Dialogue with Mysten Labs Co-founder: From Technological Innovation to Ecological Layout, Not Just the Ambition of Being a "Solana Killer"

Attracting outstanding developers to build successful projects on SUI will be an important factor in driving the development of SUI.

Compiled & Edited by: Deep Tide TechFlow

Guest: Adeniyi Abiodun, Co-founder of Mysten Labs & SUI Developer

Host: Nic, Host

Podcast Source: More Coin Bureau

Original Title: SUI Is Crushing It! Insights & Predictions with Adeniyi Abiodun!!

Broadcast Date: November 11, 2024

Background Information

Nic interviewed Adeniyi Abiodun, co-founder of Mysten Labs (the developers behind SUI). This emerging layer one blockchain has performed exceptionally well in 2024, showing strong momentum. Don’t miss this exclusive interview that brings you firsthand information about this platform known as the "Solana killer."

Deep Tide Note:

Mysten Labs is a company focused on blockchain technology and cryptocurrency infrastructure. It was founded by a group of former Facebook (now Meta) employees who played significant roles in Facebook's blockchain project Diem and cryptocurrency wallet Novi. Mysten Labs aims to develop next-generation blockchain technology to enhance the scalability, security, and decentralization of blockchain networks.

One of Mysten Labs' most notable projects is the Sui blockchain, a high-performance decentralized blockchain platform designed to support large-scale applications and fast transaction processing. The Sui blockchain employs a new consensus mechanism and data structure to achieve higher throughput and lower latency.

What is SUI and how did it start?

In the podcast, Adeniyi Abiodun introduced the background and goals of SUI. He emphasized that SUI is a global coordination layer aimed at addressing the increasing centralization of the internet. Adeniyi and his team previously worked on Facebook's Libra project, and although Libra ultimately did not launch, they still hope to continue realizing the vision of building a global computer.
The core goal of SUI is to create a set of protocols and platforms that make the internet more decentralized, allowing developers to interoperate between different services and products without relying on centralized services or intermediaries. This will improve efficiency, reduce costs, and bring many new use cases that were previously unattainable for developers and users.
Adeniyi emphasized that SUI is not just a blockchain but a powerful developer platform that allows developers to expose services or APIs through smart contracts. He described how SUI enables developers to coordinate various assets and services with simple code (like JavaScript), even allowing multiple transactions to be completed with a single click.
He also pointed out that in just a year and a half, SUI has achieved significant growth in the blockchain market, surpassing many blockchain projects that have been around for years. This indicates that SUI's influence and market share among developers are rapidly increasing.

Reasons for the establishment of SUI and its connection to Meta

Adeniyi mentioned that one of the cores of SUI is its unique smart contract programming language—Move, which originated from Meta (formerly Facebook). Adeniyi explained that Move was created by SUI's CEO Sam Blackshare while working at Meta, with the goal of building a platform capable of securely handling assets and funds.
During the development of the Move language, the team studied various programming languages, including Solidity and Rust. Adeniyi emphasized that traditional languages have shortcomings in security and developer-friendliness, thus necessitating the development of a new programming language that can ensure code security in a decentralized environment. The Move language is characterized by its simplicity and efficiency, allowing developers to achieve more functionality with less code and without cumbersome security checks, reducing the risk of code vulnerabilities.
He further explained that SUI is an object-based system rather than a traditional account-based system, giving developers greater flexibility when building applications. Adeniyi noted that the learning curve for the Move language is relatively short, with developers typically mastering it within three to four days, enabling them to quickly build high-quality applications.
Adeniyi also shared feedback from developers regarding the Move language, with many stating that their development efficiency on Move has significantly improved, making it easier to build secure and expressive code. He believes that Move will become the mainstream language for developing smart contracts in the future and expects its market share to grow significantly in the short term.

Is it difficult to attract developers to build on SUI?

