Trace Profile picture
Jul 11 36 tweets 7 min read
1/n The Sui Blockchain

What you need to know about the next major L1:

2/n In this thread I'll give an overview of Sui's:
- Tech
- Tokenomics
- Team
3/n Tech:

Building and extending on years of research at Meta, Sui is different from any blockchain we've seen.
4/n To start, the blockchain is extremely high-performance.

Early results running Sui on a MacBook pro were able to process over 120K token transfers per second.
5/n Key to Sui's performance is transaction parallelization.

In most blockchains, transactions must be ordered and placed into a block to be executed sequentially.

Sequential execution unnecessarily restricts throughput on these chains – most transactions are independent.
6/n Because Sui requires that dependencies of transactions be explicitly stated, it’s able to process them in parallel.

In the minority of cases where transactions are intertwined, Sui still allows them to be ordered and executed sequentially.
7/n This is done by using 2 different paths to consensus:

- Byzantine Consistent Broadcast for independent transactions
- BFT consensus for dependent transactions.
8/n Since independent transactions can be validated in parallel, Sui can increase throughput linearly with more machines per validator.

Sui Scales.
9/n Sui doesn’t just have high-throughput.

It has low-latency too.

Its consensus algorithms focus on minimizing the communication that’s needed between validators to process transactions.
10/n This leads to simple transfers being validated nearly immediately, while complex transactions are executed within 2-3 seconds.

Of course, we’ll need to see how the network performs in public deployment, but early results are extremely promising.
11/n Sui uses the Move VM and the Move programming language for its smart contracts.

Move is memory-safe like Rust, but is more expressive than other smart contract languages.

I wrote a quick intro to Move here 👇

12/n Sui uses a minor variation of Move to improve network performance and ease the developer experience

You can learn more about how Sui’s Move differs from normal Move here 👇…
13/n While storage on most blockchains is centered around accounts, Sui’s storage is designed around objects.

Each object is owned by an address and is mutable by default, but can be made immutable or shared between multiple addresses.
14/n Sui’s Move smart contracts can receive these objects as inputs, manipulate them, and return objects as outputs.

This is a fundamentally different smart contract programming paradigm than Solidity or Rust.
15/n It’s way more intuitive – here’s how an engineer for Sui describes programming in Move:

“When I’m at the bar explaining Move, I’d say, ‘So here is this bottle and here is this glass. Imagine both of them are NFTs and if we have a function, which would be like...
16/n ‘pour water’ from this bottle to a glass, you literally pass these two together.’ The function does it and returns you the full glass.”

17/n This intuitive programming is perfect for dynamic NFTs and crypto games that constantly mix and modify digital objects
18/n Tokenomics:

The SUI token has a 10B total supply. It’s set to be distributed between the founding team, investors, a public sale, the Sui foundation, and future emissions.

The exact initial token distribution will be released in the coming weeks.
19/n Sui’s token serves 4 roles:

1. Staking / Security
2. Transaction fees
3. Governance
4. Unit of Account / Medium of Exchange
20/n Most blockchains suffer from large fluctuations in gas costs due to changing network demand.

To keep gas prices low and predictable, Sui implements a novel gas market design:
21/n Sui runs in epochs. Every epoch (24 hours), the validator set changes.

At that time, the new epoch’s validators vote on a reference gas price for the entire epoch.
22/n The protocol then provides a number of incentives to validators to keep transaction fees close to the reference price throughout the entire epoch.

By providing more stable gas prices, transactions submitted to Sui are processed at more predictable speeds.
23/n This creates a better user experience.

But how do gas prices stay low during network congestion?
24/n Because the network’s throughput scales linearly with more workers, validators can add more workers proportionally to increases in network demand.

This keeps prices close to the reference price.
25/n Sui also addresses state bloat.

Whenever a user submits data on-chain, they must pay both gas fees and fees to Sui’s “storage fund”.

This fund covers the real-world cost for validators to store the user’s data.
26/n As the network matures and the cost of storage increases, validators are paid out through the storage fund.

Additionally, once a user no longer needs to store that data, they can delete it and receive a rebate from the storage fund.
27/n The full economics behind the storage fund are fascinating.

