Introduction: Pioneering Web3 Adoption
The web3 race is heating up as the interest in decentralized applications (dApps) rises among more developers, consumers, and enterprises. An increasing number of stakeholders have realized the need for scalable, reliable, and efficient infrastructure to support mainstream adoption of this revolutionary technology that can power the next wave of digital transformation worldwide.
Ethereum 2.0 is an ongoing journey to achieve this vision, while more Ethereum killers are developing their ecosystems to onboard more users into the Web3 world. In the ever-growing space, a new entrant offers much promise to revolutionize and fast-track web3 adoption – Sui blockchain.
What Is Sui Blockchain?
Sui Network is a pioneering permissionless Layer 1 blockchain, specifically empowering creators and developers to craft experiences tailored for the next billion web3 users. The trailblazing blockchain network aims to deliver instant settlement and high throughput for next-generation, cutting-edge, latency-sensitive dApps.
Drawing inspiration from the Japanese concept of water, the Sui network presents a fluid, adaptable, and versatile ecosystem to drive the web3 movement. The Sui platform is built using Sui Move, a derivative of the core Move programming language for smart contracts.
Sui can potentially take on Ethereum and other “Ethereum killers” thanks to its high throughput and efficiency. Its smart contract programming language, Move, addresses numerous challenges developers have encountered with Ethereum’s Solidity, enabling them to develop dApps across various blockchain networks.
SUI, the native token of the Sui blockchain, is utilized for paying gas fees and can be staked to serve as validators on the network, contributing to block production.
What Makes Sui Network Different?
The Sui blockchain is a permissionless PoS network that enables smart contract functionality, designed for developing dApps requiring instant settlements, high throughput, and minimal latency. Unlike traditional blockchains relying on single broadcasts, Sui’s architecture permits requestors or proxies to actively engage with validators for transaction completion actively, achieving near-instant finality. This low latency makes Sui essential for incorporating transactions into gaming and other real-time execution environments.
The Sui network allows developers to create custom digital assets, including fungible and non-fungible tokens (NFTs). The blockchain aims to bring the next billion users to web3, providing a secure and highly efficient platform for supporting dApps across gaming, DeFi, NFTs, and other sectors.
Sui blockchain also promotes interoperability, enabling smart contracts and digital assets developed on its network to interact with other networks. This is achieved using Sui Move, its smart contract programming language based on Move, which offers enhanced flexibility and scalability without sacrificing security for developers.
Background on Sui Network: Founders, History, and Roadmap
Founded in 2021, Mysten Labs unveiled its Sui project in March 2022. Mysten Labs, established by top executives and lead architects from the former Facebook Libra project (later rebranded as Meta’s Novi), developed the Sui network. Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias collaborated to build a scalable blockchain from scratch, addressing critical obstacles hindering the widespread adoption of web3 technology.
In December 2021, the company secured $36 million in Series A funding led by a16z. The incentivized testnet for Sui was announced in June 2022 and launched in August.
In July 2022, the developers improved the Move VSCode plugin, and in August, they released the Sui Wallet, the official cryptocurrency wallet for the Sui blockchain. In September, Mysten Labs raised $300 million in Series B funding, with Binance Labs participating in the round.
In April 2023, Sui was announced as the 25th project listed on KuCoin Spotlight for its token sale. SUI’s general public sale subscription is open from April 15 to April 22, 2023, and 225 million SUI tokens have been allocated to this round.
Top Projects in the Sui Ecosystem to Watch
Even in its testnet phase, there is a high level of interest among BUIDLers in the Sui blockchain. The Sui ecosystem is already home to several native and cross-chain dApps across many sectors. From DeFi and gaming to infrastructure and social, here’s a list of some of the top dApps coming up on the Sui network:
Bridge: OmniBTC
OmniBTC is a decentralized omnichain financial platform for the web3 ecosystem. It allows users to swap assets and lend BTC across different blockchain networks. Built on the DOLA protocol, OmniBTC will enable users to borrow stablecoins with BTC on any chain and swap assets between any two chains with one click in a low-consumption environment.
The platform has aggregated DEXs on Sui, and its cross-chain capabilities let Sui users swap tokens across multi-VM ecosystems, such as EVM and Move-VM. Sui users can also perform DeFi transactions such as lending, borrowing, and depositing crypto assets across multiple networks.
DEX: Cetus Protocol
Cetus Protocol is a cutting-edge DEX and concentrated liquidity protocol that operates on the Sui and Aptos blockchain. Its dynamic and adaptable underlying liquidity network aims to make trading accessible for all users and assets. Cetus prioritizes providing the ultimate trading experience and unmatched liquidity efficiency to DeFi users by developing its concentrated liquidity protocol and a range of affiliate interoperable functional modules.
One of the standout features of Cetus is its concentrated liquidity protocol, which gives users access to highly concentrated liquidity pools that enable them to trade assets with minimal slippage. The platform’s affiliate interoperable functional modules also play a critical role in enhancing the user experience by providing a range of advanced trading tools and features.
Cetus Protocol employs a double-token model fuelled by CETUS and xCETUS. CETUS token has several utilities, including farm boosting, which allows users to accelerate their farming rewards from particular pools for better yield.
