Recap Sui's ecosystem development in February 2024 and understand Sui's recent growth journey
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Recap Sui's ecosystem development in February 2024 and understand Sui's recent growth journey
Sui is being widely adopted to solve real-world problems and is receiving growing attention.
Navigating Web3 tides with focused insightsAuthor: Sui Network
February 2024 welcomed the Chinese New Year with multiple major announcements from the Sui ecosystem, marking strong progress in ecosystem development.
For example, Sui’s TVL surpassed $500 million, placing it among the top 10 DeFi chains and top 5 most active blockchains; Ondo announced bringing its native stablecoin USDY to the Sui ecosystem; Sui partnered with Thrive to launch the ThinkSui platform, awarding $720,000 to contributors; the Sui Foundation and American University of Sharjah launched a blockchain academy; and Sui was named Best Blockchain Solution at the AIBC Eurasia Awards 2024.
Additionally, upcoming events such as the Sui Gaming Summit (March 19) and Sui Basecamp conference (April 10–11) are further expanding Sui’s influence and fueling excitement for what lies ahead in 2024.
Below is a recap of Sui’s recent milestones:
Network Updates
1 Sui Network Upgrade
In February, the Sui mainnet underwent two significant iterative upgrades. Developers can refer to the network update schedule to stay informed about upgrade frequencies and timelines for devnet, testnet, and mainnet, enabling timely synchronization. The current Sui network versions are: Devnet v1.20.0, Testnet v1.20.0, and Mainnet v1.19.1. For details on recent version upgrades, please read this article.
2 Sui’s TVL Surpasses $500 Million
In early February, Sui’s Total Value Locked (TVL) surpassed $500 million and reached $600 million within 10 days—an important milestone achieved in under nine months. Notably, TVL grew 15x in the last five months of 2023 and more than doubled in January 2024. Most importantly, on-chain activity is thriving, briefly propelling Sui into the top 5 most active chains! Sui is gaining widespread adoption for solving real-world problems and attracting growing attention. Read more
3 Sui and Thrive Launch ThinkSui Platform
On February 6, Sui Network launched the ThinkSui platform—a new initiative to recognize community members, builders, and creators. Co-launched by Sui and Thrive, ThinkSui provides a space for the Sui community to share ideas and turn them into impactful contributions, rewarding users who drive growth in the Sui ecosystem. Read more
4 Ondo Announces Integration of Stablecoin USDY into Sui
USDY is a tokenized instrument backed by short-term U.S. Treasury bills, offering holders both the utility of a stablecoin and yield generation. Ondo’s collaboration with Sui aims to rapidly enhance access to real-world assets within the Sui ecosystem. By integrating USDY into leading DeFi protocols on Sui, the ecosystem gains a stable and liquid investment option. Read more
5 Sui Launches Move Course on Dacade
Dacade has launched a developer course focused on Sui, offering an immersive journey into Move technology. This course guides developers through building DeFi applications using Sui’s powerful native features such as DeepBook and zkLogin. Participants also benefit from peer feedback and guidance within Dacade’s peer-to-peer learning network, enhancing their learning experience and skill development. Read more
6 Sui Foundation Partners with AUS to Launch Blockchain Academy
The American University of Sharjah (AUS), a leading innovation hub in the Middle East, has partnered with Sui to launch a new blockchain research center, further strengthening its reputation in innovation. This initiative supports Sharjah’s vision to position itself as a regional center for education and research, particularly in technology and blockchain. It complements Dubai’s leadership in the blockchain industry, ensuring ample regional expertise when building new decentralized applications and integrating the technology into existing infrastructure. Read more
7 Stardust Supports Sui Game Developers
Recently, Stardust announced a partnership with Sui, bringing its expertise in wallet-as-a-service infrastructure and user acquisition platforms to support game developers on Sui in attracting players. As a Web3 gaming infrastructure provider, Stardust built a platform primarily focused on EVM technologies. Read more
8 Sui Named Best Blockchain Solution 2024
Sui won the “Best Blockchain Solution 2024” award at the second AIBC Eurasia event held in Dubai from February 25–27. This honor reflects the quality of the entire Sui community and celebrates the incredible achievements we’ve accomplished together! Read more
9 Sui Ambassador Recruitment
In mid-February, Sui announced a new round of its Ambassador Program, a key initiative to build a global community around Sui’s innovative technology. The program empowers individuals passionate about Sui’s mission to raise awareness within the Sui community and beyond. The Sui Ambassador Program offers two tracks—content creation and community leadership—and encourages applicants to choose the path that best matches their skills and strengths. At the time of writing, selection results have been communicated to applicants via email. Read more
