The Rise and Evolution of Meta’s Blockchain Ambitions
Facebook’s blockchain journey began ambitiously with Libra in 2019, a project that initially promised to revolutionize finance but faced regulatory roadblocks. After rebranding to Diem and Meta’s pivot to the metaverse, the project ultimately dissolved. However, its legacy lives on through Sui and Aptos—Layer1 blockchains developed by former Diem team members.
👉 Discover how Layer1 blockchains are reshaping decentralized ecosystems
Sui: A Technical Powerhouse
Developed by Mysten Labs, Sui is a PoS-based Layer1 blockchain that leverages Diem’s Move programming language. Key highlights:
- Blazing Speed: Testnet TPS reaches 120,000–160,000, surpassing Avalanche (4,500) and Solana (6,500).
- User-Centric Design: Aims to onboard 1 billion users by simplifying blockchain interactions (e.g., gas fee delegation for ads/subscriptions).
- Innovative Consensus: Only 67% node agreement required for transaction finality.
Meet the Sui Team: Industry Titans
| Role | Member | Background |
|---|---|---|
| CEO | Evan Cheng | Ex-Apple, Meta’s Novi Wallet R&D Director |
| CPO | Adeniyi Abiodun | Oracle Blockchain Architect, Novi Product Lead |
| Chief Engineer | Sam Blackshear | Meta Principal Engineer, Novi Lead |
| Research Scientist | George Danezis | Designed Novi’s Payment Network |
Why Sui Stands Out
- Enhanced Move Language: Streamlined for developer accessibility.
- Parallel Execution (Block-STM): Processes transactions concurrently, boosting throughput.
- Dynamic Gas Pricing: Uses a 2/3 median fee model to prevent Ethereum-like spikes.
- Sponsored Transactions: Businesses can pay gas fees for users (e.g., ad-funded interactions).
👉 Explore the future of blockchain scalability
Funding and Valuation
- 2021: $36M from a16z, Samsung NEXT, Coinbase Ventures.
- 2022: $140M led by FTX Ventures; later raised $300M at a $2B valuation.
Sui Ecosystem: Projects to Watch
While younger than Aptos, Sui’s ecosystem is growing:
- Wallets: Sui Wallet, Ethos (email sign-up).
- DEXs: MovEx (AMM + orderbook hybrid).
- NFTs: BlueMove, Sui Gallery (home of Sui Punks—sold out in 19 hours).
SUI Tokenomics
- Max Supply: 10B tokens.
- Use Cases:
- Staking, governance, transaction fees.
- Funding grants for Sui-based projects.
Price Potential: Estimated $0.20–$1.20 based on comparable Layer1 valuations (Solana: $11.9B, Avalanche: $6.27B).
FAQs
Q: Is Sui a good investment in 2024?
A: While institutional backing is strong, current market conditions limit short-term “100x” potential. Focus on long-term ecosystem growth.
Q: How does Sui compare to Aptos?
| Metric | Sui | Aptos |
|————–|——————-|——————-|
| TPS | 120K–160K (test) | 10K (16K planned) |
| Ecosystem | Emerging | More established |
| Token Model | Disclosed | Pending |
Q: Can Sui overtake Solana?
A: Possible, but depends on adoption. Sui’s tech advantages (speed, scalability) position it as a contender.
Final Thoughts
Sui combines Meta’s engineering rigor with a vision for mass adoption. Key hurdles include:
– Simplifying UX for non-crypto users.
– Expanding its project ecosystem.
Watchlist:
– Mainnet launch timing.
– Partnerships with traditional enterprises.
Disclaimer: Not financial advice. Cryptocurrencies are volatile—invest wisely.