October 2024 marked a period of substantial growth and technological refinement for the Sui Network. Significant infrastructure upgrades, new partnerships, and community initiatives contributed to the expansion and maturation of the ecosystem. This article provides a detailed overview of Sui's recent advancements, covering network updates, DeFi evolution, developer programs, and upcoming events.
Network Upgrades and Technical Infrastructure
Sui’s mainnet underwent three critical iterative upgrades in October. To help developers stay aligned with these changes, Sui maintains a public network update schedule detailing release timelines for devnet, testnet, and mainnet.
The current versions are:
- Devnet: V1.37.0
- Testnet: V1.37.1
- Mainnet: V1.36.2
One notable enhancement in the mainnet update includes the activation of consensus round detection for peer-to-peer nodes, improving network efficiency and reliability.
Major Ecosystem Launches
Sui Bridge Goes Live on Mainnet
The Sui Bridge, a native cross-chain solution, officially launched on the mainnet on September 30. Designed to facilitate minimal-trust asset transfers between Ethereum and Sui, the bridge represents a major leap forward in interoperability. Initially supporting ETH and WETH, it is expected to include more assets and functionalities in the future.
Native USDC Integration
On October 9, Circle’s native USDC stablecoin launched on the Sui mainnet. This integration provides a reliable medium for value exchange and enhances liquidity across Sui’s DeFi landscape. The upcoming Cross-Chain Transfer Protocol (CCTP) will further improve USDC’s interoperability, enabling seamless movement between supported blockchains.
👉 Explore real-time DeFi analytics
DeepBook V3 and DEEP Token Release
October 14 saw the mainnet launch of DeepBook V3 alongside its native DEEP token. This upgrade introduces refined incentive mechanisms for users and market makers, paving the way for community-driven governance and increased decentralization.
Developer Support and Funding
Sui has updated its Request for Proposal (RFP) process to better support developers. The new RFP 2.0 framework includes:
- Rolling RFPs: For ongoing, long-term development needs.
- Flash RFPs: Aimed at providing rapid solutions for urgent challenges.
This structured approach ensures that projects addressing critical ecosystem needs receive timely funding and support.
Decentralized Storage: Walrus Public Testnet
Walrus, a decentralized storage network optimized for large-scale multimedia content, launched its public testnet on October 17. Built on Sui, Walrus is designed to scale across thousands of nodes without compromising performance. Early participants can engage with the testnet and may qualify for future ecosystem rewards.
Community Growth and Events
Sui’s community continues to expand, with several events and initiatives fostering engagement:
- Web3 Key Talking #4: A Twitter Space held on October 31 discussed Sui’s technical differentiators, roadmap, and innovations like the DAG-based consensus model.
- Move Dev Meetup (Beijing): Held on November 2, this event brought together Move language experts and developers to share insights and experiences.
- Move Co-Learning Camp: Starting November 5, this program offers beginners a guided introduction to Move and Sui development, with incentives for participation.
- Sui Connect: Bangkok: Scheduled for November 12, this side event during Devcon invites developers and enthusiasts to network and explore Sui’s capabilities.
The Sui Foundation is also recruiting for multiple community and operational roles in the Asia-Pacific region to support continued growth.
Featured Ecosystem Projects
Gamisodes Brings “Inspector Gadget” to Sui
Gamisodes is reintroducing the classic cartoon “Inspector Gadget” as an interactive animated series on Sui. Using Sui’s object model, the game allows players to collect gadgets and unlock avatar items, with new episodes released monthly.
Sweet MLS QUEST Integrates Soccer Collectibles
Sweet partnered with Major League Soccer (MLS) to launch MLS QUEST on Sui. The platform uses Sui’s high-speed NFT minting and Kiosk feature to offer authentic, video-based collectibles to soccer fans.
Ika Enhances Cross-Chain Interoperability
Ika (formerly dWallet Network) is an infrastructure protocol that enables Sui smart contracts to interact with and manage assets on other blockchains using MPC technology. This unlocks new possibilities for cross-chain DeFi applications and liquidity management.
On-Chain Performance Overview
As of November 7, 2024, key Sui network metrics include:
- Peak TPS (30D): 634
- Current Epoch: 574
- Active Validators: 108
- Total Addresses: 27.99M
- Circulating Supply: 2.85B SUI
- Total Transactions: 6.35B
- TVL (DeFiLlama): $1.10B
These figures reflect robust network usage and growing adoption.
Frequently Asked Questions
What is the Sui Bridge?
The Sui Bridge is a native cross-chain solution enabling minimal-trust transfers between Ethereum and Sui. It currently supports ETH and WETH, with plans to include more assets.
Why is native USDC important for Sui?
Native USDC brings deep liquidity and stability to Sui’s DeFi ecosystem. Its integration allows smoother trading, lending, and borrowing operations, bolstering the network’s financial infrastructure.
How can developers apply for Sui funding?
Developers can submit proposals through Sui’s RFP 2.0 program, which offers both rolling and flash funding options tailored to long-term and urgent project needs.
What is Walrus?
Walrus is a decentralized storage protocol built on Sui, designed for storing and transferring large multimedia files efficiently across a distributed node network.
How does Ika improve interoperability?
Ika uses MPC technology to allow Sui-based smart contracts to control assets on external blockchains, enabling more complex cross-chain applications and liquidity strategies.
Where can I find real-time Sui network metrics?
Websites like DeFiLlama provide updated information on Sui’s TVL and other on-chain metrics. For a deeper look into network performance, you can 👉 view real-time tools here.