[Yin Yang]

Did anyone hear about https://sui.io/? I dont own any but BV1 might.

Sui is an innovative, decentralized Layer 1 blockchain that redefines asset ownership.

The SUI Token
Sui’s native asset is called SUI. The token uses the capitalized version of SUI to distinguish the token from the Sui platform.

The total supply of SUI is capped at 10,000,000,000 (i.e. ten billion tokens). A share of SUI’s total supply will be liquid at Mainnet launch, with the remaining tokens vesting over the coming years or distributed as future stake reward subsidies.

The SUI token serves four purposes on the Sui platform:

Users can stake SUI to participate in the proof-of-stake mechanism.
SUI is the asset denomination needed for paying the gas fees required to execute and store transactions or other operations on the Sui platform.
SUI can be used as a versatile and liquid asset for various applications including the standard features of money – a unit of account, a medium of exchange, or a store of value – and more complex functionality enabled by smart contracts, interoperability, and composability across the Sui ecosystem.

Its currently trading at $5 IOU, circulating supply is around 5B from 10B total supply. Thats $25B MC 2x of Cardano.

[SIM-1866423]

I will sell within seconds waiting now.

edit : it will be another pump & dump coin.

edit2 : sold for 1.3$(on kucoin)

[Yin Yang]

Sheesh at $5, that’s crazy. Mexc seems to have it at $2 right now

[shreder]

I will sell within seconds waiting now.

edit : it will be another pump & dump coin.

edit2 : sold for 1.3$(on kucoin)

You think it will just be a p&d?

Sheesh at $5, that’s crazy. Mexc seems to have it at $2 right now

Yeah its just a IOU so it dumped when tokens flooded

[SUI-3183372]

I dont own any but BV1 might.

Been up since 3am prepping for mainnet launch :)

I've wanted to make a topic about Sui for over a year now (Omni gets my alpha), it's an impressive chain with a lot to unfold.

Narwhal + Bullshark is an impressive consensus mechanism being worked on by a lot of who I consider to be some of the brightest minds working in this space.
Move is a powerful and more importantly, safe to use, smart contract language.
Mysten Labs are a large and talented corporation, essentially a super team of cryptographers, engineers, economists, etc.

Sui Ecosystem is going to explode out of the gate. There is a ton of opportunity here, I've never seen such a large amount of effort by so so many individual teams put in pre-mainnet for a network before. We have literally hundreds upon hundreds of projects ready to deploy to mainnet within days/weeks. Some of the largest bridges are already working on opening up avenues to and from Sui.

Sui is huge for Web3 gaming
Sui is huge for DeFi
Sui is huge for wide-scale adoption + scaling (parallelism and simple transactions that can bypass consensus (Single Writer Apps / Transactions on Single Owner Objects))

[SUI-3183372]

If your transactions can bypass consensus, what stops you from double spending or spending without the correct witness?

Many transactions such as coin or object transfers, NFT minting, and smart contract publishing can be expressed as operations on single-owner objects that can be used in transactions by only one address at a time. Sui automatically recognizes such transactions and leverages this observation to forgo consensus. Instead, Sui uses simpler algorithms based on Byzantine Consistent Broadcast.

This page has a larger explanation: https://docs.sui.io/learn/how-sui-works

[Omniscient]

I remember this being mentioned between us and took a look. Nice to see it moving and launching and not taking 2-3 years like Radix to come to market.

https://sui.io/

I just don't know in a crowded field how this will do for market pricing.

[SUI-3183372]

I just don't know in a crowded field how this will do for market pricing.

I think Sui is the first chain that will be able to properly capture web3 gaming, and not shitty Axie Infinity games, but true AAA games, with fun gameplay and [hopefully] less focus on cash grab shammy style gameplay. There are very large game studios already working on games built on Sui, and it's one of their leading focuses for new partnerships.

Sui will attract money from other chains when it comes to DeFi and NFTs and stuff like that.
Sui will attract new money from outside of web3 through gaming, in my opinion.

[Yin Yang]

So we’re aping into Sui then?

[MavenGradle]

So we’re aping into Sui then?

For the average user. Don't. Wait until november or sell it off like someone above has done if you got lucky.

Why november? Because of how the structure of token release and availability is set up. Huge selling pressure is on its way.

[╚{ RadioActive Hack }╝]

Its over valued and the price will drop. The vesting cycle is going to aggressively dump the price at some point. Be warned.

I think the project has a lot of things going for it, but the current price is incredibly high and completely unsustainable. Only 5% of the coins are released at the moment.
Do not Hodl this crypto, get in at the short term if you want, but please be aware that there will be a dump and you need to get out before this happens.

[Neal Caffrey]

Wait for all the airdrop farmers to get out is my advice.

[SIM-1866423]

Wait for all the airdrop farmers to get out is my advice.

Exactly and it will took 12 months.

[John Constantine]

Wait for all the airdrop farmers to get out is my advice.

Were there airdrops for SUI? I thought they didnt do an airdrop.

[SUI-3183372]

Programmable Transaction Blocks on Sui
https://docs.sui.io/testnet/build/prog-trans-ts-sdk
https://blog.sui.io/sui-performance-update/

https://explorer.sui.io/txblock/HZAVg4VQ...i.io%3A443

What happened?
Look at the txn above. Interesting impact for payments/commerce applications. 1 SUI was sent to each of 98 validators through a PTB transaction. This required taking a single SUI object as input and splitting off 98 new ones.

What did it cost?
The total cost of this transfer was 0.097833880 SUI = 1M MIST of computation fee + (98+1)*988,000 MIST new object storage fees - 0.99 988,000 MIST non-refundable storage fees. Meaning that each individual transaction cost 0.097833880/98 = 0.0009983 SUI. essentially what’s happening is that in the batched transaction, the computation fee of 1M MIST is split across the 98 transfers and each transfer pays its full storage fees.

Overview
From a naive interpretation, one might think that this does not buy much. If the transaction were done with a single P2P transfer it would’ve cost the full 1M MIST in computation plus the storage fees associated with touching two objects. So 1M + (1+1)*988,000 MIST - 0.99 988,000 = 0.001997880 MIST. This is about 2x as high as in the batched case so we got a 50% discount in each transfer 0.001997880 vs 0.0009983 which is cool but not groundbreaking.

Digging into the details
Here’s the catch: in a world where Sui has grown and is in steady state, the number of object creations and deletions should somewhat offset each other and new object creation nets out to roughly zero. In this world a payments processor would routinely sent transactions from A->B but also from B->A. So in this example, what this means is that the 98 objects that were created would probably come after 98 previous objects were deleted. thus leaving net object creation at zero. Under this more sophisticated interpretation the gains from batching are really high, because the comparison asks us to ignore storage fees:
-- a single P2P transfer would cost 0.001M SUI
-- a batched transfer of 98 objects as in this case would roughly cost 1M/98 = 0.000010204 SUI. a 100x decrease!!

TLDR:PTB transactions are awesome and very cost efficient.