Dialogue with Mysten Labs Co-founder: From technological innovation to ecological layout, how did we become the first public chain of MOVE?

Original Title: SUI Is Crushing It! Insights & Predictions with Adeniyi Abiodun!!

Source: More Coin Bureau

Compiled by: Deep Tide TechFlow

Guest: Adeniyi Abiodun, Co-founder of Mysten Labs & SUI Developer

Host: Nic, Host

Broadcast Date: November 11, 2024

Background Information

Nic interviewed Adeniyi Abiodun, co-founder of Mysten Labs (the developer behind SUI). This emerging layer one blockchain has performed exceptionally well in 2024, showing strong momentum. Don’t miss this exclusive interview that brings you firsthand information about this platform known as the "Solana killer."

Deep Tide Note:

Mysten Labs is a company focused on blockchain technology and cryptocurrency infrastructure. It was founded by a group of former Facebook (now Meta) employees who played significant roles in Facebook's blockchain project Diem and cryptocurrency wallet Novi. Mysten Labs aims to develop next-generation blockchain technology to enhance the scalability, security, and decentralization of blockchain networks.

One of Mysten Labs' most notable projects is the Sui blockchain, a high-performance decentralized blockchain platform designed to support large-scale applications and fast transaction processing. The Sui blockchain employs a new consensus mechanism and data structure to achieve higher throughput and lower latency.

What is SUI and How Did It Start?

• In the podcast, Adeniyi Abiodun introduced the background and goals of SUI. He emphasized that SUI is a global coordination layer aimed at addressing the increasing centralization of the internet. Adeniyi and his team previously worked on Facebook's Libra project, and although Libra ultimately did not launch, they still hope to continue realizing the vision of building a global computer.

• The core goal of SUI is to create a set of protocols and platforms that make the internet more decentralized, allowing developers to interoperate between different services and products without relying on centralized services or intermediaries. This will improve efficiency, reduce costs, and provide many new use cases that were previously unattainable for developers and users.

• Adeniyi emphasized that SUI is not just a blockchain, but a powerful developer platform that allows developers to expose services or APIs through smart contracts. He described how SUI enables developers to coordinate various assets and services with simple code (like JavaScript), even allowing multiple transactions to be completed with a single click.

• He also pointed out that in just a year and a half, SUI has achieved significant growth in the blockchain market, surpassing many blockchain projects that have been around for years. This indicates that SUI's influence and market share among developers are rapidly increasing.

Reasons for the Establishment of SUI and Its Connection to Meta

• Adeniyi mentioned that one of SUI's cores is its unique smart contract programming language—Move, which originated from Meta (formerly Facebook). Adeniyi explained that Move was created by SUI's CEO Sam Blackshare while working at Meta, aiming to build a platform capable of securely handling assets and funds.

• During the development of the Move language, the team studied various programming languages, including Solidity and Rust. Adeniyi emphasized that traditional languages have shortcomings in security and developer-friendliness, thus necessitating the development of a new programming language that ensures code security in decentralized environments. The Move language is characterized by its simplicity and efficiency, allowing developers to achieve more functionality with less code and without cumbersome security checks, thereby reducing the risk of code vulnerabilities.

• He further explained that SUI is an object-based system rather than a traditional account-based system, which gives developers greater flexibility when building applications. Adeniyi noted that the learning curve for the Move language is relatively short, and developers can typically master it within three to four days, enabling them to quickly build high-quality applications.

• Adeniyi also shared feedback from developers regarding the Move language, with many stating that their development efficiency has significantly improved, making it easier to build secure and expressive code. He believes that Move will become the mainstream language for developing smart contracts in the future and anticipates that its market share will grow significantly in the short term.

Is It Difficult to Attract Developers to Build on SUI?

• Adeniyi pointed out that SUI's goal is not simply to mimic the successful models of other blockchains, but to focus on enhancing the developer experience. They believe that if they can provide developers with an excellent user experience, they can stand out in the competition.

• He emphasized that from the very beginning, the team has placed great importance on developer feedback and needs. They realized that many developers faced challenges in other ecosystems (like Ethereum), so the Move language offered by SUI is seen as a "breath of fresh air." Many developers have praised the ease of use and security of the Move language after trying other platforms, which has helped them get started and build applications more quickly.