Adeniyi pointed out that SUI's goal is not simply to mimic the successful models of other blockchains but to focus on enhancing the developer experience. They believe that if they can provide developers with an excellent user experience, they can stand out in the competition.
He emphasized that from the very beginning, the team has placed great importance on developer feedback and needs. They realized that many developers faced difficulties in other ecosystems (like Ethereum), so the Move language offered by SUI was seen as a "breath of fresh air." Many developers praised the ease of use and security of the Move language after trying other platforms, which helped them get started and build applications more quickly.
Over time, more and more developers have begun to join the SUI ecosystem, and through word of mouth, they have attracted more participants. Adeniyi believes that existing developers are the best advocates for the SUI platform, actively introducing the advantages of the Move language to developers from other ecosystems, further promoting the development of SUI.
Additionally, he mentioned that the growth of the ecosystem is also an important factor in attracting developers. As more projects are launched on SUI, developers see more opportunities and potential, making them willing to invest time and effort into building applications. This natural growth trend has made the SUI developer community increasingly active.

What drives the growth of the SUI community?

When discussing the drivers of SUI community growth, Adeniyi pointed out that in addition to developer interest and community expansion, several other factors are also driving this growth. He mentioned some key examples and characteristics that have played an important role in SUI's success.

Excellent Trading Experience

Adeniyi cited the example of Blue Fin, which initially deployed on Arbitrum but found that traders on SUI had profitability 20 times that of Arbitrum after trying SUI. This is mainly due to SUI's lower gas fees, faster transaction finalization times, and better arbitrage opportunities. This significant performance improvement has attracted more developers and users to switch to SUI.

Innovative Technical Features:

SUI introduced a ZK login mechanism, allowing users to easily create on-chain accounts using Web 2 accounts without traditional wallet operations. Additionally, the sponsored transaction feature allows users to pay gas fees in the background, enabling SUI to provide a user experience similar to Web 2 while enjoying the advantages of Web 3.

Low Latency and High Performance:

Adeniyi emphasized that SUI is one of the chains with the lowest latency in the market, with actual transaction finalization speeds far exceeding those of other chains. This speed is especially important for transactions, allowing for rapid final confirmation after a user clicks submit, greatly enhancing the user experience.

Programmable Transaction Blocks

SUI's unique programmable transaction block feature allows users to execute multiple interdependent transactions in a single transaction, providing unprecedented opportunities for arbitrage. Users can bundle up to 1024 transactions in one transaction, enhancing the platform's appeal through this efficient processing method.

Potential in the Gaming Sector:

Adeniyi also mentioned that although there are currently some issues with Web 3 games, he believes that future games will be more engaging and can enhance player experiences through Web 3 technology. They plan to launch the SUI Play XRX 1 gaming console, embedded with SUI accounts, allowing users to log in using regular email and password and earn rewards and assets through gaming.

Product-Market Fit:

As more developers build applications on SUI, market fit continues to strengthen, and trading volumes for DEX and other applications are rapidly increasing. All of this indicates that SUI is gradually forming a healthy ecosystem.

Future Plans for the SUI Wallet

In an interview about the future plans for the SUI wallet, Adeniyi Abiodun mentioned several key points that showcase the development direction and upcoming features of the SUI wallet.

Introduction of Other Wallets:

Adeniyi mentioned that the SUI ecosystem will introduce wallets from other ecosystems, although he did not disclose specific details. This means users will have more choices and can use different wallets to access the SUI ecosystem.

Continuous Enhancement of Wallet Features

Since the launch of the SUI wallet, the team has been continuously adding new features. Adeniyi emphasized that although the SUI wallet currently has relatively few features, they are working hard to improve the user experience and plan to launch more built-in features by the end of the year.

Simplifying Fund Inflows and Outflows

The SUI wallet will focus on simplifying the process for users to move funds in and out, including the ability to make cash deposits and withdrawals directly from the wallet. This will include support for payment methods like debit cards, allowing users to convert funds more conveniently.

Transparency of Transaction Information

Adeniyi also mentioned that they are considering providing more information about transactions, such as price history and transaction records. These simple features will help users better understand their trading situation, thereby enhancing the overall experience.

The Importance of User Feedback

The team places great importance on feedback from the community and stated that they will continuously improve wallet features based on user opinions. They hope to enhance user satisfaction and experience through this approach.

Future User Activity

With the addition of other wallets, Adeniyi expects user activity in the SUI ecosystem to increase significantly, which will further drive the development of SUI.

