One article explains the technical architecture and future planning of SUI

Source: Insights4vc Translation: Shan Ouba, Bitchain Vision Realm

With the continuous development of blockchain technology, Layer 1 blockchain is leading in enhancing scalability, security and transaction speed.Among them, SUI stood out and became a striking Layer 1 blockchain, which aims to provide excellent trading performance and efficiency.In the early test, it implemented 297,000 transactions (TPS) per second, which is significantly better than APTOS (fromAvery chingandMo ShaikFounded, they have participatedDIEMCompetitors such as Novi Wallet) and Solana, both of these two companies have low TPS.Although they have a common origin, SUI is an independent project. It has no direct contact with APTOS and does not rely on itDIEMThe architecture.

DIEM (previous libra)

DIEM was initially launched by Facebook in 2019 in Libra. It is a digital currency project to create a global stable cryptocurrency for fast and low -cost international transactions.The project aims to solve the problem of financial tolerance and provide stable trading medium, especially in developing countries with limited banking services.

Main features:

Stable currency methodThe
DIEM is designed as a stable currency, which is supported by real world asset reserves, such as the main currency (USD, euro, pound, etc.) to reduce volatility compared with traditional cryptocurrencies such as Bitcoin.

Permit blockchainThe
Unlike decentralized cryptocurrencies, DIEM aims to operate on the license blockchain. Only approved participants (such as enterprises or financial institutions) can verify transactions, which aims to enhance security and abide by regulatory standards.

Managed by DIEM AssociationThe
The project is managed by the DIEM Association. The association is an independent consortium located in Switzerland and consists of various member organizations from different industries, including technology companies, financial institutions and non -profit organizations.Each member has equal voting rights in decision -making.

DIEM payment systemThe
The DIEM network aims to provide digital payment systems, and combines digital wallets such as Facebook’s Novi (previously called Calibra) and other financial services to promote transactions, remittances and payment.

Challenge and changes:

Regulatory resistanceThe

Due to worry about financial stability, monetary sovereignty and data privacy, DIEM is facing strict regulatory review and opposition worldwide.Many governments expressed concern about private companies like Facebook.
Reshape brand and re -positionThe

In order to cope with regulatory obstacles, the Libra Association was renamed the DIEM Association in December 2020, which will focus on stricter coins that are stricter and linked to the US dollar.
Project cancellationThe

Although DIEM strives to abide by the regulatory framework, it is still difficult to obtain necessary approval.In January 2022, the DIEM Association announced that its assets and intellectual property rights were sold to Silvergate Capital Corporation to terminate the project.

SUI’s layer 1 blockchain

Although I have participated in the blockchain project of Meta before, the focus here is to launch the technical reasons for the launch of the new blockchain.SUI aims to improve application interoperability, which is often hindered in the existing second and multi -chain ecosystems.Sam Blackshear, chief technical officer of Mysten Labs, said that SUI enhances availability by allowing seamless interactions between applications to ensure cost benefits, scalability and security.

The success of SUI depends on whether it can prove these capabilities and show technological innovation.SUI originally benefited from Meta’s reputation and well -known investors, but its long -term survivability depends on its unique technical architecture.

Architecture

SUI is a continuous development of the first -level blockchain. Currently using Narwhal as its trading pool agreement, Bullshark as its consensus engine, and plans to introduce a new engine MysticeTi (the main network is launched on July 24, 2024, the plan is planned.In the fourth quarter of 2024, the object owned by MysticeTi).

Separation of trading pool and consensus:SUI separates the trading pool and consensus, which is from the design of the DIEM blockchain.Narwhal has improved transaction sharing between verificationrs, and Bullshark uses an efficient consensus to handle transaction sorting with a ringless graph (DAG).

The upcoming mysticeTi enhancement function:In order to further reduce delay and improve performance, SUI plans to replace Bullshark with MySticeTi. Mysticeti uses signature blocks and universal submitting rules to achieve faster consensus.Although there is concerns about security, MysticeTi still uses the threshold logic clock to ensure the correct order order and maintain integrity.