• Over time, more and more developers have begun to join the SUI ecosystem, and through word of mouth, they have attracted more participants. Adeniyi believes that existing developers are the best advocates for the SUI platform, actively introducing the advantages of the Move language to developers in other ecosystems, further driving the development of SUI.

• Additionally, he mentioned that the growth of the ecosystem is also an important factor in attracting developers. As more projects are launched on SUI, developers see more opportunities and potential, making them willing to invest time and effort into building applications. This natural growth trend has made the SUI developer community increasingly active.

What Drives the Growth of the SUI Community?

• When discussing the driving forces behind the growth of the SUI community, Adeniyi pointed out that, in addition to developer interest and community expansion, several other factors are also driving this growth. He mentioned some key examples and characteristics that have played a significant role in SUI's success.

Outstanding Trading Experience

• Adeniyi cited the example of Blue Fin, which initially deployed on Arbitrum but found that traders on SUI were 20 times more profitable after trying it. This is mainly due to SUI's lower gas fees, faster transaction finality, and better arbitrage opportunities. This significant performance improvement has attracted more developers and users to switch to SUI.

Innovative Technical Features:

• SUI introduced a ZK login mechanism, allowing users to easily create on-chain accounts using Web 2 accounts without traditional wallet operations. Additionally, the sponsored transaction feature allows users to pay gas fees in the background, enabling SUI to provide a user experience similar to Web 2 while enjoying the advantages of Web 3.

Low Latency and High Efficiency:

• Adeniyi emphasized that SUI is one of the chains with the lowest latency in the market, with actual transaction finality speeds far exceeding those of other chains. This speed is particularly important for trading, allowing for rapid final confirmation after a user clicks submit, greatly enhancing the user experience.

Programmable Transaction Blocks

• SUI's unique programmable transaction block feature allows users to execute multiple interdependent transactions in a single transaction, providing unprecedented opportunities for arbitrage. Users can bundle up to 1024 transactions in one, enhancing the platform's appeal with this efficient processing method.

Potential in the Gaming Sector:

• Adeniyi also mentioned that although there are currently some issues with Web 3 gaming, he believes that future games will be more engaging and can enhance player experiences through Web 3 technology. They plan to launch the SUI Play XRX 1 gaming console, embedded with SUI accounts, allowing users to log in using regular email and password and earn rewards and assets through gaming.

Product-Market Fit:

• As more developers build applications on SUI, market fit continues to strengthen, and trading volumes for DEX and other applications are rapidly increasing. All of this indicates that SUI is gradually forming a healthy ecosystem.

Future Plans for the SUI Wallet

• In an interview about the future plans for the SUI wallet, Adeniyi Abiodun mentioned several key points that showcase the development direction and upcoming features of the SUI wallet.

Introducing Other Wallets:

• Adeniyi mentioned that the SUI ecosystem will introduce wallets from other ecosystems, although he did not disclose specific details. This means users will have more choices and can use different wallets to access the SUI ecosystem.

Continuous Enhancement of Wallet Features

• Since its launch, the SUI wallet team has been continuously adding new features. Adeniyi emphasized that while the SUI wallet currently has relatively few features, they are working hard to improve user experience and plan to launch more built-in features by the end of the year.

Simplifying Fund Inflows and Outflows

• The SUI wallet will focus on simplifying users' fund inflow and outflow processes, including the ability to make cash deposits and withdrawals directly from the wallet. This will include support for payment methods like debit cards, making it easier for users to convert funds.

Transparency of Transaction Information

• Adeniyi also mentioned that they are considering providing more information about transactions, such as price history and transaction records. These simple features will help users better understand their transaction situations, thereby enhancing the overall experience.

Importance of User Feedback

• The team places great importance on feedback from the community and stated that they will continuously improve wallet features based on user opinions. They hope to enhance user satisfaction and experience through this approach.

Future User Activity

• With the addition of other wallets, Adeniyi expects that user activity in the SUI ecosystem will significantly increase, further driving the development of SUI.

Interesting Projects Being Developed on SUI

• Adeniyi mentioned several interesting projects currently being developed in the SUI ecosystem, showcasing the diversity and innovation of the SUI platform.

