Recapping Sui's 17 Achievements in 2024
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Recapping Sui's 17 Achievements in 2024
Sui demonstrated remarkable growth and innovation in 2024, emerging as a standout project in the blockchain industry.
Navigating Web3 tides with focused insightsSince early 2024, despite the Sui mainnet having launched less than a year prior, DeFi activity has already demonstrated tremendous potential. To date, throughout the year, Sui and its community have repeatedly proven their strength in DeFi growth, global events, and continuous technological optimization. Developers have leveraged Sui's superior features to build their ideal projects, while new developers have discovered the friendliness and ease of use within the Sui ecosystem, smoothly beginning their Move programming journey.
Below are 17 milestones worth celebrating in the Sui ecosystem during 2024—see how many you recognize:
February 4: TVL Surpasses $500 Million
Less than a year after the Sui mainnet launch, various DeFi protocols drove Sui’s TVL to reach $500 million, placing it among the top ten blockchains. This growth highlights the strong appeal of the Sui environment for DeFi projects.
March 1: Stablecoin USDY Launches on Sui
Ondo Finance launched USDY, a yield-bearing stablecoin, bringing Sui its first USD-pegged token and demonstrating institutional confidence in Sui.
March 19: Sui Gaming Summit
During the Game Developers Conference in San Francisco, Sui hosted a gaming event showcasing upcoming games and attracting developers into the Web3 world.
April 3: Move 2024 Testnet Release
The Move programming language released its 2024 version, introducing new features such as method syntax, field positions, and loop labels, expanding possibilities for developers.
April 10: Sui Basecamp Held
During Paris Blockchain Week, Sui held its two-day flagship annual event, attracting over 1,100 participants from 65 countries to witness cutting-edge innovations in blockchain technology.
April 21: Sui Overflow Hackathon
Sui hosted its largest global hackathon to date, spanning two months with 352 project submissions and 32 winning teams across eight tracks.
May 3: Mainnet One-Year Anniversary
Sui celebrated its one-year anniversary since mainnet launch, marked by technical breakthroughs such as zkLogin and DeepBook, along with performance metrics like a single-day transaction volume reaching 65 million.
June 18: Walrus Launched
Mysten Labs announced Walrus, a decentralized data storage network using Sui as the coordination layer, positioning Sui at the forefront of the data network revolution.
August 6: Mysticeti Announced
Despite Sui already possessing innovative transaction processing capabilities, the engineering team introduced the Mysticeti consensus mechanism, further enhancing performance—particularly achieving low-latency handling of shared object transactions.
September 2: SuiPlay0X1 Released
During Korea Blockchain Week, Sui launched SuiPlay0X1, its first mobile device designed for Web3 gaming, connecting players’ game assets and delivering an ultimate gaming experience.
September 5: Stablecoin AUSD Launches
Agora launched its USD-pegged stablecoin on Sui, providing DeFi users with new trading and exchange options and further enriching Sui’s stablecoin ecosystem.
September 29: TVL Surpasses $1 Billion
Driven by top-tier DeFi protocols and user adoption, Sui’s TVL reached $1 billion, reflecting user trust in Sui and the attractiveness of its low fees and fast transactions.
At the time of writing, Sui’s TVL has surpassed $1.7 billion.
September 30: Sui Bridge Launched
Sui launched a new native cross-chain bridge supporting cross-chain swaps between SUI and ETH, with plans to support additional assets and blockchains in the future.
October 8: Stablecoin USDC Launches
The well-known stablecoin USDC launched on Sui, with Circle ensuring its 1:1 peg to the US dollar, bringing greater liquidity options to the Sui ecosystem.
October 14: DeepBook Launches DEEP
The launch of DEEP is more than just a token release—it introduces a new governance model for DeepBook, Sui’s liquidity layer, allowing users to vote on rule-making and protocol decisions.
November 14: SuiNS Decentralized
SuiNS transitioned to a community-run decentralized organization and launched its NS governance token for governance and liquidity purposes.
November 20: FDUSD Launches
First Digital Labs’ stablecoin became a native asset on Sui, marking the fourth stablecoin launched on Sui in 2024 and further demonstrating institutional confidence in the platform.
Future
The Journey Continues
Let us continue writing the exciting chapters of Sui’s ecosystem development together...
Looking Ahead
Like a snowball rolling and growing larger, or like a katamari absorbing everything around it, Sui’s growth will persist and accelerate in the coming years. 2025 will see the official launches of many previously announced projects and games. As more developers discover Sui and realize its boundless potential, new projects will continue to emerge.
With increasing on-chain activity, DeFi will grow alongside, supported by a suite of innovative protocols already live and operating, as well as growing interest from financial institutions. The Sui community will gather at events worldwide, exchanging ideas, collaborating, and building valuable connections.
Get ready for an exciting 2025!
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