Community Events
1 Sui Basecamp: First Global Flagship Conference
On April 10–11, 2024, Sui will celebrate the first anniversary of its mainnet launch in Paris, France, inviting all Sui builders and supporters to join us! Sui Basecamp will take place during Paris Blockchain Week, bringing together Web3 builders, leading companies, and believers to create, learn, and connect. Hosted by experts with deep practical knowledge of Move programming language, cryptography, infrastructure, and tokenomics, Basecamp will feature two days of talks and workshops. Read more
2 Sui Gaming Summit to Debut at GDC on March 19
Sui will launch its first major gaming event—Play Beyond: Sui Gaming Summit—at the Game Developers Conference (GDC) in San Francisco on March 19 this year. The summit will include speeches, panel discussions, developer workshops, and live game demos. Networking opportunities will be available with pioneers already benefiting from key Sui innovations and shaping the future of gaming, including South Korea’s gaming giant NHN. Read more
3 Sui Launches Community Events Portal
Recently, Sui launched a community events portal providing an overview of Sui ecosystem events worldwide, including upcoming gatherings in Paris, the Philippines, Hong Kong, and Dubai. For more details, visit the event homepage.
🌟 Sui Community Events: https://sui.io/community-events-hub#events
Educational Content & Tutorials
To help general users quickly understand Sui and the Move language, Sui has published practical articles to facilitate onboarding.
1 SuiNS Helps You Showcase Your Digital Identity More Personally
Sui Name Service (SuiNS) allows Sui users to own a human-readable identifier linked to their Sui account. SuiNS identifiers greatly simplify how users specify Sui addresses, creating a better user experience. Moreover, blockchain naming services represent a crucial step forward in the evolution of digital identity. Read more
2 First Step in Web3 Investing: Solving Fiat On-Ramps and Off-Ramps
Global leading fiat on-ramp platform Banxa and the official Sui team jointly announced on X the addition of $SUI to its platform, enabling users to purchase $SUI directly with fiat currency, providing crypto solutions support for the Sui network!
🌟 Read more: https://medium.com/sui-network-cn/1f874e2a8366
3 How zkLogin Makes Cryptography Faster and Safer
zkLogin is not only a revolutionary leap in bringing more users into Web3 applications, but its development has also made zero-knowledge (ZK) APIs faster and more secure. Beyond system design challenges, it required multiple contributions to external ZK proof and cryptographic libraries. Key contributions by Mysten Labs’ cryptography team include: (1) performance improvements to BLS; (2) fixing bugs in kobi/phase2-bn254 and achieving compatibility with snarkjs; (3) Poseidon hash function adaptable to any curve; (4) upgrading ark-circom (now renamed circom-compat). Read more
4 What Are Stablecoins?
Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to fiat currencies like the U.S. dollar or commodities like gold, providing stability in volatile markets. Understanding why stablecoins exist, their stabilization mechanisms, use cases, risks, and future prospects will deepen your understanding of the crypto market. Read more
5 Tutorial | How to Get a SuiNS Name
SuiNS converts complex identifiers into easy-to-read formats—more like a digital identity, similar to an email address. Users with a SuiNS name can use it as their online address on Sui, personalize it with NFT avatars, or even host IPFS-based websites. Follow this tutorial for instructions on how to obtain and purchase one. Read more
Ecosystem Projects
1 NAVI Takes the Lead in Sui’s DeFi Race
As a leading DeFi project in the Sui ecosystem, NAVI Protocol leverages Sui’s object-oriented data architecture, security, and scalability to deliver user-friendly products. Its founders bring extensive experience and industry knowledge, making the right choice in selecting Sui as their platform. Read original
Sui On-Chain Overview
🌟 Network Versions:
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Devnet: v1.20.0
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Testnet: v1.20.0
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Mainnet: v1.19.1
🔗 On-Chain Metrics:
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Network TPS (Peak 30D): 1282
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Current Epoch: 333
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Checkpoint: 28.5M
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Number of Validators: 104
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Total Addresses: 9.78M
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Daily Active Addresses: 17.12K
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Total Transactions: 2.80B
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TVL: $525M USD (DeFiLlama)
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