Interesting Projects Developed on SUI

Adeniyi mentioned some interesting projects currently being developed in the SUI ecosystem, showcasing the diversity and innovation of the SUI platform.

Aggregator Platforms

Adeniyi emphasized that there are multiple aggregator projects on SUI that help users find the best trading paths. For example, aggregators like Hop, Aftermath, and Situs can view all liquidity pools and trading positions across the chain, providing users with optimal trade execution. Users can execute efficient trades with just a click of a button, which is not achievable on other chains.

Debook

This is a decentralized central limit order book, and Adeniyi is very excited about this project. Debook provides liquidity infrastructure for DeFi products on SUI, with all major DeFi applications already integrated. Trading high liquidity assets using a central limit order book is more efficient compared to automated market makers (AMMs), reducing slippage issues. The launch of Debook has enabled SUI to excel in high-frequency trading and liquidity management.

Global Trading Engine

Adeniyi believes that Debook has the potential to become a global trading engine capable of supporting multi-chain product trading. For example, users can initiate trades on Solana but complete them on Debook, ensuring optimal trade execution and lower fees.

Liquidity Provider (LP) Rewards

Some projects are developing mechanisms that allow users to provide liquidity directly on the central order book and earn rewards, which is typically done by market makers. Adeniyi believes that market makers will become more decentralized in the future.

SUI Blazer X1

This is a gaming device currently in pre-sale and has received a warm welcome from the SUI community. Adeniyi pointed out that about 20% of purchases come from the SUI community, and 25% from the Solana community, demonstrating SUI's influence and appeal in the gaming sector.

SUI's Gaming Device

In this section, Adeniyi Abiodun detailed SUI's new gaming device and its potential in the Web3 ecosystem.

Design Philosophy of the Device

Adeniyi emphasized that SUI's gaming device is not designed to provide short-term incentives or airdrops. He believes that the reason users purchase the device should be its inherent value and functionality, rather than purely economic incentives. He mentioned that high-consumption products like the iPhone are not easily replaceable, as users are more concerned with the practicality and experience of the device.

Versatility

This device can not only play games from platforms like Steam and Epic but also allows users to enjoy gaming anytime and anywhere while traveling. It supports in-game purchases for Web3 games, avoiding the high fees of traditional app stores, providing greater convenience for players.

User-Friendly

Adeniyi stated that the operating system of this device is designed to simplify the user experience, allowing players to avoid making choices between different platforms. Users can conduct transactions, purchase cryptocurrencies, and utilize built-in wallet functions, making various operations convenient.

Market Potential

Currently, there are about 3,300 pre-orders. Adeniyi revealed that SUI is focusing on early adopters and plans to launch a broader market next year. He expects that as other manufacturers begin to develop similar SUI Play devices, the market will further expand.

Future Outlook

Adeniyi believes that the SUI Play device could become the dominant wallet in the Web3 space, providing ordinary users with a seamless gaming and cryptocurrency experience. He mentioned that the operating system of the device is complete and undergoing testing, with an expected official launch early next year.

Differences Between SUI and Aptos

Team Background

Adeniyi emphasized that the SUI team made significant contributions to the Libra project, with core members accumulating rich experience in various projects at Meta, including the development of cryptographic technology and consensus mechanisms. Compared to Aptos, the background and experience of the SUI team give it a unique advantage in technological innovation and product development.

Technical Architecture

Multi-Machine System: SUI is a multi-machine system capable of horizontal scaling, where adding more machines can increase processing speed. In contrast, Aptos and other blockchains may experience performance degradation when adding machines.
Parallel Transaction Processing: SUI allows for parallel processing of transactions by increasing the number of working nodes, which excels in improving efficiency.
Object-Driven Model: SUI adopts an object-driven programming model, making it more natural for developers to write code, especially for those familiar with object-oriented programming. This differs from Aptos's account-driven model, which may not be as intuitive for the development experience as SUI.

Ecosystem Development

Adeniyi pointed out that although SUI has been online for a short time, it has outperformed Aptos in several metrics, including developer adoption, total value locked (TVL), trading volume, and wallet growth. This indicates that SUI has achieved significant success in building a community and attracting developers.