Aggregator Platforms

• Adeniyi emphasized that there are multiple aggregator projects on SUI that help users find the best trading paths. For example, aggregators like Hop, Aftermath, and Situs can view all liquidity pools and trading positions across the entire chain, providing users with optimal trade execution. Users can achieve efficient trading with just a click of a button, which is not possible on other chains.

Debook

• This is a decentralized central limit order book, and Adeniyi is very excited about this project. Debook provides liquidity infrastructure for DeFi products on SUI, with all major DeFi applications already integrated. Trading high liquidity assets using a central limit order book is more efficient than using automated market makers (AMM), reducing slippage issues. The launch of Debook has made SUI excel in high-frequency trading and liquidity management.

Global Trading Engine

• Adeniyi believes that Debook has the potential to become a global trading engine capable of supporting multi-chain product trading. For example, users can initiate trades on Solana but complete them on Debook, ensuring optimal trade execution and lower fees.

Liquidity Provider (LP) Rewards

• Some projects are developing mechanisms that allow users to provide liquidity directly on the central order book and earn rewards, which is typically done by market makers. Adeniyi believes that market makers will become more decentralized in the future.

SUI Blazer X1

• This is a gaming device currently in pre-sale and has received enthusiastic support from the SUI community. Adeniyi noted that about 20% of purchases come from the SUI community, and 25% from the Solana community, demonstrating SUI's influence and appeal in the gaming sector.

SUI's Gaming Device

• In this section, Adeniyi Abiodun detailed SUI's new gaming device and its potential in the Web3 ecosystem.

Design Philosophy of the Device

• Adeniyi emphasized that SUI's gaming device is not designed to provide short-term incentives or airdrops. He believes that the reason users should purchase the device should be its inherent value and functionality, rather than purely economic incentives. He mentioned that high-consumption products like the iPhone are not easily replaceable, as users are more concerned about the practicality and experience of the device.

Versatility

• This device can not only play games from platforms like Steam and Epic but also allows users to enjoy gaming anytime and anywhere while traveling. It supports in-game purchases for Web3 games, avoiding the high fees of traditional app stores, providing greater convenience for players.

User-Friendly

• Adeniyi stated that the operating system of this device is designed to simplify the user experience, allowing players not to have to choose between different platforms. Users can conduct transactions, purchase cryptocurrencies, and utilize built-in wallet functions conveniently on the device.

Market Potential

• Currently, there are about 3,300 pre-orders. Adeniyi revealed that SUI is focusing on early adopters and plans to launch a broader market next year. He anticipates that as other manufacturers begin to develop similar SUI Play devices, the market will further expand.

Future Outlook

• Adeniyi believes that the SUI Play device could become the dominant wallet in the Web3 space, providing ordinary users with a seamless gaming and crypto experience. He mentioned that the operating system of the device is complete and is undergoing testing, with an expected official launch early next year.

Differences Between SUI and Aptos

Team Background

• Adeniyi emphasized that the SUI team made significant contributions to the Libra project, with core members accumulating rich experience in various projects at Meta, including the development of cryptographic technologies and consensus mechanisms. Compared to Aptos, SUI's team background and experience give it a unique advantage in technological innovation and product development.

Technical Architecture

• Multi-Machine System: SUI is a multi-machine system capable of horizontal scaling, where adding more machines can increase processing speed. In contrast, Aptos and other blockchains may experience performance degradation when adding machines.

• Parallel Transaction Processing: SUI allows for parallel processing of transactions by increasing work nodes, which excels in efficiency.

• Object-Driven Model: SUI adopts an object-driven programming model, making it more natural for developers to write code, especially for those familiar with object-oriented programming. This differs from Aptos's account-driven model, which may not be as intuitive for the development experience as SUI.

Ecosystem Development

• Adeniyi pointed out that although SUI has been online for a shorter time, it has outperformed Aptos in several metrics, including developer adoption, total value locked (TVL), trading volume, and wallet growth. This indicates that SUI has achieved significant success in building its community and attracting developers.

Community Building

• SUI did not launch its ecosystem through airdrops but focused on building relationships with long-term cooperative ecosystem partners. Adeniyi believes that ecosystems relying on airdrops often attract short-term users who may leave after receiving rewards. Therefore, SUI places greater emphasis on nurturing users who genuinely care about the development of the ecosystem.

