit: https://sui.directory/

Conclusion

Driven by both technological innovation and market demand, the Sui ecosystem continues to maintain rapid development momentum. As blockchain technology continues to advance, Sui will continue to optimize its underlying architecture, improve transaction speed and scalability, and reduce user transaction costs, attracting more developers and users to join. For example, by introducing zero-knowledge proofs (ZKP) and sharding technology, Sui can further enhance the network's privacy and scalability. Additionally, the Sui ecosystem will actively explore cross-chain interoperability, promoting collaborative development with other blockchain networks to create a more open and interconnected blockchain ecosystem.

In this blue ocean filled with opportunities and challenges, the Sui ecosystem, with its outstanding technical strength and active community support, demonstrates strong vitality and development potential. In the future, with continuous technological iterations and further market expansion, Sui will continue to play an important role in the blockchain field, bringing more innovative and efficient decentralized solutions to global users and developers. Let us look forward to the brilliant chapters of the Sui ecosystem in the future.