The month of October 2024 marked a pivotal chapter in the evolution of the Sui ecosystem, solidifying its position as a leading force in the Web3 and blockchain space. Fueled by strategic technical upgrades, major product launches, and expanding community engagement, Sui demonstrated remarkable momentum. From the official launch of native USDC and Sui Bridge to the rollout of innovative projects like DeepBook V3 and Walrus, the ecosystem achieved significant milestones that are shaping the future of decentralized applications.
This in-depth analysis explores Sui’s progress across key areas—network advancements, DeFi expansion, developer empowerment, community initiatives, and ecosystem partnerships—offering a clear picture of its trajectory and potential. Whether you're a developer, investor, or Web3 enthusiast, this guide delivers essential insights into Sui’s recent breakthroughs.
Network Advancements: Building a Scalable Foundation
Sui Network Upgrades
Sui’s core infrastructure saw robust development in October, with three critical updates rolled out across its mainnet. These iterative improvements reflect the project’s commitment to performance, security, and developer experience. As of the latest update, the network versions stand at:
- Devnet: v1.37.0
- Testnet: v1.37.1
- Mainnet: v1.36.2
A notable enhancement includes the activation of peer round detection in the consensus layer, improving network reliability and synchronization among validators. Developers can stay ahead of changes using the publicly available network update schedule, ensuring seamless integration with the latest protocol features.
👉 Discover how high-performance blockchain networks are transforming Web3 development.
Sui Bridge: Enabling Trust-Minimized Cross-Chain Interoperability
Launched on September 30 and fully operational through October, the Sui Bridge represents a major leap in cross-chain functionality. This native solution enables trust-minimized asset transfers between Ethereum and Sui, significantly lowering barriers to entry for users and developers.
Currently supporting ETH and WETH transfers, the bridge lays the groundwork for future expansions to include additional tokens and chains. By minimizing reliance on third-party custodians, Sui Bridge enhances security and decentralization—key priorities for sustainable Web3 ecosystems.
Native USDC Goes Live on Sui
On October 9, native USDC officially launched on the Sui mainnet, marking a transformative moment for Sui’s DeFi landscape. As one of the most trusted stablecoins globally, USDC brings essential liquidity and price stability to decentralized applications on Sui.
Backed by Circle, this integration ensures fast, low-cost transactions and paves the way for broader institutional adoption. Furthermore, the upcoming implementation of the Cross-Chain Transfer Protocol (CCTP) will allow seamless USDC movement across supported blockchains—including Sui—empowering developers with greater composability and enabling new financial primitives.
Developer Empowerment: Fueling Innovation
RFP 2.0: Streamlined Funding for Builders
To accelerate ecosystem growth, Sui restructured its Request for Proposal (RFP) program into RFP 2.0, offering more agile and targeted support for developers. The updated framework includes:
- Rolling RFPs: Address long-term strategic needs with ongoing submissions.
- Flash RFPs: Provide rapid funding for urgent opportunities or challenges.
This dual-track approach ensures that both visionary long-term projects and time-sensitive innovations receive timely resources, fostering a dynamic and responsive development environment.
Ika: Unlocking Cross-Chain Capabilities
Ika (formerly dWallet Network) emerged as a key infrastructure player, enabling Sui smart contracts to interact with assets on other blockchains via a secure Multi-Party Computation (MPC) network. This breakthrough allows developers to build DeFi super apps that manage cross-chain liquidity directly from Sui.
Use cases include programmable Bitcoin strategies, decentralized custody solutions, AI agent safeguards, and chain abstraction layers—expanding what’s possible within Sui’s high-speed environment.
Ecosystem Expansion: New Projects and Major Collaborations
DeepBook V3 and DEEP Token Launch
On October 14, DeepBook V3 launched on mainnet alongside the debut of its governance token, DEEP. As a community-driven decentralized exchange (DEX), DeepBook V3 introduces refined incentive mechanisms and enhanced trading features.
The release of DEEP token marks a critical step toward full decentralization, empowering users and liquidity providers with governance rights. With improved capital efficiency and performance, DeepBook is poised to become a cornerstone of Sui’s DeFi ecosystem.
👉 Explore how next-generation DEX platforms are redefining decentralized trading.
Gamisodes Revives "Inspector Gadget" on Sui
In a creative fusion of entertainment and blockchain, Gamisodes launched an interactive version of the beloved cartoon Inspector Gadget on Sui. Leveraging Sui’s object-centric model and instant transaction finality, players can collect iconic gadgets and unlock avatar items through gameplay.