Core team:

Co -founder and CEO: EVAN Cheng-The more than ten years of work experience in Apple, he has led the development of LLVM (low -level virtual machine).LLVM was initially launched at the University of Illinois, and was later vigorously promoted by Apple’s back -end team to improve the performance of iOS applications.With his work in LLVM, Cheng won the ACM software system award with Christ Lattner in 2012.
Co -founder and chief technician: SAM BLACKSHEAR-MOVE’s founder, SUI’s programming language, he was developed during his chief engineer in Meta.He played a key role in developing the DIEM blockchain, and jointly wrote the white paper of LIBRA blockchain.In SUI, Blackshear is responsible for the development of programming language and blockchain architecture.
Co -founder and chief product officer: Adeniyi Abiodun-I had worked in software engineering at Morgan Chase and HSBC, engaged in blockchain design in Oracle, and engaged in product management in VMware.Before joining Meta and leading the product development, AbiODUN has established a solid foundation in these fields.
Co -founder and chief cryptologist: Kostas Chalkias-Equipment plan for leada and R3.He is the co -author of the ZKlogin framework of SUI and participates in the development of ZKSEND and other functions.His work in zero knowledge (ZK) technology is often mentioned in discussions on integrated blockchain consensus design.
Co -founder and chief scientist: George Danezis-The at the University of London (UCL), he has been a professor of security and privacy engineering for ten years. He is currently a researcher at the Alan Turin Research Institute.He is known for his publishing “Narwhal and Tusk” in 2022 and is a co -author of the new consensus algorithm Mysticeti.

SUI financing insight -total financing: 3853.7 million US dollars

Round of financing:

A round of financing: Date:December 6, 2021 |Financing amount:$ 36 million

Select investor:Andreessen Horowitz (A16Z)(Leading),LightSpeed Venture Partners, Electric Capital, Samsungnext, Slow Ventures, Standard Crypto, Redpoint, Hack VC
Series B: Date:September 8, 2022 |Financing amount:$ 300 million

Select investor:Andreessen Horowitz (A16Z)(Leading), FTX Ventures(Leading),Coinbase Ventures, Binance Labs, Circle, LightSpeed Venture Partners, Jump Crypto, Franklin Templeton, Apollo Global Managementment

The first exchange issuance (IEO) and issuance pool:

IEO: Date:May 1, 2023 -May 3, 2023 |Raise amount:$ 2.82 million |price:$ 0.03 |Investment returns:27.9 times (+2,679%) |platform:Bybit
Starting pool: Date:May 1, 2023 -May 3, 2023 |price:Free |Supply distribution:0.40% (40.00m Sui)| Platform:Currency
IEO: Date:April 23, 2023 -April 24, 2023 |Raise amount:$ 22.5 million |price:$ 0.100 |Investment returns:8.34 times (+733.7%) |platform:Kucoin Spotlight
IEO: Date:April 23, 2023 -April 24, 2023 |Raise amount:$ 22.5 million |price:$ 0.100 |Investment returns:8.34 times (+733.7%) |platform:Okx jumpstart
IEO: Date:April 23, 2023 -April 24, 2023 |Raise amount:$ 750,000 |price:$ 0.03 |Investment returns:27.9 times (+2,679%) |platform:Kucoin Spotlight
IEO: Date:April 23, 2023 -April 24, 2023 |Raise amount:$ 750,000 |price:$ 0.03 |Investment returns:27.9 times (+2,679%) |platform:Okx jumpstart
IEO: Date:April 23, 2023 -April 24, 2023 |Raise amount:$ 50 million |price:$ 0.100 |Investment returns:8.34 times (+733.7%) |platform:BitForex Turbo Starter

SUI (SUI) token economics

Overview (August 29, 2024)

Su address:0x02A212DE6A9DFA3A3A69E22387ACFBBB1A9E591BD9D636E7895DCFC8DE05F331
Market value (MCAP):$ 2.158 billion
Complete dilution value (FDV):$ 8.314 billion
Circulation:2,596,086,126.66 sui
Maximum supply:10,000,000,000.00 Sui
The percentage of circulation accounts for the maximum supply:25.96%

Storage fund

Purpose:The storage fund aims to provide storage rewards for nodes over time to ensure long -term sustainability of the SUI network.

Source of funds:The transaction fee paid by the user provides funds.The expenses are divided into execution (calculation) and storage costs, and the latter belongs to the storage fund.

Growth mechanism:As the SUI token is included in the equity pool, the storage foundation will grow over time and get rewards in the SUI’s equity certificate (POS) system.

