On October 25th, the Sui official release foundation website was officially launched, and the developer funding program Grant application portal has been opened to strengthen the long-term value of the Sui ecosystem. Sui’s developer grants will range from $10,000 to $100,000, with possible additional SUI token rewards.

All grant proposals are for open source projects only, and the sectors include Censorship and Governance, Business and Digital Goods, Data and Law, Developer Tools, Finance, Gaming, Payments, Infrastructure, Social, Tokenization.

Prior to this, community users have begun to turn to the testnet of the next FOMO project due to the inclusive airdrop of the public chain Aptos. The public chain SUI, which is as famous as Aptos, is the best choice. According to community feedback, because too many people joined the Sui testnet, the server spot was fully reserved.

According to the Sui block explorer (https://explorer.devnet.sui.io/) data shows that as of October 26, 18,528 nodes from 68 countries are participating in the test network. In view of this, Sui officials have repeatedly reminded users to beware of scams on social media. Henry Duong, head of Asia-Pacific developer relations at Mysten Labs, also emphasized on the Twitter Space held by PANews that SUI currently has no airdrop plan, and the mainnet may be launched in the first quarter of next year.

It is reported that Sui’s development team, Mysten Labs, was developed by four former Meta engineers. Before founding Mysten Labs, they all worked in Novi, Meta’s encryption department, and participated in the development of the Diem blockchain and the Move programming language.

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Sui Token Model Mechanism

Previously, Sui's development team Mysten Labs received US$36 million in financing from a16z and other institutions in December 2021, and completed a US$300 million Series B round of financing led by FTX Ventures in September 2022, with a valuation of US$2 billion . Investors include a16z, Binance Labs, FTX Ventures, Franklin Templeton, Coinbase Ventures, Bixin Ventures, etc.

Investors in the B round of financing will receive Mysten’s equity and token warrants, which means that in addition to Mysten’s equity, B round participants will also receive some of Sui’s native tokens. According to PANews, Mysten Labs’ 2 billion valuation The equity corresponds to the currency right with a valuation of 3 billion. Its exercise cycle is 1 year lockup and 3 years exercise. It is reported that Sui’s valuation of US$3 billion in the financing process is based on two points, one is the expected agreement revenue of US$300 million (the average TPS is about 1000, and the income per transaction is about US$0.01); the other is 10 times forward investment return.

According to Sui's official token economic model white paper published on Github, Sui's token is SUI, with a total supply of 10 billion pieces. It has four purposes, including participating in PoS pledge, paying gas fees, supporting the Sui economic system, and participating in on-chain voting.

On August 3, the Sui official announcement announced the opening of the incentive testnet registration, validators, developers and Sui enthusiasts can apply to participate. The Sui Foundation will reward validators with 2,000 SUI for each testnet “wave” they participate in; and will promise to provide up to 10% of the supply of SUI tokens to top-performing validators who continue to participate in the Sui mainnet.

There are three main types of participants in the Sui system: (1) users submit transactions to the Sui system, or interact with smart contracts for more complex applications that are interoperable and composable; (2) SUI token holders can choose to Its tokens are entrusted to the verification nodes to participate in POS, and the holders also have the right to participate in Sui governance; (3) The verification nodes handle the transaction process and execution of the Sui system.

Specifically as shown in the figure:

Among them, Sui avoids the current large fluctuations in the gas cost of most public chains through the design of storage fund incentives and increasing the corresponding proportion of verifiers according to network demand, so that the gas fee of the Sui network can be kept low and predictable.

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Sui ecology

According to incomplete statistics from the community, there are more than 20 current projects in the Sui Ecology, including more than ten original projects, involving NFT collections, NFT trading markets, domain names, decentralized exchanges and blockchain games. According to the online AMA information of Koh Kim, head of the Mysten Labs ecosystem, an SDK will be provided for blockchain game developers, and a tool set will be built, providing many ways to support a wider community and bring them into the Sui ecosystem.

Henry Duong also mentioned in PANews sharing: Sui is more optimistic about Game, NFT, DID, Social and other tracks. One of Sui's advantages is that the intelligent developer language is object-oriented. The second is that Sui has removed the global storage operator. , so the transaction speed is fast and the cost is low.

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Sui Wallet

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Official website:https://docs.sui.io/build/devnet

Ethos

Ethos is a wallet that can be registered with an email address. The browser extension version of Ethos Wallet has not yet been launched. You can join the waiting list through the official website. The official Twitter followers are 12K.

