Development of the Sui Ecosystem and Outlook for the Blockchain Industry

Recently, Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs, participated in a podcast with two well-known Asian KOLs, Dustin and Patrick, sharing insights on the Sui Blockchain and the entire crypto ecosystem.

Technical Upgrade

Adeniyi revealed that Sui is about to launch several important upgrades:

• The Sui consensus mechanism will be upgraded to version two, reducing the delay from 500 milliseconds to about 300 milliseconds, making Sui one of the fastest blockchains in the industry.

• The upcoming SuiPlay0X1 gaming console is a high-performance PC handheld device that supports both web2 and web3 games. It will allow players to earn NFTs and own assets within the game, contributing to the development of the gaming economy in the Sui ecosystem.

Market Challenges and Solutions

The main challenges currently faced by the blockchain industry include:

• Liquidity issues, especially the liquidity constraints caused by token staking in Layer 1 and Layer 2.

• Overly focusing on token acquisition and staking, while neglecting the development of actual application scenarios.

• Lack of daily applications that are valuable to ordinary users.

Methods to address these challenges include:

• Develop applications with practical value, especially games and other applications that can seamlessly integrate DeFi elements.

• Treat tokens as utility tools rather than commodities, providing users with motivation to use them.

• Simplify the interaction between users and Blockchain technology, making it more accessible to ordinary users.

Competitive Advantages of Sui

Adeniyi emphasized several key advantages of Sui:

• High trading volume and user engagement, with daily active users exceeding 100,000.

• Programmable trading blocks allow users to perform chain transactions across multiple DeFi protocols.

• Extremely low gas fees make Sui an ideal platform for DeFi activities.

• Simplifying the user onboarding process using zk technology.

• Horizontal scalability, which can easily increase TPS by adding machines.

Ecosystem Development

Several projects are thriving in the Sui ecosystem:

• Carrier One: Building a global decentralized enterprise-level telecommunications infrastructure.

• Playtron: Developing the future gaming Android operating system on Sui.

• Walrus: A powerful global storage layer that rivals AWS and Google.

• Navi Scallop: has become one of the top 20 DeFi protocols in Web3.

Future Outlook

Recent focuses of Sui include:

• Launch local stablecoin
• Release Consensus Algorithm Version 2
• Launch on-chain randomness feature
• Attract more developers, especially traditional JavaScript developers
• Introduce more decentralized applications ( dApps ), especially in the gaming sector.

For the entire blockchain industry, future development trends may include:

• Improvement of the regulatory environment, such as the approval of ETFs
• More technological innovations, such as on-chain randomness
• The cycle of asset creation and credit expansion
• Provide low-risk, user-friendly application scenarios to a broader user base.
• Creator tokens and assets with real utility may become a new direction to drive industry development.