Gas fee and rebate:The gas fee paid by the user covers calculation and storage costs:

General GAS cost formula:TOTAL_GAS_FEES = Computation_Units * Reference_gas_price + Storage_units * Storage_price_price
Users will receive rebates when deleting the storage object, thereby reducing net costs:
Net GAS cost formula:net_gas_fees = computation_gas_fee + storage_gas_fee -storage_rebate

Delete options:Users can delete some chain data (such as NFT metadata, expired votes) and obtain some storage fees refunds, thereby inspiring the user to delete unnecessary data without affecting the uncharacterment of the blockchain.

Trading fee calculation

Dynamic expense structure:Trading costs change with each period.The verifications set the minimum expenses they receive. The reference cost is based on the lower 66.67 percentage level, and it is weighted according to the number of pledged SUI.
Verification person performance:At the end of each period, the verifications will evaluate each other’s performance (such as response time), which will affect the reward.Vermitters who set higher costs or cannot handle transactions will get lower rewards to encourage competition and reduce costs.

Move

SUI uses Move programming languageA unique version, which was originally developed by Sam Blackshear during the Meta.Move is designed for blockchain, emphasizing security and stability.SUI has adjusted MOVE according to its needs.

MOVE’s main function

Programming for resources:

Resources are considered first -level value, which means that they can be stored and transferred, but they cannot be copied, discarded or unauthorized.
This method not only maintains stability, but also provides flexibility.Examples include encrypted assets, intelligent contract status, NFT and chain voting rights.

Data abstraction:

Hidden the complexity of data management makes it easier to deal with resources without understanding the underlying details.
Press the access to resources by specifying allowable operations and conditions to enhance the security of developers.

Static verification:

Use type allocation and rules to detect errors and vulnerabilities before code execution.
With a borrowing inspection device, data that can prevent accidental data and ensure that data references will not survive longer than data.
Support formalized verification to verify contract logic.

The difference between Sui Wenjing and Li Shangyin

Although the initial MOVE was built for the account model -based license blockchain (DIEM), the Move On SUI was tailor -made for SUI’s non -blockchain, and it was different in key areas:

In SUI’s object -oriented model, the data is stored through the unique object ID rather than the global address, thereby simplify asset management and transfer.Each object is allocated with a unique ID, which is stored in global storage, so that no complex logic is required to make asset transfer easier.

In addition, MOVE on SUI supports parallel transactions and allow multiple transactions to run at the same time.Unlike the original MOVE, transactions in the original MOVE are bound to conflict with account data, and the SUI model can ensure that transactions that affect different objects will not interfere with each other, thereby achieving more efficient processing.

Selection agreement and project in the Sui ecosystem

Navi protocol: The leading liquidity agreement on SUI provides loan services for native assets, liquidity pledged tokens and stable coins.The market size of the agreement reached US $ 278 million and more than 850,000 users, accounting for more than 50% of the total lock value of the network borrowing.
Bluefin: DEX on SUI, facing professional and retail traders, has a transaction volume of more than $ 30 billion.It is famous for its competitive financing interest rates and effective liquidation processes, providing a stable trading environment.
Aftermath Finance: A DEFI platform for trading, investment and income, with a total locking value of more than 50 million US dollars.With intelligent order routers and dynamic GAS, it can optimize user experience and cross -chain functions.
Deepbook: Provide a central price limit order book (CLOB) for high -frequency transactions on SUI, with a transaction volume of more than 21 million.It supports low -cost and high -speed transactions, which is essential for the DEFI ecosystem.
Pyth network: The main prophecy network on the SUI provides real -time market data from more than 90 providers from more than 20 blockchain, which is widely used for DEFI services on SUI.
Sui wallet: Created by Mysten Labs, it is a popular wallet with a “Application” tab, which can be used to discover SUI applications.The mobile version enhances user accessability.
Consumers’ adoption of SUI: Driven by functions such as ZKLOGIN to achieve safe social login, sponsorship transactions to reduce user fees, and SUINS provides easy -to -use domain names, thereby enhancing user experience.
Fantv: The leading social exchange media platform on SUI has more than 3.5 million users and 9 million transactions.Attract users through a reward mechanism and promote the use of ecosystems.
Wormhole: Connect the bridge protocol of SUI and other blockchains (including Ethereum) to improve liquidity and interoperability.
Turbos Finance: DEX on the SUI, the daily transaction volume is $ 7 million, using the MOVE programming language to achieve innovative DEFI functions and ecosystem growth.