Original - Odaily
Author - Hao Fangzhou
This year, public chains are too busy.
Bitcoin is supported by new asset protocol standards such as Inscription; Ethereum completes the Cancun upgrade, and L2 takes advantage of the momentum; Solana bottoms out and seizes the meme craze... The fiercely competitive Web3 underlying protocols have changed from the fast only in the past Unbreakable until now, there are new tricks, or copying hot topics such as memes, AI, DePIN, Restaking, RWA, etc. at high speed, or seeking differentiated positioning from the perspective of parallel EVM, modularization, application chain and other subdivisions.
During this evolution, veteran players have iterated on narrative scripts for capital and users, stabilized a set of mature expansion policies and corresponding technical solutions, and summarized their own methodologies on how to nurture the ecosystem and amplify the power of the community.
What about new player representatives?
As someone who has always paid attention to the underlying protocol of Web3 (and is keen on participating in various public chain activities), I will not miss the event held in Paris on April 10-11.Sui Basecamp。
On May 3 last year,SuiThe mainnet is officially launched. Since then, its ecology has grown rapidly and steadily.
Today, Sui has been running smoothly for nearly a year with the results of 0 security incidents, 100% online rate, TPS reaches 297,000, and the average final confirmation time is about 400 milliseconds (Official website data on April 11), similar to AWS, supports elastic expansion, and the gas fee is lower than other chains (100,000 NFT costs about $430 mint, from Adeniyi’s live speech); in terms of ecology, it has issued more than $5 million in Grants to more than 80 projects, and the total TVL on the chain Over US$655 million (DeFiLlama April 11 data); In the secondary market, the SUI token price is approximately US$1.5, with a market value of nearly US$1.927 billion, ranking 61st among all cryptocurrencies (CoinGecko April 11 data）。
Behind these data results, Odaily is more concerned about the following topics:What exactly is Sui’s signature route? How to fight your way out of the fierce battle for public chains?
With this question in mind, I networked (eat and drank) on Sui Basecamp, talking to the Sui official team, more than 10 ecological project parties, developers from all over the world, industry observers who had the same questions as me, and some who knew little about Web3. Friends from outside the circle started friendly exchanges, and realized the original intention of the event Attendees will communicate with the most advanced blockchain experts, learn how to build successful projects, and join the Sui community, and gradually realized the unique charm of Sui. .
All for “mass adoption”
Evan Cheng, co-founder and CEO of Mysten Labs (the developer of Sui), said in his opening speech on April 10 that Web3 is difficult to understand. Today and tomorrow, industry experts will explain it in simple terms to the Builders and Degens present.
In the new era, the shortcomings of centralized trust have been significantly exposed. Peoples demand for decentralization is not only focused on ownership - the personality expression of the younger generation guides new consumer demands, and builders need to control the future of technology - to Centralization is more about personal history and future sense of identity and achievement.
Suis definition of token not only represents assets, but also objects that are far more complex than assets.Intelligent objects in the future will have clearer rules, be based on codes rather than being trusted by humans, and can be combined... At this moment, human collaboration that has existed for thousands of years needs to be reimagined, and the interaction between humans and software has leapt onto the stage of history.
Technical implementation, Mysten Labs co-founder and CTO (also the inventor of Move language) Sam Blackshear said that he and the team have been working together since 2018 on consensus algorithms, specific implementation paths for payment transfers, and support for applications such as DeFi/NFT. Continuously optimizing the Move language, its core is to make development work easier.
Developers should consider three core factors when choosing a smart contract language: security, support and expressiveness for functional features, and ease of use.
Sam hopes that these builders will not miss the current bull market environment. In addition to the development languages they are originally familiar with, they will also try to include many highlight features and improve the development experience.Move 2024 (new version of Move language)。
Odaily note: On April 3, Mysten Labs released a new version for developers on the Sui Foundation Blog.Move 2024 Migration Guide, which mentioned that the features of the new version of Move language will support method syntax, positional fields, and loop labels.
In addition to the Move language, Sui also abstracts features in its framework to help decentralized applications smoothly connect with end users.zkLoginand decentralized business application systemsKioskTwo major features.
So with such a technical foundation, what application areas will Sui focus on?
When I first picked up the Sui Grant list, my old knowledge was that Sui focused on developing the DeFi field and infrastructure, and the new knowledge brought by Sui Basecamp this time is,Sui aims to reach the next billion users.
