April 18, 2025

Project Overview - Sui Network

🔹 What is Sui?

Sui is a next-generation Layer-1 blockchain designed to support smart contracts with high throughput and low latency. Developed by Mysten Labs-founded by former engineers from Meta's Diem and Novi projects-Sui leverages the Move programming language to create an asset-oriented programming model.

🔹 Main Objectives

Sui aims to overcome the scalability and efficiency limitations faced by traditional blockchains. By processing transactions in parallel and finalizing transactions in less than a second, Sui enables the development of complex applications such as blockchain games and DeFi applications that require high performance.

🔹 Featured Features

• Parallel Transaction Processing: Sui processes transactions based on objects instead of accounts, enabling parallel execution and increasing network throughput.
• Fast Finality: Transactions achieve finality in less than one second, supporting real-time applications.
• Move Programming Language: Designed for security and efficiency, Move enables more secure and flexible smart contract development.
• Object-Oriented Architecture: This model makes it easy to manage digital assets and interactions between objects in the network.

🔹 S upport and Funding

Sui was launched by Mysten Labs in May 2023 after successfully raising $300 million in Series B funding round from renowned investors such as a16z, Lightspeed Ventures, and Circle.

👥 2. Roadmap, Development Team & Backing

👥 Development Team: The Experts Behind Sui

Sui is developed by Mysten Labs, which was founded in 2021 by former Meta (formerly Facebook) engineers with experience in the Diem blockchain project and Move programming language development.

• Evan Cheng (CEO): Previously Head of Research and Development at Novi and Technical Director at Meta. Also has 10 years of experience at Apple.