Goals and Vision

• Adeniyi expressed SUI's vision, not just to win the Web3 market but to become a decentralized alternative for internet interactions. He believes that SUI has unique potential in building a platform suitable for all developers.

Security

• He mentioned that as more chains adopt the Move programming language, the overall security of the ecosystem will be enhanced. The design of the Move language aims to improve the security of smart contracts, which is crucial for the widespread adoption of Web3.

SUI's Partnerships

Partnership Strategy

• Adeniyi mentioned that SUI has established partnerships with several companies, but they do not rely heavily on extensive public relations and press releases. They focus more on meaningful collaborations with partners to showcase what makes SUI unique compared to other blockchains. He believes that simple partnership announcements do not truly reflect the value of the collaboration.

Developer Priority

• Adeniyi emphasized that SUI's focus is on attracting developers who can build differentiated experiences. He believes that excellent developers can create attractive applications, which is more important than mere corporate partnerships. He mentioned that many developers from both Web2 and Web3 have outstanding ideas but cannot realize them on traditional platforms, so SUI hopes to collaborate with these developers to drive innovation.

Upcoming Tools

• Adeniyi mentioned that SUI will launch a tool called "bug bar." This is an AI tool designed to help developers identify vulnerabilities in their code, thereby reducing potential security issues after code deployment, such as hacks and fund losses. He stated that this tool will be open to the entire ecosystem, allowing developers from SUI, Aptos, or Solana to use it. This indicates SUI's commitment to improving the overall health of the Web3 ecosystem.

Views on Corporate Partnerships

• Although Adeniyi acknowledges the importance of corporate partnerships, he believes that the real driving force lies in the developers and the applications they create. He is confident that by attracting excellent developers, SUI can establish a more competitive position in the market.

Health of the Ecosystem

• Adeniyi emphasized that the overall health of the Web3 ecosystem is crucial for all participants. He mentioned that any significant security incident (such as a large-scale hack) would negatively impact the entire ecosystem, so he hopes to enhance security and reliability through SUI's tools and collaborations.

Technical Upgrades and Their Importance

Adeniyi Abiodun discussed the significance of SUI's recently launched consensus mechanism Mr. SETI and how it differs from the consensus mechanisms of other blockchains (like Solana).

Importance of Mr. SETI

• Adeniyi pointed out that SUI adopted Bullshark as its consensus mechanism at the time of its mainnet launch, which was the lowest latency and most scalable mechanism on the market. However, the team believed further improvements could be made, leading to the development of the DAG-based consensus mechanism Mr. SETI. The goal of this new mechanism is to achieve transaction confirmation speeds that exceed the loading times of user-accessed websites, resulting in lower latency and higher throughput.

Low Latency and High Throughput

• With Mr. SETI, SUI can process 100,000 transactions per second while ensuring transactions are confirmed in less than a second. This stands in stark contrast to other blockchains, which often experience significant latency increases under high throughput. Adeniyi emphasized that SUI's design ensures that confirmation times remain under one second, regardless of transaction volume, laying the foundation for large-scale adoption.

Expansion of Application Scenarios

• The low-latency consensus mechanism makes it possible to conduct applications like gaming and trading on-chain. Adeniyi believes that rapid transaction confirmations can instantaneously record every action and transaction, greatly increasing arbitrage opportunities. This efficient transaction processing capability will promote the development of more applications, further driving the growth of the SUI ecosystem.

Stable Gas Fees

• Adeniyi also mentioned that SUI's gas fees are relatively stable and aligned with the dollar. As technology upgrades occur, validators will be able to adjust gas fees based on the operational costs of the infrastructure and appropriate profit margins. This mechanism ensures that even during spikes in transaction volume, gas fees will not fluctuate significantly, providing cost predictability for enterprise users.

Attractiveness for Enterprise Users

• For enterprise users, predictability of fees is crucial. Adeniyi emphasized that enterprises should not bear higher transaction costs due to their success. The stable fee structure provided by SUI means that whether conducting a single transaction or multiple transactions, the fees will remain consistent, supporting the business models of enterprises.