Community Building

SUI did not launch its ecosystem through airdrops but focused on building relationships with long-term cooperative ecosystem partners. Adeniyi believes that ecosystems relying on airdrops often attract short-term users who may leave after receiving rewards. Therefore, SUI places greater emphasis on nurturing users who genuinely care about the development of the ecosystem.

Goals and Vision

Adeniyi expressed SUI's vision, which is not only to capture the Web3 market but also to become a decentralized alternative for internet interactions. He believes that SUI has unique potential in building a platform suitable for all developers.

Security

He mentioned that as more chains adopt the Move programming language, the overall security of the ecosystem will be enhanced. The design of the Move language aims to improve the security of smart contracts, which is crucial for the widespread adoption of Web3.

SUI's Partnerships

Partnership Strategy

Adeniyi mentioned that SUI has established partnerships with several companies, but they do not rely heavily on extensive public relations and press releases. They focus more on meaningful collaborations with partners to showcase what makes SUI unique compared to other blockchains. He believes that simple partnership announcements do not truly reflect the value of collaboration.

Developer Priority

Adeniyi emphasized that SUI's focus is on attracting developers who can create differentiated experiences. He believes that excellent developers can create attractive applications, which is more important than mere corporate partnerships. He noted that many developers from Web2 and Web3 have outstanding ideas but cannot realize them on traditional platforms, so SUI hopes to collaborate with these developers to drive innovation.

Upcoming Tools

Adeniyi mentioned that SUI will launch a tool called "bug bar." This is an AI tool designed to help developers identify vulnerabilities in their code, thereby reducing potential security issues after code deployment, such as hacking and fund loss. He stated that this tool will be open to the entire ecosystem, allowing developers from SUI, Aptos, or Solana to use it. This indicates SUI's strong commitment to improving the health of the entire Web3 ecosystem.

Views on Corporate Partnerships

Although Adeniyi acknowledges the importance of corporate partnerships, he believes that the real driving force lies in the developers and the applications they create. He believes that by attracting outstanding developers, SUI can establish a more competitive position in the market.

Health of the Ecosystem

Adeniyi emphasized that the overall health of the Web3 ecosystem is crucial for all participants. He mentioned that any significant security incident (such as a large-scale hacking attack) would negatively impact the entire ecosystem, so he hopes to improve security and reliability through SUI's tools and collaborations.

Technological Upgrades and Their Importance

Adeniyi Abiodun discussed the significance of SUI's recently released consensus mechanism, Mr. SETI, and how it differs from the consensus mechanisms of other blockchains, such as Solana.

Importance of Mr. SETI

Adeniyi pointed out that SUI adopted Bullshark as its consensus mechanism at the time of its mainnet launch, which was the lowest latency and most scalable mechanism available in the market. However, the team believed further improvements could be made, leading to the development of the DAG-based consensus mechanism, Mr. SETI. The goal of this new mechanism is to ensure that transaction confirmation speeds exceed the loading times of user-accessed websites, achieving lower latency and higher throughput.

Low Latency and High Throughput

With Mr. SETI, SUI can ensure that transactions are confirmed in less than a second while processing 100,000 transactions per second. This sharply contrasts with other blockchains, which often experience significant latency increases under high throughput. Adeniyi emphasized that SUI's design keeps confirmation times under one second regardless of transaction volume, laying the foundation for large-scale adoption.

Expansion of Application Scenarios

The low-latency consensus mechanism makes applications such as gaming and trading on-chain possible. Adeniyi believes that fast transaction confirmations can instantly record every action and transaction, greatly increasing arbitrage opportunities. This efficient transaction processing capability will promote the development of more applications, further driving the growth of the SUI ecosystem.

Stable Gas Fees

Adeniyi also mentioned that SUI's gas fees are relatively stable and aligned with the US dollar. With technological upgrades, validators will be able to adjust gas fees based on the operational costs of the infrastructure and an appropriate profit margin. This mechanism ensures that even during surges in transaction volume processed by the network, gas fees will not fluctuate significantly, providing enterprise users with cost predictability.

Attractiveness to Enterprise Users

For enterprise users, cost predictability is crucial. Adeniyi emphasized that enterprises should not bear higher transaction costs due to success. The stable fee structure provided by SUI means that whether conducting a single transaction or multiple transactions, the fees will remain unchanged, supporting the business models of enterprises.