Adeniyi Abiodun, co-founder and CPO of Mysten Labs, said bluntly in the keynote speech Capturing Alpha Opportunities on Sui,2024 will be a breakthrough year for Web3 games, players will gradually blur the terms between Web3 games and games. After obtaining game tokens, new players will gradually be exposed to and experience various DeFi activities such as swap and pledge.
Sui not only has outstanding performance, but also supports dynamic NFT and Nestable (integrated and attributable) NFT, and provides a seamless gaming experience through technologies such as zkLogin.We hope to become the first choice underlying public chain for game developers.
Adeniyi also released SuiPlayOX 1 at the event - the first Web3 game handheld supported by Sui. It has OS-level Sui integration, supports Sui games and Web2 games, and can seamlessly bridge other ecological assets.
Partner Playtron CEO Kirt McMaster also took the stage to give a brief introduction to SuiPlayOX 1 and hoped that this release would be the iPhone moment for Web3 games.
In a media interview on April 11, when asked What do you think of Web3 phones such as Solanas Saga and Aptos Jambo, and whether they have corresponding plans? Evan said that Sui is currently working more on the software level, and on hardware , the reason why we cooperated with Playtron was because we saw the real pain point of many games are difficult to publish in the Web2 environment, and were excited about the potential of Web3 game hardware. However, the current blockchain mobile phone cannot be the user’s “only mobile phone”, but is more of a supplement to the iPhone. “We hope that users can comfortably enjoy the convenience and practicality of finance and technology, rather than letting the mobile phone just stay in the pocket.
In addition, on the afternoon of April 10, Lola Oyelayo-Pearson, product manager of the business department of Mysten Labs, introduced in detailUser engagement and experience improvement solutions from Mysten LabsEnoki。
A survey cited by Lola stated that brands that invest in user engagement have experienced a 90% increase in revenue. It is also predicted that global enterprises’ investment in user loyalty will reach 28.7 billion US dollars in 2030. In the past, executive staff in an organization applying for this type of budget would have to juggle the details of loyalty, contests, free rewards, IRL campaigns, and more, and work to evaluate and improve the ROI of each.
Companies that want to deeply connect with users actually only need behavioral data; users, on the other hand, prefer to obtain a personalized shopping experience without providing specific personal information. Blockchain is the best bridge to connect the needs of both parties. It can put the original data in a black box and provide a portrait without exposing privacy.
However, the cost of most blockchains is too high and they are not stable enough due to the traffic of the entire network. In contrast, Sui has excellent elastic expansion capabilities and is suitable for building practical enterprise products like Enoki.
Enokis features include: B-side users enjoy the same UI experience as C-side users, are not restricted by TPS, can settle gas in US dollars, and support wallet-side Sui domain names, etc.
This is also what Sui said in How Web3 solves Web2’s biggest user experience problemA new answer sheet handed in.
Some founders’ product philosophies
The above releases reflect the founding team’s in-depth understanding and thinking of the industry.
During the interview, Evan emphasized many timesfirst principles,thinkDecentralized infrastructure adapts to future collaborative relationships between people and software, blockchain can improve existing business models. From this, we can deduce what kind of underlying infrastructure solutions the world needs.
Minimum latency is a technical challenge that Sui tackles. Currently, Web3 only has one million users. We have to think about 1 billion users and have such ambitions.
However, some public chains have been lost in the process of evolution: for the sake of high performance and low latency, synchronization, sorting and other aspects have become more and more centralized. For example, social account login is great, but Sui insists on using the zk version and does not make compromise products. On the basis of ensuring safety, Sui will not sacrifice decentralization for speed, to make the right choice instead of reversing the course of history.
Sui also works hardFund projects more efficiently and rationally, continue to support financial and consumer applications, and pay special attention to projects that can establish successful business models. Compared with the big manufacturers at the level of Microsoft and Mac OS in Web2, many developers can make a living on their systems. Sui is aiming for this level of success.
Therefore, when evaluating specific projects, data dimensions such as user volume, activity, and whether users use multiple products are all important.
Currently, the Sui ecosystem is dominated by finance. This is not difficult to understand. DeFi is the easiest to acquire market users. We have also seen a large number of games and social projects in the past two days. As the bottom layer, Sui will not only focus on providing what is needed in a specific field. function, but consider each module.”