Available on iOS and Android, the first episode dropped on October 1, with new content released monthly—blending nostalgic storytelling with engaging Web3 mechanics.
Sweet MLS QUEST Brings Soccer to Web3
Sweet, a leader in blockchain-powered digital collectibles, partnered with Major League Soccer (MLS) to launch MLS QUEST on Sui. Fans can now mint officially licensed video highlights as NFTs, secured by Sui’s high-throughput architecture.
The integration of Sui Kiosk allows Sweet to set custom transfer rules for collectibles, protecting fan ownership while enhancing usability. Additionally, sponsored transactions let users acquire items without holding cryptocurrency—removing friction for mainstream adoption.
Storage Innovation: Walrus Public Testnet Launch
On October 17, Walrus, a next-generation decentralized storage network powered by Sui, opened its public testnet. Designed to store large multimedia files—videos, images, audio—Walrus leverages Sui as a coordination layer to manage thousands of storage nodes without sacrificing speed or reliability.
Users are invited to participate in early testing and earn rewards by contributing storage capacity or interacting with the network. This initiative highlights Sui’s ambition to support rich, scalable Web3 applications beyond finance.
Community Engagement: Events and Education
Web3 Key Talking #4: Sui’s Technical Edge
Held on October 31 via X Space, this session featured Sui Technical Ambassador uvd discussing “What Makes Sui Different?” The talk covered core innovations such as DAG-based concurrency, pricing mechanisms under high throughput, and Walrus’s potential impact on decentralized storage.
Move Dev Meetup & Co-Learning Initiatives
- The Move Dev Meetup in Beijing (November 2) brought together Move language pioneers and Sui developers to share insights on ecosystem growth.
- A new Move Co-Learning Camp, hosted by HOH Community and OpenBuild, launched in November—offering mentorship and rewards (including iPad giveaways) to newcomers learning Move programming.
Upcoming: Sui Connect Bangkok
Scheduled for November 12 during Devcon 2024, Sui Connect: Bangkok will feature networking events and technical sessions. Complementing this is the Sui Hacker House (November 4–17), providing an immersive environment for builders to collaborate and innovate on Sui-based projects.
Core Concepts: Understanding Sui’s Technology
How DAG Architecture Powers High Performance
Unlike traditional blockchains that process transactions in linear blocks, Sui uses a Directed Acyclic Graph (DAG) structure. This allows parallel transaction processing—enabling high throughput (peak TPS: 634) and near-instant finality.
By combining DAG with blockchain principles, Sui achieves unmatched scalability and efficiency, ideal for real-time applications like gaming and social platforms.
Storage Fund: Sustainable On-Chain Data Management
Sui’s Storage Fund introduces an innovative economic model where users pay storage fees that are partially refunded when data is deleted. This “storage rebates” mechanism incentivizes developers to clean up obsolete data, maintaining network health and reducing long-term costs.
Current Chain Metrics (as of November 7, 2024)
- Mainnet Version: v1.36.2
- Active Validators: 108
- Total Addresses: 27.99M
- Circulating Supply: 2.85B
- Total Transactions: 6.35B
- Peak 30-Day TPS: 634
- Current Epoch: 574
- DeFi TVL: $1.10B (Source: DeFiLlama)
Frequently Asked Questions (FAQ)
Q: What is Sui Bridge and why does it matter?
A: Sui Bridge is a native cross-chain solution enabling trust-minimized transfers between Ethereum and Sui. It reduces reliance on third parties and enhances security for asset movement.
Q: How does native USDC benefit the Sui ecosystem?
A: Native USDC improves liquidity, stabilizes value transfer in DeFi apps, and supports institutional use cases. Its integration with CCTP will further boost cross-chain utility.
Q: What makes DeepBook V3 different from other DEXs?
A: DeepBook V3 is built natively on Sui with deep protocol-level optimizations. It leverages Sui’s speed and object model for superior performance and introduces community governance via the DEEP token.
Q: Can non-developers participate in the Sui ecosystem?
A: Absolutely! Users can engage through games like Gamisodes, collectibles like MLS QUEST, storage participation via Walrus, or community events and learning programs.
Q: What is Walrus and how does it use Sui?
A: Walrus is a decentralized storage network that uses Sui as its coordination layer. It enables scalable storage of large files while maintaining high performance across thousands of nodes.
Q: How can I get started building on Sui?
A: Start with the Move programming language through co-learning programs or developer grants (RFP 2.0). Explore documentation at sui.io and join community events for hands-on guidance.
👉 Start building on one of the fastest-growing Layer 1 ecosystems today.