You can hear more on @Mysten_Labs recent AMA:

28/n See an overview of Sui’s tokenomics here:
29/n Team:

Sui is built by @Mysten_Labs, a company building foundational infrastructure for Web3.

The business was founded by @EvanWeb3 @EmanAbio, @b1ackd0g, @GDanezis, @kostascrypto – all of whom were formerly building Novi or Diem at Meta.
30/n These scientists and engineers are the original minds behind many of the breakthroughs at Meta underlying Sui including the Move programming language and the Narwhal/Tusk mempool and BFT consensus that are now being implemented on other blockchains.
31/n The team is targeting 4 key applications for Sui:
1. Gaming
2. DeFi
3. Commerce
4. Social
32/n All 4 applications will heavily leverage Sui’s high-throughput and low-latency to deliver the best user experience.

But gaming and social applications are uniquely well positioned to build on Sui.
33/n Gaming can leverage Move’s safety and expressivity around digital objects.

And social media applications can leverage Sui's data storage economics to store all their data directly on-chain.
34/n Sui is currently running a public devnet and is launching its incentivized testnet next month.

Expect more details on mainnet launch in the coming months.
35/n If you’re interested in learning more, check out the Sui docs!
36/n If you’re thinking of building on Sui or in the Move ecosystem, I’d love to hear from you!

My DMs are open.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Trace

Trace Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @tracecrypto1

Jul 11
What I've Been Reading #2.

Some recommendations for this week:

1. AI-art isn't art

DALL-E 2 is awesome! But is it actually producing "art"? Erik argues that it isn't, and that a world filled with AI art, however beautiful, would be eerie.…
2. Giftedness and Genius

An essay on the multiplicative model of exceptional achievement.…
Read 18 tweets
Jul 10
Haven't looked at Canto's chain in detail but interesting to think about whether DeFi primitives on Ethereum will become public infrastructure.

Quick 🧵:…
Right now, if someone deploys a Uniswap v3 fork as a non-profit it won't win because of Uniswap's brand, integrations, and capital inertia.

Also, it's hard to see how Ethereum's DeFi primitives become public infrastructure when the rate of innovation is high.
When the rate of innovation is high, for profits will just keep launching better products than the public infrastructure.

If you fork Uni v3 now you'll just need to fork it again when v4 comes out.
Read 5 tweets
Jul 6
A great piece on challenging the fat protocol thesis by @chiajy2000.

I'll add one argument for high L1 value capture 🧵:…
From the article: "L2s are helpful in helping to solve some of the key constraints of ETH, and retain transaction volume on ETH. However, as L2s roll-up and consolidate a larger number of transactions into a single L1 transaction, it will reduce the amount of ETH that is...
needed for the same number of transactions."

You can think of rollups/L2s as an innovation that increases the efficiency of blockspace consumption. I.e. we can fit more transactions in the same amount of blockspace.

Intuitively, you'd think this means lower gas fees. And it...
Read 9 tweets
Jul 5
1/n The Move Programming Language

What it is and why it’s the future of smart contracts:

🧵👇 Image
2/n Move is a new programming language originally designed at @Meta for its @DiemAssociation project.

But why do we need another programming language?
3/n It’s no secret that Solidity and the EVM have flaws.

Among them is their abundance of vulnerabilities that make securing Ethereum smart contracts so hard.…
Read 19 tweets
Jul 5
My top 10 articles of the week:

A 🧵 on what I've been reading:
1. Notes on "Taste"

What it is and how to cultivate it.…
2. The Network State

Balaji's book is finally out and it's crazy in the best sense of the word.…
Read 12 tweets
Feb 24
Ethereum has shifted to a Rollup-centric Roadmap. But what comes after Rollups?

1. Validiums
2. Volitions
3. Adamantiums

A 🧵on blockchain scalability.
Rollups like @optimismPBC and @arbitrum scale blockchains by moving computation off chain, and using Ethereum for settlement and data availability.
1. Validiums are a modification of standard rollups that move data availability to a separate third chain. So Rollups handles execution, Ethereum handles settlement, and another chain like @CelestiaOrg or @Polygon Avail handles data availability.
Read 12 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!