Continuing a series of impressive recent successes, the Sui blockchain Layer-1 has just launched a global incubation center in Dubai.
Sui launches a global incubation center in Dubai. Image: Sui
On October 21, Kostas Chalkias, co-founder of Mysten Labs - the company developing the Sui blockchain, announced the launch of the first global incubation center in Dubai.
Nice to reconnect with many familiar faces at the @GhafCapital and @SuiNetwork event at Dubai Expo Grounds earlier today. Very interesting to learn about the exciting plans afoot with the #SUI ecosystem.#crypto #bitcoin #layer1 #web3 #dubai #web3jobs #blockdelta #ai pic.twitter.com/wAnetxgjMK
— BlockDelta (@block_delta) October 21, 2024
In collaboration with Ghaf Group, this center will focus on areas such as Cryptology, engineering, and product innovation, serving both startups and Web2 organizations. Mr. Kostas shared the vision of the new initiative is to bring a team of solution engineers to Dubai.
"Like Leonidas, the commander of the Greek alliance, we are introducing a team of developers. Initially, we will bring a small army but with great wisdom. If we achieve outstanding success in the first month, we will turn it into an army like the 300 warriors of Leonidas. I want to organize a monthly hackathon in Dubai, where we will not sleep for three days."
Chalkias envisions a scenario where a government agency needs a blockchain-based solution for a particular problem. Instead of taking days to develop, Sui's center will build the solution in the form of a smart contract almost immediately.
Chalkias emphasized that the center will support projects in many activities at all stages, from idea development to post-launch support. Additionally, the center will provide advisory services to projects in the Sui ecosystem, connecting them with leading global experts.
Dubai is the first base in a series of global centers for Sui. The city attracts the Web3 community due to its relatively clear regulations and licensing processes. Cryptocurrency exchanges such as Binance, Crypto.com, and OKX have received approvals this year.
The launch of the Sui center marks another positive milestone for this network, continuing its recent string of successes. However, the sentiment around this blockchain is not entirely positive.
The SUI price has set a new all-time high after 7 months of fluctuations. However, the dizzying rise of SUI has raised many doubts. Last week, evidence was revealed accusing insiders of Sui of exploiting the ongoing price surge to "dump" 400 million SUI tokens.
1D chart of the SUI/USDT pair on the Binance exchange at 11:40 AM on October 22, 2024
@lightcrypto, the account that posted the accusation, also warned that although SUI has surged strongly, it may just be a facade to attract retail investors into a potentially unstable market. In response to these allegations, Sui acknowledged that the person behind the token dump could be an "infrastructure partner" allocated tokens according to an unlocking schedule, while also affirming that there was no manipulation on its network.
In the past, Sui has also faced allegations of "unauthorized" token sales on Binance or ambiguity in supply distribution and tokenomics, and has even been threatened with investigation by South Korean officials.
Compiled by Coin68
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