2023 saw the launch of Sui Mainnet and subsequent major growth as users and projects flocked to the network.
With its public Mainnet launch, 2023 became Sui's inaugural year, the time when its innovative technology could really be put to the test. With early projects developed on Devnet and Testnet the previous year, and untold hours put into building Sui as a Layer 1 blockchain, the network had a lot of expectation riding on its shoulders.
Sui builds on the lessons learned from the blockchain industry. It solves detrimental factors such as low throughput and high gas fees, exhibited by previous chains, and creates an entirely new paradigm. Sui combines the best of decentralized networks and what builders expect from a modern computing environment.
The 2023 results show a network proving its promise, delivering consistent and low gas fees while serving high traffic demand. Games and decentralized finance (DeFi) protocols built on the network have flourished due to the lack of network restraints.
Here's 2023, the year in Sui:
January 25, 2023
Testnet Wave 2 launches, using two gamified apps to test the tokenomics model in relation to Validators. The results, with statistics including 36.5 million transactions, set the stage for Mainnet launch. Wave 2 followed Testnet Wave 1, launched in 2022, which focused on Validator coordination.
Sui Mainnet launches, opening up the network to unfettered public use. Supported by over 100 Validators and over 400 nodes, builders can launch their apps and bring Sui's innovative features to the public.
July 12, 2023
DeepBook, Sui's first native liquidity layer, launches. This central limit order book gives DeFi protocols and other app builders a mechanism to support both market and limit token swaps.
Sui experiences over 65 million transactions in one day, the most recorded on a blockchain ever and proof of its scalability. Other metrics for Sui Mainnet's first three months include hitting 5,414 transactions per second without causing a gas fee spike.
zkLogin, an innovative new primitive, launches on Sui, letting builders incorporate authorization through existing credentials from providers such as Google, Facebook, and Twitch. zkLogin greatly eases the onboarding path for new Web3 users.
October 19, 2023
DeFi shows substantial growth, with combined activity from protocols showing Total Value Locked rising 341 percent and volume rising 229 percent over three months.
November 2, 2023
Using the technology behind zkLogin, zkSend launches in beta, giving users a seamless means of sending tokens to anyone, even those not yet using Sui.
Combined Total Value Locked for DeFi protocols on Sui crosses the $100 million mark, showing continued DeFi growth.
November 27, 2023
Nine million accounts became active on Sui, as new users onboarded through the many engaging projects on the network.
Full speed ahead
Reaching these milestones required hard work from builders around the world. Their efforts created the network and the many projects bringing users to Sui. This impressive momentum bodes well for the new year, as more builders learn Move and leverage Sui to make the projects they imagined a reality.
We look forward to user growth and engagement in 2024 and new network features expanding Sui's utility.
