- Since Sui’s mainnet debut a year ago, its developer, Mysten Labs, has established alliances with Google and ByteDance, the parent company of TikTok.
- Sui was in the top 10 blockchains in terms of TVL not long after launch.
With a hectic year that includes going live on the mainnet and announcing new collaborations with Google and TikTok parent company ByteDance, Mysten Labs, the maker of the Layer 1 Sui protocol, is optimistic that blockchain technology is ready to turn the corner.
Web3’s killer app is on the way. According to Evan Cheng, CEO and co-founder of Mysten Labs, “the ChatGPT moment is coming soon,” adding that the current bull run is happening at the same time that web2 tech titans are showing a greater interest in blockchain than they did previously. More seasoned businesses are showing a lot of interest in our offerings; these businesses had previously remained silent in this area.
Mysten Labs has entered into agreements with Alibaba Cloud and Google Cloud as part of its previously announced “ecosystem partnerships,” with the mutual goal of enhancing security and scalability, according to the business.
Mysten Labs announced in a blog post that BytePlus, the tech arm of ByteDance, the parent company of TikTok, has also teamed up with Cheng’s company to create a wide range of activities, including web3 games, SocialFi, recommendation systems, and augmented reality goods.
Cheng responded that these businesses must be dedicated to constant innovation when asked why major, centralized tech corporations like Google and Bytedance would be interested in DeFi applications.
He declared, “They’re actively looking into web3 and working with us; they’re not just doing it for publicity.” “Decentralization might not pose an immediate threat to their business model, but great companies tend to outlive those that rest on their laurels.”
Cheng, who contributed to the development of the blockchain, is undoubtedly one of its greatest supporters and privy to the belief that the protocol is superior to others—just one year after Sui went live on the mainnet.
Sui has advanced during the last 12 months, at one point entering into the TVL top 10 just a few months after the mainnet began, according to Mysten Labs, even if it’s still far from a leader in terms of total locked value.
Since then, according to DeFiLlama, it has dropped to the twelfth spot on that list, behind protocols like Ethereum, Solana, and Avalanche.
Fierce rivalry between blockchains
Sui faces fierce competition from all sides even if it may eventually prove to be one of the most popular and effective blockchains.
As compared to Aptos APT, its related blockchain through TVL and on-chain trading volumes, Sui has been able to generate significantly more economic activity, according to Zheng. However, it appears to me that Aptos is gaining a lot of marketing and visibility mindshare on the visibility front.
Because both Sui and Aptos are blockchains developed by former Meta personnel and use the Move programming language, they are frequently contrasted with one another. Avery Ching, a former Meta engineer, co-founded Aptos Labs, while all five of the founders of Mysten Labs had previously worked on Meta’s cryptocurrency activities.
Sui and other Layer 1 blockchains will probably compete fiercely for a while as they try to establish themselves as foundational technologies for the web 3.0 future. Cheng expressed his satisfaction with Sui’s development during the previous year thus far.
We’re doing fairly well right now; in DeFi, specifically, we routinely rank in the top 10. according to the volume of transactions, he said. And that’s true because, unlike many other indicators, actual transaction volume cannot be manipulated.
The SUI token saw a significant recovery at the start of this year when its price more than doubled to around $2, having initially lost more than half of its value in less than a month following the mainnet debut.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
