Starting from early 2024, despite the Sui mainnet being online for less than a year, DeFi activities have already shown great potential. So far this year, Sui and its community have proven their strength in DeFi growth, global activities, and continuous technological optimization. Existing developers have used Sui's superior features to build their ideal projects, and new developers have discovered the friendliness and ease of use of the Sui ecosystem, easily embarking on their Move programming journey.
Here are 17 milestones in the Sui ecosystem in 2024 that are worth celebrating. See how many you know:
February 4: TVL exceeds $500 million
Less than a year after the Sui mainnet launch, various DeFi protocols have driven Sui's TVL to reach $500 million, ranking among the top 10 blockchains. This growth demonstrates the great appeal of the Sui environment for DeFi projects.
March 1: USDY stablecoin launched on Sui
Ondo Finance launched USDY, a yield-bearing stablecoin, bringing the first USD-pegged token to Sui and demonstrating financial institutions' trust in Sui.
March 19: Sui Game Summit
During the game developer conference in San Francisco, Sui hosted a gaming event, showcasing upcoming games and attracting developers to join the Web3 world.
April 3: Move 2024 beta release
The Move programming language released the 2024 version, adding new features such as method syntax, field positioning, and loop labels, providing more possibilities for developers.
April 10: Sui Basecamp held
During the Paris Blockchain Week, Sui held its annual flagship two-day event, attracting over 1,100 participants from 65 countries to witness the innovative technology in the blockchain field.
April 21: Sui Overflow Hackathon
Sui hosted the largest global hackathon to date, lasting two months, with 352 project submissions and 32 winning teams across 8 tracks.
May 3: Mainnet 1st anniversary
Sui celebrated the first anniversary of its mainnet launch, with achievements in the first year including technical breakthroughs like zkLogin and DeepBook, as well as a single-day transaction volume of 65 million.
June 18: Walrus launched
Mysten Labs announced the decentralized data storage network Walrus, with Sui serving as the coordination layer, playing an important role in the data network revolution.
August 6: Mysticeti announced
Although Sui already has innovative transaction processing capabilities, the engineering team launched the Mysticeti consensus mechanism to further improve performance, especially in low-latency processing of shared object transactions.
September 2: SuiPlay0X1 released
At the Korea Blockchain Week, Sui released the first mobile device SuiPlay0X1 that supports Web3 games, allowing players to connect their game assets and provide an ultimate gaming experience.
September 5: AUSD stablecoin launched
The US dollar-pegged stablecoin AUSD from Agora was launched on Sui, providing DeFi users with new trading and exchange options, further enriching Sui's stablecoin ecosystem.
September 29: TVL exceeds $1 billion
Driven by top DeFi protocols and users, Sui's TVL reached $1 billion, demonstrating users' trust in Sui and the appeal of its low fees and fast transactions.
As of the publication of this article, Sui's TVL has exceeded $1.7 billion.
September 30: Sui Bridge launched
Sui developed a brand-new native cross-chain bridge, supporting cross-chain exchange of SUI and ETH, and plans to support more assets and blockchains in the future.
October 8: USDC stablecoin launched
The well-known stablecoin USDC was launched on Sui, with Circle ensuring its 1:1 peg to the US dollar, bringing more liquidity options to Sui.
October 14: DeepBook launches DEEP
The release of DEEP not only marks the token launch, but also introduces a new governance model for Sui's liquidity layer DeepBook, allowing users to participate in rule-making through voting.
November 14: SuiNS decentralized
SuiNS transitioned to a community-run decentralized organization and launched the NS governance token for governance and liquidity.
November 20: FDUSD launched
The stablecoin from First Digital Labs became a native asset on Sui, becoming the fourth stablecoin in 2024, further demonstrating financial institutions' trust in Sui.
The Future
The Brilliance Continues
Let's continue to write the brilliant chapter of the future development of the Sui ecosystem...
Looking to the Future
Just like a snowball that gets bigger and bigger, or like a katamari that absorbs everything around it, Sui's growth will continue and accelerate in the coming years. 2025 will see the official launch of many announced projects and games. As more and more developers discover Sui and realize its infinite possibilities, new projects will continue to emerge.
With the increase in on-chain activity, DeFi will also grow, thanks to the innovative protocols already in operation, as well as the growing interest of financial institutions. The Sui community will gather in events around the world, exchange, cooperate, and establish valuable connections.
Get ready for the exciting 2025!
