Sui's Leading Technology Results in a Stunning First Year
Although a relative newcomer to the blockchain space, Sui eclipsed many existing networks over its first year.
In early May last year, Sui's Mainnet made its public debut, actualizing the promise and proof points made by this next generation technology on Devnet and Testnet. As we reach Sui Mainnet's first anniversary, we look back on a year of growth and new, innovative features.
With its scalable architecture and performant consensus engine, Sui is built to handle massive traffic. And although we've seen peaks hitting over 5,000 transactions-per-second in its first year, the network has not yet reached its limit. By December of 2023 Sui hosted over nine million active accounts, and is well over 10 million now.
DeFi growth was absolutely extraordinary, with Total Value Locked rising from $100 million in early November last year to over $500 million in February.
Beyond metrics, Sui continues to see impressive development, with new features making it accessible and even more performant. zkLogin is an incredibly powerful tool builders leverage to onboard more users, while Pilotfish and Mysticeti promise to maintain Sui's performance edge.
Notable developments
May 3, 2023
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.
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 executes 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.
September 13, 2023
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.
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.
New research results in Pilotfish, an innovation in consensus that improves the scalability of transaction execution.
Capping off a year filled with events around the world, Sui hosts Basecamp, a summit which hosted over 1,000 attendees, 44 sessions, and over a 100 speakers.
April 10-11, 2024
April 10, 2024
Despite being the fastest blockchain, Sui keeps its foot on the pedal with Mysticeti, a redesign of the consensus engine allowing for even greater transaction speeds and reduced latency.
Sui original contributor Mysten Labs releases Enoki, a service platform combining technologies to make onboarding users easier than ever.
April 10, 2024
April 11, 2024
First Digital Labs chooses Sui as its first non-Ethereum venue for the FDUSD stablecoin, giving DeFi users a non-volatile value store.
Sui launches the Overflow Hackathon, its biggest competitive coding event ever, giving participants six weeks to build and a $1 million prize pool.
April 21, 2024
Over the last year, the Sui community delivered again and again, creating the projects and features contributing to the network's overall success. As we enter the next year of Sui, we look forward to exciting new projects and furthering the most innovative technology in the world.