Walrus Upgrade

Adeniyi Abiodun introduced an important upgrade for SUI—Walrus, explaining its functions, significance, and how it differs from existing storage solutions.

Definition of Walrus

• Walrus is a decentralized storage platform that is not just simple storage but programmable storage. This storage method will enable users to achieve many functions that were previously impossible on the internet. Adeniyi mentioned that the SUI team enjoys using marine mammals as product names, and Walrus continues this theme.

Cost Advantages of Storage

• Adeniyi pointed out that the storage costs of Walrus are significantly cheaper than those of other blockchains (like Solana and Ethereum). For example, storing data on SUI is 100 times cheaper than on Solana and 2000 times cheaper than on Ethereum. Nevertheless, storing large volumes of data remains relatively expensive, so Walrus aims to provide a more cost-effective solution.

New Mechanism: Red Shift

• Walrus introduces a new mechanism called Red Shift, allowing data to be fully redundant with just five copies across multiple nodes. This means that even if 1/3 to 2/3 of the nodes in the network fail, users can still access and write data. This mechanism is unique among other protocols.

Programmable Storage

• The storage provided by Walrus is fully programmable, allowing users to store PB-level data in a decentralized manner. For example, Adeniyi mentioned that the Internet Archive could use Walrus to store its entire archive and manage storage costs through smart contracts, ensuring ongoing funding support.

Decentralized Website Hosting

• Walrus can not only store data but also host entire websites. Adeniyi mentioned that Decrypt will use Walrus to run its website, meaning that the data publication, storage volume, modification history, and other information of the website will be verifiable and immutable. This provides a new foundation for future information dissemination and media operations.

Resistance to Censorship

• Walrus is seen as an important infrastructure for future information distribution, capable of resisting censorship. Adeniyi believes that this storage solution will facilitate the establishment of decentralized social media platforms and ensure that important data (like that of the Library of Congress) can be securely stored and accessed.

Integration with SUI

• Walrus will integrate with SUI's computing layer to form a complete decentralized stack. Additionally, Adeniyi mentioned that SUI will develop a network layer to further enhance the capabilities of decentralized applications.

Enhanced Security

• Because SUI's DNS system is closely integrated with Walrus, users will enjoy higher security when accessing Walrus websites, avoiding risks of DNS attacks and asset theft.

SUI's DNS System

Launch Timeline

• Adeniyi stated that Walrus is expected to launch early next year. This system is already in the testing phase and is being integrated with multiple ecosystems, including the Ethereum community.

System Functions

• SUI's DNS system will be closely integrated with the Walrus storage platform, providing users with a more secure and decentralized website access experience. Through this integration, users can ensure that the websites they visit are verifiable, thus reducing the risk of DNS attacks.

Ecosystem Integration

• Adeniyi mentioned that SUI's DNS system is not limited to SUI's own ecosystem but will also collaborate with other blockchain communities to enhance its cross-chain interoperability and application scope.

How SUI Will Play a Role in Politics and Economics

Blockchain as a Business Mechanism

• Adeniyi believes that blockchain will become the cheapest mechanism for conducting business transactions. As users and assets gradually migrate to the blockchain, the cost of conducting business activities using this technology will significantly decrease. This means that centralized companies will have to consider how to leverage this emerging technology to improve their business efficiency and market coverage.

Transformation of Centralized Companies

• Adeniyi predicts that companies like Facebook and Google will eventually adopt blockchain technology to enhance their business models. For example, he mentioned collaboration with Movie Pass, utilizing SUI and USDC mechanisms to pay users and provide rewards. This transformation will enable these companies to better meet user needs and leverage the advantages of blockchain for innovation.

The Philosophy of Web 3

• Adeniyi emphasized that when building Web 3 applications, it should be done under a decentralized architecture. He believes that while some enterprises may still choose centralized solutions (for example, trusting Google to store data), decentralized solutions will be more attractive in terms of governance and data accessibility.

Governance and Data Storage

• For use cases that require governance and data sovereignty, the decentralized storage solutions provided by Walrus and SUI will be very fitting. These use cases may include scenarios that need to ensure data is unaltered and always accessible, which are advantages of decentralized platforms.

