Grand Cayman, Cayman Islands, April 18th, 2024, Chainwire
Grand Cayman, Cayman Islands, April 18th, 2024, Chainwire
Over 1,000 projects, partners, investors, and enthusiasts from 65 countries around the world gathered last week in Paris to celebrate Sui at the vaunted Layer 1’s inaugural global Sui Basecamp conference.
At its first-ever annual event held during Paris Blockchain Week, Sui was feted by developers and builders from around the world during a two-day event. Speakers at Sui Basecamp spanned all aspects of the industry from payments to gaming to e-commerce to major league sports, offering commentary in keynotes, panels, and fireside chats.
The event was punctuated by three major announcements. In partnership with Playtron, the Sui team announced the SuiPlay0x1, the world’s first lightweight handheld gaming device designed with native Web3 capabilities, and promising new gaming experiences. Additionally, First Digital Labs, joined an announcement that FDUSD, the fastest-growing stablecoin in crypto, will be the first native dollar-backed stablecoin on Sui, a boon to Sui’s DeFi ecosystem, which is already the fastest-growing in the industry. Finally, Sui announced Enoki, a suite of Web3 utilities that will make it very simple for enterprises to leverage decentralized solutions inside their applications, products and services.
“In building Sui, we began with a blank canvas, aiming to create the preeminent platform for decentralized applications without the structural limitations we saw in other blockchains,” said Evan Cheng, Co-founder and CEO of Mysten Labs, originator of the Sui Network. “Less than a year after launching Sui’s mainnet, the remarkable strength of Sui’s performance has confirmed the approach. From nearly limitless horizontal scalability to industry leading speed of execution to achieving the most transactions in a single day of any blockchain ever, Sui’s performance has been exceptional and the network has only scratched the surface.”
The industry veterans who founded Sui launched its mainnet nearly a year ago to great expectations, and the network has performed exceptionally well. Rather than cloning an existing network, the Sui team started from scratch to build an entirely new infrastructure layer that addressed the shortcomings of existing blockchains. They started by creating Move, a novel smart contract language, and on top of it created a new architecture centered around objects that enables performance and functionality that is simply not available on existing blockchains. The result is a blockchain that is singular in the industry — the universal coordination layer for intelligent assets.
Sui is a industry leader with lightning-fast transactions, with time to finality clocked at just 400 milliseconds. Likewise, Sui’s scalability is also at the pinnacle, reaching 297,000 TPS in a controlled environment. But the Sui team is also constantly improving its technology. At the conference, members of the Sui team unveiled the next advancement in speed and scalability in the form of Mysticeti, which significantly accelerates Sui’s time to finality, and Pilotfish, which enables nearly unlimited horizontal scaling by validators.
And beyond performing in test environments, at just four months old, Sui broke the record for transactions executed in a single day, achieving a higher figure than any existing blockchain while fees remained low and stable. Notably, in nearly a year of its mainnet, Sui has not experienced a single minute of downtime.
Gradually, after a series of community events around the world, media stories highlighting Sui’s remarkable early milestones, sustained ecosystem growth and multiple stories of builders eschewing other blockchains to leverage the Sui network, builders, developers, investors and the broader community have begun to understand the potential for Sui’s groundbreaking blockchain technology. The crowds that gathered for Sui Basecamp 2024 represented the culmination of Sui’s arrival.
“The overwhelming turnout and the vibrant enthusiasm at the inaugural Sui Basecamp event reflects a Sui community that is captivated by Sui’s potential to make people’s lives better,” said Greg Siourounis, Managing Director of the Sui Foundation. “In the coming months, the Sui Foundation will continue to focus on expanding the ecosystem of projects leveraging Sui and the number of users benefiting from those applications as we work to make Sui one of the blockchains most widely adopted to solve real world challenges. With cutting edge technology and the most dedicated and professional community in web3 behind it, Sui’s progress so far is just a glimpse of what this network will achieve.”
Users can read more on the event on the Sui Blog.
Sui Foundation
media@sui.io
Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates on a technology called blockchain.
A stablecoin is a type of cryptocurrency that is pegged to a stable asset, such as a currency or commodity, to minimize price volatility.
Decentralized finance (DeFi) refers to financial services that operate on blockchain technology, allowing for peer-to-peer transactions without intermediaries.
A smart contract is a self-executing contract with the terms of the agreement directly written into code, running on a blockchain.
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