Official website:https://ethoswallet.xyz/

Suiswap

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Official website:https://suiswap.app/

SUIA

SUIA is the first POAP (proof of attendance) application on SUI, and it has been released on the devnet on the SUI chain. The official Twitter followers are 7K.

Suia is developed by the Mynft team, which fills the current gap of the SUI chain in the POAP track. From the perspective of product experience, Suia products are relatively complete, and there are multiple project cooperations. According to official information, more than 6,000 people participated in the test on the first day of Suia's launch.

According to official information, Suia will have multiple uses, such as event tickets, contribution medals, games, etc., to build a new immersive and gamified interaction between Web3 brands and users.

Anyone can create POAP events through Suia, and all creation and distribution are carried out on the Sui chain, which is open and transparent. Users have ownership of Suia's assets, and the unique architecture and parallel running performance of the Sui chain can give Suia the opportunity to combine and create more other gameplays and allow large-scale user participation, which can achieve both low latency and low cost, and is easy to connect The application market of Web2.

The user enters the Suia official website, links the wallet and clicks "create Suia" to experience and create POAP NFT distribution activities. Follow the prompts to upload the type (style), name (name), description (description), amount (quantity) of the NFT and whether it is limited to the whitelist claim. If so, you can enter the whitelist and click "create" to complete. Create requires a small amount of sui token in devnet environment. After the creation is complete, you can see the POAP activity you created on the homepage, and other users can also discover and claim the POAP you created on the homepage.

Official website:https://suia.io/

SuiNS

SuiNS is a domain name service provider in the Sui ecosystem. It has completed the seed round investment with the participation of Sui development team Mysten Labs. The SuiNS DApp is expected to be released on Sui in November. At that time, a mechanism and incentive framework will be established to prevent or eliminate domain squatters, and there will be no whitelist or preferential treatment to ensure that all users can participate in registration equally.

According to the official Twitter feed, the SuiNS team will work with established agreements and major corporations to ensure that trademarks and known entities (Ethereum, Solana, etc.) reserve domain names on the platform. The official Twitter followers are 6.8K.

Official website:https://www.suins.io/

BlueMove

BlueMove is an NFT market designed for the Move language public chain, and currently supports Sui and Aptos. Its smart contracts are customized in a modular system, with standardized signatures that clearly define the scope of execution, allowing new features to be rolled out over time without compromising security. The official Twitter follower count is 169K.

BlueMove will issue MOVE tokens with a total issuance of 300 million, of which 5% will be used for airdrops, 40% will be used to reward traders and collectors who actively participate in the platform, 15% will be used for rewards for users who pledge MOVE tokens, and the rest For financing and team development. Token utility is on-chain governance and membership benefits.

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

Panzerdogs

Panzerdogs is an NFT game project developed by Lucky Kat Studios (an independent game studio in the Netherlands), where users can use their own game assets to fight each other in tanks. The game was previously released on the Solana chain and is now migrating to the Sui chain in cooperation with Sui. The official Twitter follower count is 20K.

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

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SoWork

SoWork is a workplace metaverse built on the basis of Sui. Currently, many companies are working in SoWork's workplace metaverse, including teams from Tinder, Microsoft, Google, Facebook, and Netflix. SoWork is changing the way teams work, collaborate and socialize time online.

SoWork will introduce two features on Sui:

1) Employee Achievement NFT: The company can reward employees with an NFT reward system based on customizable standards and unlockable allowances. NFT is based on performance, value, and event-driven, and can be used for gifting, trading, and display to promote team relationships;

2) Create NFT through Mapmaker: Users can create and cast custom NFT through Mapmaker, and at the same time import NFT into the workplace metaverse. Minting and importing happen simultaneously, creating a seamless experience for creators.

Official website:https://sowork.com/

Cooperation documents:https://docs.sui.io/explore/sowork

Judging from Sui’s official openness to developers to encourage and participate in the construction and investment of multiple ecological technology facilities, Sui attaches great importance to the long-term value of the ecology. Sui is currently in the testnet stage, and the detailed token economic model has not yet been announced. Regardless of whether the airdrop is expected to exist or not, community users can participate in the testing of Sui ecological products to provide more feedback and data for product optimization and broaden their long-term investment horizons.