Walrus Upgrade

Adeniyi Abiodun introduced an important upgrade for SUI—Walrus, explaining its functions, significance, and how it differs from existing storage solutions.

Definition of Walrus

Walrus is a decentralized storage platform that is not just simple storage but programmable storage. This storage method will enable users to achieve many functionalities that were not possible before the internet. Adeniyi mentioned that the SUI team enjoys using marine mammals as product names, and Walrus continues this theme.

Cost Advantages of Storage

Adeniyi pointed out that the storage costs of Walrus are much cheaper compared to other blockchains (such as Solana and Ethereum). For example, the cost of storing data on SUI is 100 times cheaper than on Solana and 2000 times cheaper than on Ethereum. Nevertheless, storing large volumes of data is still relatively expensive, so Walrus aims to provide a more cost-effective solution.

New Mechanism: Red Shift

Walrus introduces a new mechanism called Red Shift, which allows data to be fully redundant by replicating it only five times across multiple nodes. This means that even if 1/3 to 2/3 of the nodes in the network fail, users can still access and write data. This mechanism is unique among other protocols.

Programmable Storage

The storage provided by Walrus is fully programmable, allowing users to store PB-level data in a decentralized manner. For example, Adeniyi mentioned that the Internet Archive could use Walrus to store its entire archive and manage storage costs through smart contracts, ensuring ongoing funding support.

Decentralized Website Hosting

Walrus can not only store data but also host entire websites. Adeniyi mentioned that Decrypt will use Walrus to run its website, meaning that the data publication, storage volume, modification history, and other information of the website will be verifiable and immutable. This provides a new foundation for future information dissemination and media operations.

Resistance to Censorship

Walrus is seen as an important infrastructure for future information distribution, capable of resisting censorship. Adeniyi believes that this storage solution will facilitate the establishment of decentralized social media platforms and ensure that important data (such as that from the Library of Congress) can be securely stored and accessed.

Integration with SUI

Walrus will be integrated with SUI's computing layer to form a complete decentralized stack. Additionally, Adeniyi mentioned that SUI will develop a network layer to further enhance the capabilities of decentralized applications.

Enhanced Security

Because SUI's DNS system is closely integrated with Walrus, users will enjoy higher security when accessing Walrus websites, avoiding risks of DNS attacks and asset theft.

SUI's DNS System

Launch Timeline

Adeniyi stated that Walrus is expected to launch early next year. This system is already in the testing phase and is being integrated with multiple ecosystems, including the Ethereum community.

System Functions

SUI's DNS system will closely integrate with the Walrus storage platform to provide users with a more secure and decentralized website access experience. Through this integration, users can ensure that the websites they access are verifiable, thereby reducing the risk of DNS attacks.

Ecosystem Integration

Adeniyi mentioned that SUI's DNS system is not limited to SUI's own ecosystem but will also collaborate with other blockchain communities to enhance its cross-chain interoperability and application scope.

How SUI Will Play a Role in Politics and Economics

Blockchain as a Business Mechanism

Adeniyi believes that blockchain will become the cheapest mechanism for conducting business transactions. As users and assets gradually migrate to the blockchain, the cost of conducting business activities using this technology will significantly decrease. This means that centralized companies will have to consider how to leverage this emerging technology to improve their business efficiency and market coverage.

Transformation of Centralized Companies

Adeniyi predicts that companies like Facebook and Google will eventually adopt blockchain technology to enhance their business models. For example, he mentioned a partnership with Movie Pass, utilizing SUI and USDC mechanisms to pay users and provide rewards. This transformation will enable these companies to better meet user needs and leverage the advantages of blockchain for innovation.

The Concept of Web 3

Adeniyi emphasized that when building Web 3 applications, it should be done under a decentralized architecture. He believes that while some enterprises may still choose centralized solutions (for example, trusting Google to store data), decentralized solutions will be more attractive in terms of governance and data accessibility.

Governance and Data Storage

For use cases that require governance and data sovereignty, the decentralized storage solutions provided by Walrus and SUI will be very fitting. These use cases may include scenarios that need to ensure data is unaltered and always accessible, which are the advantages of decentralized platforms.