If you want toAdvice to developersIn other words, Evan believes that the most important thing is: Dont build copycat (copy and paste the same product from other chains), and use the characteristics of Sui to boldly innovate. Prove to the world that your products can serve a broad user base and benefit the entire industry.
A landscape close before your eyes
In addition to the overall goal, guests also successively releasedWhat to watch for Sui throughout 2024。
As early as April 3, before the event, Adeniyi was on the X platformRepost, the picture includes the “parachute bag” that the Wool Party loves to see and many representative projects of Sui Ecology. The community generally believes that Sui ecological projects such as SuiLend, SuiNS, and Navi have high airdrop expectations. Once launched together, they will attractSui airdrop season, attracting large amounts of funds to the Sui ecosystem。
Although throughout the event, Sui officials did not touch upon airdrop-related topics much. But during the interview, Evan did not shy away from mentioning, “Since we believe in decentralization, token distribution is a healthy way to expand the community. For example, we participated in the creation of the liquidity protocolDeepBook Protocol, is an example of a health airdrop. We will promote airdrop-related matters more responsibly. Please stay tuned.
Odaily note: DeepBook completed Airdrop 1 - NFT Drop in the first quarter. Early participants and active users have also claimed DEEP token rewards.
financial infrastructureOn April 10, the Hong Kong-basedStablecoin issuer First Digital Labs announcesFDUSD, the fastest growing stablecoin in cryptocurrency, will be launched on Sui, making it the first USD-native (no wrap) stablecoin on the Sui network. It is worth mentioning that Sui is also the first chain that FDUSD has expanded since its establishment in August 2023 (and it is a non-EVM chain).
In February this year,Ondo saidThe first domestic dollar-denominated tokens (including stablecoins and interest-bearing stablecoin alternatives) will be issued through USDY (a tokenized note backed by short-term US Treasury bonds) and enter the Sui ecosystem to amplify its RWA scenario possibility.
During the media interview, Evan said,Sui is also in talks with a number of stablecoin issuers, FDUSD is just the first one, and the specific progress is not yet disclosed. More than $300 million in stablecoins have been bridged into the Sui ecosystem, which is enough to demonstrate the strong demand for stablecoins. Our strategy is to cooperate with the best people in the industry. Sui also hopes to become one of the preferred public chains for stablecoins.
Evan further emphasized that the tokenization of legal currency assets is the prelude to Crypto infrastructure. He believes that Suis fully decentralized characteristics can amplify the advantages of blockchain and inject more liquidity into the still small Crypto market through RWA.
When it comes to algorithmic stablecoins, Evan said that he does not hold any prejudice against a specific field, but hopes to develop in a more responsible way. For example, MakerDAO has been very successful - Overall, we care about security very much, and the industry cannot go through this again. In the UST (Luna) incident, we don’t want any users to lose all their wealth because of Crypto.”
technical aspects, the most anticipated thing isThis year Sui will switch to consensus 2.0 in an orderly manner - Mysticeti. The new consensus protocol improves the Narwhal-Bullshark consensus algorithm, allowing Sui to significantly reduce transaction delays and reduce validator CPU requirements, supporting higher TPS.
In April and May this year, Mysticeti will run on the test network, land on the main network in June and July, and gradually complete the integration in the second half of the year.
In addition, on April 11, Mysten Labs co-founder and chief cryptography expert Kostas Chalkias brought hard-core (and try to make it easy for the audience to understand) research results, giving us higher expectations for Sui’s next technology investment direction. .
It mentioned that the NFC method will be more widely used in Web3, not just for payment, but also for hidden 2FA, storage NFT, competitive and treasure hunt games. In addition to NFC, Sui is also paying more attention to communication methods in non-network environments, such as SMS, LoRaHAM mesh (ad hoc network communication protocol based on LoRa technology), sonar, satellite, Sui e-sim, etc. suitable for underwater scenes. Once these integrated technologies support the blockchain network, Sui can be used in disconnected scenarios such as hiking in deep mountains, underground parking lots, cabin services, and traveling on the high seas.
In short,Sui has always been at the forefront of innovation.”
A bunch of amazing live projects
Now, Odaily sincerely invites you to temporarily forget all the blockchain knowledge reserves in your brain and step into the magical world of Web3 with me like a newcomer.
