1. Project summary
Sui is the world's first permissionless Layer 1 blockchain designed entirely by former Facebook developers, and its biggest highlight is that it achieves smaller latency and higher throughput. Sui Ecology currently has more than 20 projects, including more than ten original projects, covering NFT collections, NFT trading markets, domain names, decentralized exchanges and GameFi.
The Sui mainnet will be launched on May 3, 2023 , and the native token SUI will also be unlocked during the launch of the mainnet ; as a star project , the market has high expectations for it . However , it is worth noting that its IEO public sale plan has brought community disputes , legal risks , and FTX funding issues have not been fully clarified , casting a shadow on the development of the project .
2. Project introduction
Sui is a Layer1 public chain redesigned and constructed based on the first principles. Starting from the bottom layer design, it allows creators and developers to more easily build an experience that meets the future 1 billion users of Web3. Sui is a decentralized proof-of-stake blockchain with horizontally scalable throughput and storage, allowing high-speed and low-cost application development.
Sui focuses on the four fields of game, DeFi, business and social networking for the broad application of the ecological layout. Considering the current ecological development progress, Sui's development focus is more on the game direction. Sui plans to invest more resources and energy in the field of games to promote its development in this field.
3. Economic model and value evaluation
3.1 Economic model
Total SUI: 10 billion
50.00% community funds (staking incentives, etc.)
20.00% early contributors
14.00% Investors
10.00% treasury
5.99% community incentives and App testers
3.2 Token Application Scenarios
Part of the total supply of SUI will become liquid assets when the main network is launched, and the remaining tokens will be released or distributed in stages in the next few years as future equity reward subsidies, its main functions are: participate in PoS pledges, pay gas fees , support Sui economic system and participation in on-chain voting.
Sui is different from the token economics model of the traditional proof-of-stake chain. Sui's token economics model adds the function of "storage fund". Since the blockchain is a data structure that only increases but does not decrease, more and more data needs to be maintained on the chain as time goes by, and the cost will increase accordingly. Higher fees for users, the "storage fund" is basically born to solve this problem, let early users pay more fees, so that all users can use the network based on similar fee levels.
3.3 Value estimation
The total supply of SUI is 10 billion US dollars . Based on the IEO price of 0.1 US dollars , the full circulation market value of SUI is 1 billion US dollars . Compared with Aptos' full circulation market value of 13 billion US dollars , the valuation of SUI is at a lower level .
4. Project advantages
Sui has a novel design, technological innovation and unique token economics, which can provide a blockchain with almost unlimited "horizontal scalability". From Byzantine consensus broadcasting and Narwhal-Tusk consensus mechanisms to Sui-Move language and storage fund token economics, Sui has made significant innovations at every level of blockchain projects .
Among the many technological innovations, the biggest highlight of Sui is still the unlimited optimization for single-writer transactions. In terms of network performance scalability, Sui focuses on transaction parallelization, that is, the network can process multiple transactions at the same time. Sui's technical design is also able to fully realize the potential of NFT as a mass commodity. Sui completely solves the gas surge problem caused by the large-scale issuance of NFT in Ethereum.
5. Financing
On December 7, 2021, Mysten Labs announced the completion of a US$36 million Series A financing led by a16z. Participants include Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Bienville, Hack VC, Finality Capital, Elad Gil, and many other funds and angels in the Web3 space.
On September 8, 2022, Mysten Labs announced the completion of $300 million in Series B financing, led by FTX Ventures, with participation from new and existing investors, including: a16z, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed, Sino Global, Dentsu Ventures, Greenoaks Capital, O'Leary Ventures and other investment companies and strategic partners.
Data shows that as of April 10, 2023, Mysten Labs has completed a total of US$336 million in financing, and a16z, Coinbase Ventures, and Lightspeed have all participated in the two rounds of public financing so far.
6. Future outlook
In general , Sui still faces quite exciting competition . In addition to the public chain projects belonging to the Meta series , there is also the overall competition on the public chain track . It is still a difficult task for Sui to develop his own characteristic development on the public chain track .
From a technical point of view, Sui has conducted more in-depth research on security, smart contracts, programming model flexibility, and compatibility, and has made its own innovations at each level. With the launch of the Sui mainnet in the future, it may be able to gain a place in the fierce Layer 1 track.
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