Sui: Building for the Next Billion Users
Feb 10, 2025
TL/DR
Scalable Layer-1 Blockchain: Sui Network is a Layer-1 blockchain designed for high throughput, low latency and low costs, aiming to support the next billion users and decentralized applications (dApps).
Mysten Labs Team: Founded by former Meta employees who worked on the Diem blockchain and Move programming language, the Mysten Labs team brings extensive experience to Sui's development. Key figures include CEO Evan Cheng, CTO Sam Blackshear (creator of Move) and President Kevin Boon.
Significant Funding and Partnerships: Sui has raised over $336 million from prominent investors like a16z, achieving a $2 billion valuation. Key partnerships include SatLayer (Bitcoin integration), Ant Digital (real-world asset tokenization) and Franklin Templeton.
Continuous Development and Upgrades: Sui actively develops and implements upgrades, such as the recent mainnet upgrade to V1.40.3, Protocol Upgrade to Version 71, and the Mysticeti consensus engine upgrade, demonstrating its commitment to improvement and innovation.
Introduction to Sui
Sui Network is a prominent Layer 1 blockchain that's turning heads in the Web3 world. Designed with a focus on horizontal scalability, Sui aims to provide the speed, security, and low costs needed to support the next generation of decentralized applications (dApps). Unlike many existing blockchains, Sui can handle a high volume of transactions, making it ideal for everything from gaming and NFTs to DeFi and complex financial transactions. This blog post dives into the ecosystem surrounding Sui Network, exploring its vibrant community, an introduction to the team, funding history and grant programs. We’ll also take a look at tokenomics.
The People behind the Network
Mysten Labs and the Creation of Sui
Mysten Labs is a Web3 infrastructure company founded in 2021 by a group of former Meta employees with a shared vision: to build "the internet of tomorrow". This team of experts, who previously worked on Meta's Diem blockchain project, brought their extensive experience in building high-throughput, low-latency blockchain systems to Mysten Labs. Their goal was to create scalable blockchain infrastructure solutions aimed at the mass adoption of decentralized technologies. The result of their efforts is the Sui blockchain, a Layer 1 platform officially launched in 2023.
Mysten Labs Team overview
The founding team of Mysten Labs consists of five individuals who played key roles in the development of the Diem blockchain and the Move programming language at Meta. Also included is the newly appointed President of Mysten Labs:
Kevin Boon (President): Kevin is the President of Mysten Labs. He was appointed to this role in early 2024 by the company's board of directors. Boon previously served as Mysten Labs' Chief Legal Officer, where he oversaw legal, business development, corporate development and strategic communications.
Evan Cheng (CEO): With over 24 years of experience in platform development, Cheng has held leadership roles at Apple and Meta. He was the Director of R&D for Novi Financial, a division of the Diem project and received the prestigious 2012 ACM Software System Award for his contributions to the field.
Sam Blackshear (CTO): Blackshear is the creator of the Move programming language, a key component of both Diem and Sui. His expertise in programming language design and blockchain technology is crucial to Sui's development.
Adeniyi Abiodun (CPO): Abiodun has extensive experience in product development, having worked at companies like VMware, Oracle and Meta. He leads the product strategy for Sui and is a prominent voice in the Sui community.
George Danezis (Chief Scientist): Danezis is a renowned researcher in the field of blockchain technology and cryptography. He previously worked at Microsoft Research and Chainspace, bringing his expertise in security and privacy to Sui.
Kostas Chalkias (Chief Cryptographer): Chalkias is a leading cryptographer with experience at companies like R3, Erybo and Meta. He leads the cryptography efforts for Sui, ensuring the security and integrity of the blockchain.
The Funding behind Sui
Sui has garnered significant financial backing from prominent investors in the blockchain space. The company has raised a total of $336 million over four rounds of funding.
Series A: In December 2021, Sui raised $36 million in a Series A funding round led by Andreessen Horowitz (a16z). This round included participation from notable investors such as Lightspeed Venture Partners, Coinbase Ventures, and Redpoint Ventures.
Series B: In September 2022, Sui secured $300 million in a Series B funding round. This round saw participation from a wide range of investors, including a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O'Leary Ventures. This funding round propelled Mysten Labs to a valuation of $2 billion.
Further Investments: Following the Series B, raised a total of $49.37 million in public sales, over the course of a handful of IEO’s. This makes up 13% of the total funds raised.
Exploring Sui’s Ecosystem and Community
Partnerships
Mysten Labs has established key partnerships to expand Sui's capabilities and reach:
SatLayer: Sui has partnered with SatLayer, a Bitcoin restaking platform, to enhance Bitcoin integration and enable BTCfi capabilities on Sui. This partnership allows developers to utilize Bitcoin for security and liquidity purposes across various applications.
Ant Digital: Sui has collaborated with Ant Digital, the technology arm of Ant Group, to tokenize real-world assets, particularly in the ESG space. This partnership aims to bring greater transparency and efficiency to ESG investing.
