Sui Shakes Up Blockchain Industry at Basecamp 2024

Sui Basecamp was the biggest event for the Sui community, including the builders, developers, partners, investors, and companies working with the most advanced blockchain in history.

Sui Shakes Up Blockchain Industry at Basecamp 2024

Sui Mainnet launched last year, and community events around the world helped builders understand the potential for this groundbreaking blockchain technology, but Sui Basecamp showed that Sui has truly arrived. 

Over 1,100 people from 65 countries attended Sui's global event, held in Paris this year, to find how Sui established itself firmly in gaming and DeFi. Over two days, the community heard from over 100 speakers in 44 sessions. Major announcements from companies such as Playtron, NHN, and First Digital complemented Sui's meteoric growth in trading volume and Total Value Locked (TVL).

“We are not just here to build a blockchain, we’re not just here to build decentralized software," said Evan Cheng, Mysten Labs CEO and co-founder during his Sui Basecamp keynote. "Why we are all here today is to fundamentally reimagine human and software interaction."

The event featured announcements about how Sui's already blistering speed and mainstream accessibility will become even greater. Already capable of record-breaking transactions-per-second (TPS), further consensus innovation promises to outstrip anything in the industry. And Mysten Lab's Enoki gives non-blockchain companies the simplest path to take advantage of concepts such as digital ownership and verifiable asset data.

Meltem Demirors, blockchain expert and self-proclaimed Aspiring Cult Leader, gave a talk titled "The trillion dollar whale: bringing atoms and electrons onchain."

The community's excitement at Basecamp 2024 was palpable, as attendees learned about all the exciting things to come, gained inspiration about what they could build, and met face-to-face, many for the first time.

Breaking boundaries

Blockchains from Bitcoin to Solana and Ethereum solved the general problem of decentralized transactions, but Sui arrives with a truly modern network environment capable of supporting enterprise apps and frameworks. Sui's object-oriented data structure lets developers create real apps to engage and delight users, on a scalable network that handles ever increasing traffic. 

Unlike traditional enterprise networks, the Move programming language allows for secure smart contract code. These building blocks lead to a future that lets code replace intermediaries and institutions as the global coordinating mechanism of intelligent assets.  

Greg Siourounis, Managing Director of the Sui Foundation, greets Sui Basecamp attendees.

Mysticeti, a new technology developed at Mysten Labs by founding members of Sui, makes consensus on the network even more performant. Announced at Basecamp 2024, Mysticeti redesigns the already innovative Bullshark and Narwhal-based consensus engine to further remove latency, allowing transactions to finalize at speeds more than sufficient for the most demanding enterprise and financial frameworks. 

“In practice, we’ve implemented Mysticeti to mimic the Sui Maninet environment, and we’ve achieved about 390 milliseconds consensus," said Dmitri Perelman, Mysten Labs Head of Engineering. "As far as we know, this is the fastest achieved settlement finality.”

Mysten Labs went one further, announcing Enoki, a new service platform letting Web2 companies realize the benefits of the blockchain. These services, such as zkLogin's effortless onboarding and sponsored transactions, remove the friction caused by legacy blockchain requirements. Leveraging Enoki, companies will be able to integrate Sui's smart contract and digital asset technology into their customer applications, offering extensive new capabilities and services.

Empowering industries 

In less than one year as a production network, the fact that Sui already made its mark in gaming and DeFi was clear from the companies presenting and exhibiting at Sui Basecamp. Sui's DeFi growth has been nothing short of phenomenal, nearing $700 million TVL in under a year. DeFi protocols such as Navi, Scallop, Turbos, and Bluefin show breathtaking volume on a daily basis. 

Sui Basecamp attendees from 65 countries had the opportunity to meet each other face-to-face, many for the first time.

Cementing Sui as the network for stable DeFi growth, First Digital announced it would bring FDUSD, its $3.3 billion stablecoin, over to Sui in a native format. This new stablecoin gives Sui DeFi users a non-volatile trading option where they can store value. The First Digital announcement joined a pre-Basecamp announcement that DeepBook, Sui's native liquidity layer, would launch its own token, DEEP, later this year.

“As a new company, we feel that the industry is going to change, and that newer protocols like Sui will overtake established protocols,” said Vincent Chok, First Digital's founder and CEO. “We want to have a $10 billion market cap by the end of 2024, with $1 billion on Sui by the end of the year.”

The Gaming Arcade situated in the Sui Basecamp venue showed that gaming studios have a bright future on Sui. The network's transactional speed and scalability deliver the missing pieces games have needed to succeed in Web3. The Gaming Arcade offered attendees the opportunity to try out new games, such as Panzerdogs and E4C: Fallen Arena, currently available and soon to launch on Sui. New partners NHN and Baby Shark, already giants in gaming, were on hand to show why they chose Sui for their initial blockchain efforts.

Adeniyi Abiodun, CPO and co-founder of Mysten Labs talked about Sui's strengths and introduced Playtron's new SuiPlay0X1 mobile gaming device.

Making its handheld gaming device debut soon after coming out of stealth at the Game Developers Conference and Sui Gaming Summit last month, Playtron joined Adeniyi Abiodun, CPO and co-founder of Mysten Labs to announce SuiPlay0X1. This gaming deck runs the company's lightweight games-focused operating system and integrates directly with Sui. It will fuel onchain games, giving players immediate access to a wide variety of experiences. 

“Web3’s iPhone moment is not an iPhone,” said Playtron CEO Kirt McMaster of the new handheld.

The SuiPlay0X1, a new mobile gaming device from Playtron, integrates Sui, letting users play onchain games.

For the community

Like a bullet train gathering momentum, builders around the world began learning about Sui last year, exploring its capabilities and imagining what they could create. They attended Builder Houses, Sui Connect events, seminars, and meet-ups, a communal understanding experience letting them push the envelope of what an object can be, how smart contracts can enact policies, and where dynamic fields can take their apps.

Fud the Pug made a rare IRL appearance at Sui Basecamp.

The palpable energy at Sui Basecamp between new startups, existing companies discovering blockchain, and individual developers showed the Sui bullet train is up to speed. 

We want to thank all who attended and made it such a stellar event, and invite all builders who want to engage with the new generation of secure network computing to join us at future events and engage with Sui.