DEX: Umi Protocol
Sui’s first DEX aggregator, Umi, combines multiple AMMs, order books, and other liquidity protocols to provide DeFi users with deep liquidity, the best swap routes, and exchange rates to trade tokens. Umi Protocol leverages a graph search algorithm to find the best swap routes for DeFi traders, and its user-friendly API offers a smooth and fast interface.
Developed originally on the Aptos blockchain, Umi Protocol has garnered considerable attention among DeFi users since its launch in 2021. Umi’s SDK and API offer developers and professional traders higher trading efficiency and versatility.
Gaming: Magic Egg
The Magic Egg NFT collection features 5,000 doe-eyed little eggs. They can be minted in the Magic Academy, a GameFi experience that lets players unlock magic spells and engage with the community. When the game launches, it will also allow NFT holders to stake their Magic Eggs to the Meditation Room to earn magic shards as a reward.
These magic shards will allow players to access GameFi opportunities in the Legend Portal. The game will let players challenge each other and compete in quests to earn rewards and level up.
Oracle: Supra
Supra is one of the leading decentralized oracle networks in the crypto industry, working to bridge the gap between traditional capital markets and the web3 sector. Leveraging special security measures through its novel consensus mechanism, cross-chain interoperability capabilities, and a transaction finality time of under five seconds, Supra will let Sui’s dApps access real-world data on-chain efficiently.
Supra Oracle aims to address the quadrilemma of decentralization, scalability, security, and finality that existing blockchain oracle solutions struggle to balance. The Supra Oracle testnet is live on 33 blockchains and supports Solidity/EVM-based blockchains and Move-based networks such as Sui and Aptos.
Launchpad: SuiPad
SuiPad is a decentralized, community-centric launchpad developed in official partnership with Mysten Labs, the company responsible for developing the Sui blockchain. It supports promising crypto projects on the Sui network through IDOs, offering a carefully curated and customized token launch experience to projects and investors.
The SuiPad platform lets users participate in early-stage token sales for vetted Tier-1 projects through its flagship product. SUIP is the native token of the SuiPad ecosystem, and users can participate in IDOs on the platform by staking SUIP tokens.
Launchpad: YouSUI
YouSUI is a launchpad on Sui Network that lets independent game developers and projects raise funds through sales and pre-sales of their in-game tokens and NFTs. YouSUI’s NFT Marketplace allows users to trade NFTs purchased through INO without moving to another NFT marketplace and can handle multiple NFT transactions simultaneously.
The project plans to cross-chain and expand beyond the Sui blockchain. It will also provide incubation and technical assistance to existing blockchain and gaming projects looking to migrate to the Sui ecosystem.
NFT: SuiPunks
SuiPunks is the first NFT collection on Sui that has been under development since August 2022. The collection features 3993 SuiPunks PFPs and offers a way for its holders to establish themselves as early adopters of the Sui network.
The project has gone through multiple events to drive engagement with its community, including testnet IDO, OAT, memorial NFT minting on Sui Testnet Wave2, devnet NFT minting, launchpad minting on BlueMove on Testnet Wave1. SuiPunks NFT holders enjoy the privilege of being recognized as strong partners in the Sui ecosystem.
Wallet: Sui Wallet
Sui Wallet is the official web3 wallet of the Sui blockchain. The non-custodial web3 wallet is available as a browser extension and can be used to store and manage SUI and other tokens and NFTs in the network.
It can also connect to Sui-based dApps and access transaction history in Sui Explorer. The Sui Wallet will also let users stake SUI tokens and earn rewards.
Social: BrandFace
BrandFace is a leading web2 platform that lets brands engage with their consumers via crowdsourced and co-created video content. The business is entering the web3 space by re-engineering its video platform with the help of Sui’s capable infrastructure.
BrandFace aims to become the go-to API for Creativity. It will offer brands a marketplace where they can manage, continuously collect, and access ‘spot-on content’ for their personas.
More Information on SUI Token Sale
KuCoin has launched the token sale of Sui (SUI) via KuCoin Spotlight, a trusted and leading token sale platform where users can find promising investment opportunities and early access to innovative crypto projects. The SUI public sale subscription will last from April 14 to April 22, 2023.
Check out our official announcement for more information on the 25th token sale on KuCoin Spotlight and how to participate in SUI’s public sale.
Why Is KuCoin the Best Place to Invest in SUI?
As the People’s Exchange, we offer an exclusive token launch platform, KuCoin Spotlight, where potential early-stage crypto projects can raise funds and generate buzz within the crypto community. if you wish to invest in Sui network, here’s why KuCoin Spotlight is the best way to get SUI:
Early Access to Promising Crypto Projects
KuCoin Spotlight provides you with opportunities for early access to potential high-growth projects. You can participate in these projects by purchasing the new tokens that are launched on the platform.
Reliable and Trustworthy Platform
Gain early access to high-potential crypto projects with KuCoin Spotlight, a reliable platform for token sales. Our rigorous screening process ensures that only the most innovative and promising projects are featured, giving investors the confidence to make informed decisions. The top three performing projects launched via KuCoin Spotlight have given early investors returns of more than 100x.
User-friendly, Intuitive Experience
The recently revamped platform makes KuCoin Spotlight more user-friendly and visually appealing. Our new upgrades and new rules for participation make it easier for you to navigate and invest in new projects.
Do note that past performance cannot guarantee future results in the highly volatile and unpredictable crypto market. It is important to conduct thorough research and consider a variety of factors before making any investment decisions.