Future Adaptability

• Adeniyi believes that as technology evolves, governments and centralized institutions will have to adapt to this change to leverage the new opportunities and challenges brought by blockchain. They may realize that blockchain is not just a technological tool but a foundation for redefining business and data governance.

How Many Unique Active Wallets Does SUI Expect?

Current Active Wallet Count

• Adeniyi mentioned that there are currently about 27 to 28 million active wallets on SUI.

Future Predictions

• He predicts that by next year (November 8, 2025), the number of unique active wallets on SUI could exceed 120 million. He emphasized that this growth is based on the continuous expansion of the SUI ecosystem and the increase in its user base.

Potential of the Gaming Ecosystem

• Adeniyi believes that by 2030, the vast majority of gamers will be playing on the SUI platform. According to him, there were 3.3 billion gamers worldwide last year, spending a total of about $200 billion on gaming. He is confident that SUI will be able to capture a significant share of this market.

Advantages of the ZK Login Mechanism

• Adeniyi also mentioned that SUI attracts Web 2 users through its ZK login mechanism, which will allow it to far exceed other platforms in user growth. He is confident that SUI will achieve these goals.

Ecosystem Demand

• He pointed out that as gaming becomes more popular, developers will need to implement token exchanges, decentralized exchange (DEX) functions, and points reward systems on SUI, all of which will further drive the use of SUI and the growth of wallet numbers.

How Many Developers Are Expected to Use Move?

Current Developer Ratio

• Adeniyi mentioned that according to recent reports, about 7% of currently active developers use Move. He expects the next report to show this ratio exceeding 10%.

Future Goals

• He has set a goal to attract over 25,000 active Move developers by November 2025. He believes this number is crucial for driving the development of Move.

Competition for Market Share:

• Adeniyi emphasized that the goal of Move is not merely to compete for market share from existing chains but to establish a strong developer community across the entire blockchain ecosystem. He believes that 25,000 active developers will bring significant growth and influence to Move.

Team's Efforts Direction

• He stated that the team will focus on achieving this goal to promote the widespread adoption of the Move language and the construction of its ecosystem.

Total Value Locked (TVL) Across All Move Blockchains

Current TVL Figures

• Adeniyi mentioned that the total value locked across all Move blockchains is currently around $1 billion to $2 billion.

Future Predictions

• He predicts that by next year (2025), this figure could see a tenfold increase. This means the total locked value could reach ten times the current amount, or $10 billion to $20 billion.

Growth Potential

• Adeniyi's predictions reflect his confidence in the future development of the Move ecosystem, believing that as the number of developers and users increases, the locked value will rise significantly.

Will SUI Surpass Sol?

Current TVL Comparison

• Adeniyi pointed out that SUI's current TVL is around $1.1 billion. He acknowledged that Solana's TVL is also strong, so directly comparing the two in the short term is not fair.

Growth Potential

• He emphasized that in terms of growth trajectory, SUI is ahead of Solana in both growth speed and cycles. He holds a positive outlook for SUI's future, believing that if the team can continue to deliver and maintain the current growth momentum, SUI has the potential to become the top chain.

Key Factors for Success

• Adeniyi believes that the key to success lies in developing attractive applications that can solve real user problems. He mentioned that attracting excellent developers to build successful projects on SUI will be a crucial factor in driving SUI's development.

Long-Term Goals

• He stated that SUI's goal is to win the minds of developers, ensuring they can build successfully and profitably on SUI, thereby providing products and services to a broader user base.

Upcoming Important Updates

Mr. SETI Upgrade

• Adeniyi mentioned that SUI recently launched Mr. SETI, an upgrade to the consensus protocol. This upgrade will be implemented in two phases:

• Phase One was completed in mid-year.

• Phase Two is expected to launch early next year, bringing more significant performance improvements.

Performance Improvements

• Phase Two will merge the "fast path" with Mr. SETI, which is expected to significantly reduce transaction latency. He noted that the current benchmark for single transaction submissions on SUI's mainnet is about 297,000 transactions per second, and this number is expected to increase further.

Future Outlook

• Adeniyi stated that SUI is working to optimize its existing core to enhance speed and plans to expand the system by adding more machines. He looks forward to seeing some powerful consumer applications launched next year.