On the back of the attendee badge, scan the QR code to receive theEnokisupportedNami Bags, containing 15 Sui eco-friendly gifts。
From the real world →
→ to Web3 assets
zkSendIt is another light application that interacts with almost everyone on site:The organizer prepared another small gift for the audience., there is a card in the envelope under the chair, turn on the NFC function of the phone to identify it and jump to awebsite, you can claim 5 SUI.
It is worth noting that even new users who have not been exposed to the wallet can log in through a Google or Twitch account.(Odaily Note: Implemented with the help of the zkLogin technology mentioned earlier.)
After building a bridge with these simple actions, Web3 novices can seamlessly bond with the 5 SUI coins and 15 NFTs lying in their wallets.
So where can this money and my on-chain identity be used?
Rest assured, after introducing incremental users to Web3, a batch of more Crypto Native products will be launched to contribute to user retention.
Let’s talk about entertainment first, a number of games were arranged on site for experience, such as the metaverse game that jointly opened the short season with Sui on April 2Baby Shark Universe，GangstaVerseIts PVP fighting game Beatdown Inc, a social entertainment platform that turns me into a gambler in secondsPebble Citywait.
Let’s talk about finance, unmanaged CLMM DEXTurbos FinanceCan you help me trade and earn coins in the Sui ecosystem, borrow and LSDFi centerNAVI ProtocolIt has long occupied the top spot in Sui ecological TVL (USD 153/658 million,April 11 DeFiLlama data), fixed-rate loans and stablecoin protocolsBucket ProtocolA batch of T-shirts with eye-catching homophonic memes were printed.DegenHiveSupport users to pledge SUI into dSUI to participate in DeFi activities,KriyaDEXSupports derivatives trading with 20x leverage, DeFi Vault strategy protocolLegatoLock in higher yields for Sui stakers.
Other areas, cute styleSuiFrensThe co-branded NFT with Baby Shark Universe sold out quickly, decentralized identity protocolKarrier OneA development company that is integrating Web3 mobile phone numbers and .SUI on-chain domain names to deploy applications on multiple chainsVenture 23 Invite me to draw tickets to Nepal Web3 event, interoperability protocolAxelarUndertake the flow of funds inside and outside Sui, the oracle networkPythBehind the scenes, he silently supports the smooth operation of financial applications...
The feeling after some experience exchanges is that Sui is committed to supporting applications with good experience, allowing more people to connect to Web3, and ecological projects are full of vitality - native applications are actively serving existing Sui ecological developers and currency holders; Extension applications attract incremental users with low-threshold products and services.
On April 11, projects that have been deeply involved in the Sui ecosystem and have grown with it also held more detailed discussions on subdivisions and product details.
A brief speech about attending the meeting
In just two days, after close contact, Sui seems to have maintained the methodical pace from Facebook, and is also exploring the way of survival of the fittest in the ever-changing Web3 Native Wild World——Internally, we will support key DeFi projects and introduce native decentralized applications that have been successful on other public chains; externally, we will patiently leverage the advantages of Web2 resources and product insights to identify the scenarios that are just needed for large-scale adoption.
This roughly answers my question at the beginning of the article - what is Suis characteristic route. I believe that Sui and Web3 builders, like me, will continue to stop and go in search of answers to questions.
In addition, some Builders based in Europe also show a completely different mental state from East Asian coders:
The former pays special attention to the practical scenarios of Crypto, that is, what does Crypto mean to most ordinary people except Degen. They talked about the prevalence of USDT in countries such as Turkey, Ukraine, and Egypt, and major Web3 companies such as Binance are also helping traditional users (even non-Internet residents) get connected to Web3 in the above areas. Web3 will serve real life in the long term.
The latter discusses more about economic models than sociology and humanities topics. It can copy and implement current hot topics as quickly as possible and capture the nerves of Degens.
The above includes a glimpse into the situation where I put myself outside the industry and called Web3 Amazing like a newcomer at Sui Basecamp!
Finally, to borrow Evans pattern statement at the beginning - No matter which chain you are building on (it doesnt matter if you are not Sui, your ideas will change),Welcome and thank you all for joining and co-building the Web3 industry.”
Related Reading
Taking stock of Sui’s recent ecological development priorities