Franklin Templeton: Sui has partnered with asset manager Franklin Templeton to develop new blockchain technologies and use cases on the Sui network. This collaboration focuses on supporting Sui ecosystem builders and deploying novel technologies.
Ecosystem Partners
The Sui ecosystem is home to a diverse range of projects spanning various categories, including:
Decentralized Finance (DeFi)
Sui has a thriving DeFi ecosystem with projects like DeepBook, Cetus, Navi, Scallop, Suilend and Turbos Finance offering a wide range of financial services, including decentralized exchanges, lending and liquid staking.
Investment Vehicles
Grayscale Sui Trust is one of the first Investment vehicles where investors can diversify and invest in Sui without the hassle of buying, storing and safekeeping SUI, directly. This enables accredited investors to gain exposure to the token underlying the SUI platform ("SUI") in the form of a security.
Sui's high throughput and low latency make it ideal for gaming applications. Projects like Gameplay Galaxy, Gaggle Studios and Talofa Games are building innovative gaming experiences on Sui.
Non-Fungible Tokens (NFTs)
Sui's object-centric model enables new possibilities for NFTs. Projects like BlueMove and Artfi are building NFT marketplaces and platforms on Sui.
Decentralized Physical Infrastructure Networks (DePIN)
Sui supports DePIN projects like Chirp, which aims to impact IoT connectivity and telecommunications.
Wallets
Several wallets, including Ethos Wallet, Noves, Gem Wallet, Suiet Wallet and Wave Wallet, provide secure and user-friendly ways to manage digital assets on Sui. Not to forget the recent integration of Phantom wallet rolling out beta support for Sui.
Infrastructure
Projects like Axelar, LayerZero and Wormhole provide bridges for interoperability with other blockchains, while SuiNS offers a decentralized identity service.
Sui’s Grants & Incubator Programs
Sui Foundation Grants Hub
The Sui Foundation Grants Hub serves as a central resource for developers and researchers seeking funding opportunities. It provides comprehensive information about various programs, including the Sui Foundation Project Showcase Submission and Sui Academic Research Awards.
Sui Foundation Project Showcase Submission
The Sui Foundation Project Showcase Submission allows developers to present their projects to the Sui community and potentially receive funding. While specific eligibility criteria are not explicitly stated, developers can submit their projects via an online form. The Grants Hub also provides contact information for inquiries, including links to Sui's Discord, Twitter, YouTube and LinkedIn pages. Although details about the application process are limited, the Grants Hub suggests reviewing the Request for Proposals (RFP) section for more information.
Sui Academic Research Awards
The Sui Academic Research Awards program encourages research that advances Sui and Web3 technologies. Individuals, nonprofits, companies and teams can apply for funding consideration. The Sui Foundation provides a fixed grant of $25,000 USD for selected projects. To receive the grant, applicants must undergo identity verification.
Sui’s Tokenomics overview
SUI Token Distribution
With a total supply capped at 10 billion tokens, SUI's distribution strategy prioritizes long-term sustainability and community involvement. Here's a breakdown of the initial allocation:
Community Reserve: 50% allocated to community initiatives, including delegation programs, grants, research and validator subsidies. This substantial allocation underscores Sui's commitment to fostering a thriving ecosystem and rewarding active participation.
Early Contributors: 20% allocated to the developers, builders, and early contributors who played a crucial role in Sui's development.
Investors: 14% allocated to early investors who provided financial support during the initial stages.
Mysten Labs Treasury: 10% reserved for Mysten Labs to support ongoing development and operational expenses.
Community Access Program and App Testers: 6% allocated to incentivize community engagement and ensure thorough testing of applications built on Sui.
What’s happening with Sui’s Mainnet?
Recent Upgrades
Sui continuously evolves through upgrades and updates to enhance its performance and capabilities. Some notable recent developments include:
Mainnet Upgrade to V1.40.3: In January 2025, Sui mainnet underwent an upgrade to version V1.40.3, including protocol upgrades, optimization of indicators and protocol configuration and improved query efficiency.
Protocol Upgrade to Version 71: The protocol upgrade to version 71 introduced various improvements, including changes to metrics and protocol configuration, addition of the multiGetObjects top-level query and the addition of the build_mainnet function to SuiClientBuilder.
Continuous Development of Move: The Move programming language continues to evolve with community contributions, with the Move 2024 edition introducing new features.
Mysticeti Upgrade: In April 2024, Sui introduced Mysticeti, a redesigned consensus engine that further enhances transaction speeds and reduces latency.
Conclusion
The network's focus on scalability, speed and low costs addresses critical challenges hindering widespread blockchain adoption. Coupled with substantial funding, strategic partnerships with industry leaders, and a rapidly expanding ecosystem spanning diverse use cases like DeFi, gaming, and NFTs, Sui is demonstrating its potential to become a key player in the Web3 era. Furthermore, its commitment to community engagement, evidenced by significant token allocation and grant programs, fosters a vibrant and collaborative environment for developers and innovators. While the blockchain space is constantly evolving, Sui's continuous development and upgrade cycle, including advancements like the Mysticeti consensus engine, signal its dedication to staying at the forefront of technological advancement.
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