Sui is new blockchain developed by @Mysten_Labs, founded by former Meta (FaceBook) engineers.
Recent backing from FTX Ventures and a16z has started to raise eyebrows.
A quick breakdown of the new L1 Sui (and what you need to know). 👇
Recent backing from FTX Ventures and a16z has started to raise eyebrows.
A quick breakdown of the new L1 Sui (and what you need to know). 👇
@Mysten_Labs The CEO @EvanWeb3 is a former Apple and FaceBook engineer, who teamed up with several former colleagues (@EmanAbio, @b1ackd0g, @GDanezis) to form @Mysten_Labs.
blockworks.co
blockworks.co
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis Sui is a high performance blockchain, capable of executing 120,000 TPS on testnet.
It achieves this via its custom POS consensus mechanism.
medium.com
It achieves this via its custom POS consensus mechanism.
medium.com
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis Sui uses a custom programming language called "Move" - aimed to solve the flaws of Solidity and EVM.
It's:
• Originally designed for Meta (FaceBook)
• Memory safe
• Quick for dev testing
• Expressive
• Home to both SUI and Aptos (up-and-coming L1s)
It's:
• Originally designed for Meta (FaceBook)
• Memory safe
• Quick for dev testing
• Expressive
• Home to both SUI and Aptos (up-and-coming L1s)
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis Sui's strength is scalability. It has high throughput + low latency.
The combination of its tech + team has attracted many big backers:
@FTX_Official ($140m) and @a16z ($36m) both led funding rounds.
The combination of its tech + team has attracted many big backers:
@FTX_Official ($140m) and @a16z ($36m) both led funding rounds.
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z .@Mysten_Labs is aiming for a $2b valuation, after already securing $200m in funding.
The quality of its backers + valuation is now too big to ignore.
coindesk.com
The quality of its backers + valuation is now too big to ignore.
coindesk.com
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z So, what about the token itself?
$SUI is used to:
• Pay gas fees
• Secure validator nodes
• Vote on-chain (governance)
• Enumerate the storage fund
medium.com
$SUI is used to:
• Pay gas fees
• Secure validator nodes
• Vote on-chain (governance)
• Enumerate the storage fund
medium.com
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z This gives it similar value accrual to other L1s, with a couple key differences which are outlined via the below graphic:
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z I highly recommend checking out the whitepaper if you're a DeFi nerd like me.
github.com
github.com
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z If you wish to learn more, @tracecrypto1 published a fantastic thread on Sui:
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z @tracecrypto1 I personally think the tech is very impressive, and the big backers are certainly a reason to take notice.
But, the L1 space is extremely competitive, so it all comes down to execution.
Sui is one to keep your eye on.
But, the L1 space is extremely competitive, so it all comes down to execution.
Sui is one to keep your eye on.
@Mysten_Labs @EvanWeb3 @EmanAbio @b1ackd0g @GDanezis @FTX_Official @a16z @tracecrypto1 I'll be doing more research over the next few weeks on Sui to verify whether this could be a worthwhile investment from a retail perspective.
Make sure you're following me @milesdeutscher + have post notifications on to stay updated.
Make sure you're following me @milesdeutscher + have post notifications on to stay updated.
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