Sui Network: Fast and Efficient Layer 1 Blockchain

Sui Network is a high-performance layer 1 Blockchain based on the Move programming language. It can complete transaction processing in one second, supports parallel transactions, and provides a robust infrastructure for complex Blockchain games.

Mysten Labs launched Sui in May 2023, after the company raised $300 million in Series B funding from well-known investment institutions. As the crypto market gradually recovers, Sui has attracted widespread attention as a project with great potential. This article will introduce the network features of Sui and its rich ecosystem.

Sui Network Overview

In the past year of operation, Sui's market capitalization has exceeded $1 billion, ranking among the top 50 cryptocurrencies. Its ecosystem is developing rapidly, with a total locked value of ( TVL ) reaching $464 million, mainly distributed in lending protocols and decentralized exchanges.

One of the highlights of Sui is its innovative wallet technology, zkLogin. This technology allows users to access decentralized applications dApp on Sui using common web credentials ( such as Google and Facebook accounts ). In addition, Sui also introduces native account abstraction features, enabling one wallet to control multiple wallets, providing developers with greater flexibility.

For users, transactions on Sui are extremely fast and very low-cost, with an average transaction fee of less than one cent. These features make Sui an ideal platform for developing complex game contracts, innovative DeFi protocols, and high-frequency trading.

Ecosystem

One of the most popular games on Sui is "Panzerdogs", a 2D tank battle game where players can own their in-game assets. The game was developed by the Dutch studio Lucky Kat Studios, which has previously surpassed 200 million downloads.

In addition to "Panzerdogs", there are several other games on Sui, such as the action game "Samurai Shodown", the open world game "The Walking Dead Lands", and the strategy game "Legend of Arcadia". These games can all be found on Sui's PlayBeyond platform.

In the DeFi space, the lending protocol Scallop Lend currently ranks first with a TVL of $72 million. Scallop aims to provide institutional-grade quality, enhanced composability, and robust security for the Sui dApp ecosystem. The growth of lending protocols often indicates an increase in ecosystem liquidity, so Scallop's development is encouraging.

The leading decentralized exchange on Sui is Cetus, which is a concentrated liquidity protocol similar to Uniswap v3. Cetus is specifically built to leverage the Move programming language of Sui and Aptos, and it has a strong influence on both chains, gradually establishing its position in the Move ecosystem.

Conclusion

With strong support, innovative technology, and an early product market suitable for blockchain games, Sui has become one of the most anticipated public chains in the market. From liquidity mining to gaming battles, Sui offers a rich variety of application scenarios. In addition, its native wallet product significantly simplifies the registration process for new users, representing a notable improvement to industry standards.

With the market warming up, Sui has a bright future ahead. We look forward to seeing this promising ecosystem continue to grow and thrive.