Future Adaptability

Adeniyi believes that as technology evolves, governments and centralized institutions will have to adapt to this change to leverage the new opportunities and challenges brought by blockchain. They may realize that blockchain is not just a technological tool but a foundation for redefining business and data governance.

How Many Unique Active Wallets Does SUI Expect?

Current Number of Active Wallets

Adeniyi mentioned that there are currently about 27 to 28 million active wallets on SUI.

Future Predictions

He predicts that by next year (November 8, 2025), the number of unique active wallets on SUI could exceed 120 million. He emphasized that this growth is based on the continuous expansion of the SUI ecosystem and the increase in its user base.

Potential of the Gaming Ecosystem

Adeniyi believes that by 2030, the vast majority of gamers will be playing on the SUI platform. According to him, there were 3.3 billion gamers worldwide last year, who collectively spent about $200 billion on gaming. He believes SUI will be able to capture a significant share of this market.

Advantages of the ZK Login Mechanism

Adeniyi also mentioned that SUI attracts Web 2 users through the ZK login mechanism, which will allow it to far exceed other platforms in user growth. He is confident that SUI can achieve these goals.

Ecosystem Demand

He pointed out that as gaming becomes more popular, developers will need to implement business mechanisms such as token exchanges, decentralized exchange (DEX) functions, and reward systems on SUI, which will further drive the use of SUI and the growth of wallet numbers.

How Many Developers Are Expected to Use Move?

Current Developer Ratio

Adeniyi mentioned that according to recent reports, about 7% of currently active monthly developers use Move. He expects the next report to show this ratio exceeding 10%.

Future Goals

He has set a goal to attract over 25,000 active Move developers by November 2025. He believes this number is crucial for driving the development of Move.

Competition for Market Share

Adeniyi emphasized that the goal of Move is not merely to compete for market share from existing chains but to establish a strong developer community across the entire blockchain ecosystem. He believes that 25,000 active developers will bring significant growth and influence to Move.

Team's Efforts

He stated that the team will work towards achieving this goal to promote the widespread application of the Move language and the construction of its ecosystem.

Total Value Locked (TVL) Across All Move Blockchains

Current TVL Figures

Adeniyi mentioned that the total value locked across all Move blockchains is currently around $1 billion to $2 billion.

Future Predictions

He predicts that by next year (2025), this figure could achieve a tenfold increase. This means the total value locked could reach ten times the current amount, or $10 billion to $20 billion.

Growth Potential

Adeniyi's predictions reflect his confidence in the future development of the Move ecosystem, believing that as the number of developers and users increases, the locked value will rise significantly.

Will SUI Surpass Sol?

Current TVL Comparison

Adeniyi pointed out that SUI's current TVL is around $1.1 billion. He acknowledged that Solana's TVL is also strong, making it unfair to directly compare the performance of the two in a short time frame.

Growth Potential

He emphasized that, in terms of growth trajectory, SUI is ahead of Solana in both growth speed and cycles. He holds a positive outlook for SUI's future, believing that if the team can continue to deliver and maintain the current growth momentum, SUI has the potential to become the leading chain.

Key Factors for Success

Adeniyi believes that the key to success lies in developing attractive applications that can solve real user problems. He mentioned that attracting talented developers to build successful projects on SUI will be an important factor in driving SUI's development.

Long-term Goals

He stated that SUI's goal is to win the minds of developers, ensuring they can build successfully and profitably on SUI, thereby providing products and services to a broader user base.

Upcoming Important Updates

Mr SETI Upgrade

Adeniyi mentioned that SUI recently launched Mr SETI, an upgrade to the consensus protocol. This upgrade will be implemented in two phases:
- Phase One was completed in mid-year.
- Phase Two is expected to launch early next year, bringing more significant performance improvements.

Performance Improvements

Phase Two will merge the "fast path" with Mr SETI, which is expected to significantly reduce transaction latency. He noted that the current benchmark for single transaction submissions on SUI's mainnet is about 297,000 transactions per second, and this number is expected to increase further.

Future Outlook

Adeniyi stated that SUI is working to optimize the existing core to enhance speed and plans to scale the system by adding more machines. He looks forward to seeing some powerful consumer applications go live next year.

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