Splash! Sui Is Here

GM Readers!📪 It's BitDegree Insider and, of course, May the 4th be with you.

⭐️Today's selection:

• 🐣Sui Is Here
• 🧩️Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

SUI IS ON

Okay, so there's a lot of hype surrounding Sui, the blockchain.

To understand where Sui comes from, let's go back to 2019: at that time, one major company was preparing to launch its own blockchain.

Facebook was aiming to launch its Libra blockchain.

The Libra project was being developed in the Move programming language, which was created from scratch specifically for this platform.

However, as you know (if you've been reading us for long enough), this project was shut down due to regulatory pressure, and all the work was handed over to third-party developers.

As a result, some of the developers, who were working on the Libra blockchain, founded their own company. It was called Mysten Labs.

Mysten Labs' first project is the Sui Blockchain, which was launched yesterday.

It is being developed in the same Move programming language.

The Aptos blockchain, which launched just before Sui, was also developed in this programming language.

The main goal of Mysten Labs is to create a blockchain platform that offers the capabilities of Ethereum but with better design and internet-scale scalability.

One of the main advantages of Sui is scalability.

Mysten Labs developers have solved the problem of low blockchain throughput using object-oriented programming and the simple Move language.

For example, Sui validators can process transactions in parallel and in different sequences, while simple transactions or mass NFT minting can be processed in a simplified form.

All this can speed up the blockchain to 300,000 transactions per second, which is perfect for demanding games and DeFi.

They even want to partner with South Korean gaming giants to redefine blockchain games.

Interesting fact: Sui developers mock modern blockchain games like Axie Infinity, considering them more like "a spreadsheet rather than a game."

Sui aims to change this and take crypto games to a new level. But let's be honest! We've heard all these things from dozens of other projects...

Every project competing with Ethereum says the same thing and ultimately cannot even come close to Ethereum in popularity.

However, Sui is not just an improved clone of Ethereum, but a completely new blockchain created from scratch using a new and simpler programming language that addresses Ethereum's shortcomings.

Could things really go different with Sui? What do you think? Answer in the poll at the end of this piece about Sui.

For those who may be interested, you can go on and play around with the Sui blockchain explorer.

Let's take a look at the more technical side of it.

Since launch (during the last 30 hours), the blockchain handles around 18 transactions per second with a maximum of 137.

But where are the promised 300,000?

Well, it's nothing out of the ordinary, as all the projects are just beginning their deployment processes on the network, and not that many people have had a chance to use it yet.

In total, there isn't enough demand to create a load of 300,000 transactions... so we'll have to see if Mysten Labs can create such a demand for their blockchain product!

For now, all the demand is for trading Sui on exchanges.

And for the last 12 hours, the price hasn't fluctuated much, holding in the range of $1.30-1.37 per 1 SUI.

The current circulating supply is about 5% of the total possible tokenomics. You can find more details and factors on BitDegree website.

But Sui is still facing some challenges.

They need to create not only demand for the blockchain itself, but also for developers to start building on this blockchain. 

More specifically, they have to invite programmers to learn the MOVE programming language.

That's tricky, since a widely-adopted alternative is already accepted. We're talking about Solidity (for Ethereum), and EVM (Ethereum Virtual Machine).

So, you could go on and say that Sui will really have to do their best to Move it, Move it.

Initially, we wrote about Sui on December 23th, 2022. No one knew for sure… what to expect, and whether an airdrop will be organized.

But then, only a week ago, we were discussing what's the secret ingredient of new blockchains' success.

And the answer was: investments and airdrops.

Mysten Labs definitely received a lot of investments. Yet, they didn't bother to organize an airdrop, thus surprising everyone along the way.

Of course, this was disappointing for many users, who were testing the blockchain in its testnet stage, in hopes of having their efforts evaluated later in the future.

So, there's already disappointment in the room. But the Sui team may find a solution to mitigate this situation.

Though, there is a chance that if anyone went exploring Sui's testnet right after our Sui introduction (27 of December), and managed to join the Sui discord before the 1st of February, they may become eligible to receive 1500 SUI!

Back then it was $0,03 per 1 SUI. As of now, that's more than 40x (from $45 to $2000).

If there is a chance you are one of them - congrats, if not - stay with us! There are more crazy opportunities ahead.

This may serve as yet another reminder of why Venture Mondays are so important! A chance to find out where you can be the early bird.

So, what's your take on Sui?

TL;DR: Sui, the blockchain, was officially launched yesterday. Many hopes are put into this project, since it's built on Move - a completely new programming language, which is supposed to mitigate the problems that Ethereum has been facing.

THURSDAY QUIZ

It's May the 4th, after all. Let's go Star Warsish.

Take a look at Darth Vader checking his portfolio.

We've hidden something in this picture. That something is a small and cute Sui logo.

It's subtle, but it's in there. Go on, try to find it! May the force be with you!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Subreddit r/WallStreetBets Moderator Dumps $635K Worth of Memecoin WSB Coin. It's just a prank bro...
• SEC Receives a 10-Day Deadline to Address Coinbase's Crypto Regulation Concerns. Time is money, time is crypto.
• Centralized Crypto Exchange (CEX) Trading Volume Takes a Hit in April. At around $500 billion, it's the first slump in three months.