Sui (SUI) is a Layer-1 Blockchain network developed in Rust, designed to support smart contracts through its modified programming language, Sui Move. The network ensures security and consensus through a Delegated Proof of Stake mechanism, where validators and token holders stake SUI tokens to validate transactions and secure the network. Founded in 2021, Sui emerged from Meta's research and development efforts, aiming to enhance Blockchain infrastructure with innovative features.
Founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, Sui originated from Meta, which explored Blockchain technology for a global payment network. Despite regulatory challenges leading to the closure of the Diem Association and the Novi project in 2022, Sui and Aptos emerged as independent Blockchain initiatives based on prior research.
The SUI token, launched on April 12, 2023, powers transaction fees, validator operations, and token delegation within the Sui ecosystem. Its mainnet went live on May 3, 2023, marking a significant milestone in the project's development. While Sui's future roadmap remains undisclosed, ongoing updates and improvements indicate active development and commitment to advancing Blockchain technology.
Since its mainnet launch, Sui has introduced several key features. Notably, DeepBook, a central limit order book, was launched on July 12, 2023, alongside a developer SDK, enhancing accessibility and functionality within the ecosystem. Liquid staking via third-party protocols like Volo was enabled through SIP-6 implementation on July 27, 2023, further expanding utility and participation options for SUI token holders.
Continuing its development trajectory, Sui introduced Protocol Version 35 with Sui v1.17.3 on February 1, 2024, underscoring ongoing efforts to improve network performance and security. These updates reinforce Sui's commitment to maintaining a robust and scalable Blockchain infrastructure suitable for diverse applications.
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