The Sui Network demonstrated remarkable growth and innovation throughout 2024, establishing itself as a standout project in the blockchain industry. From its early stages, the network showed immense potential in decentralized finance (DeFi), global outreach, and technical advancements. Both new and existing developers found Sui’s ecosystem welcoming and powerful, leveraging its unique features to build a new generation of decentralized applications.
Here’s a look at 17 of the most significant Sui achievements from the past year.
February 4: TVL Surpasses $500 Million
Less than a year after its mainnet launch, Sui’s Total Value Locked (TVL) exceeded $500 million, placing it among the top ten blockchain networks. This rapid growth highlighted Sui’s strong appeal to DeFi projects and users.
March 1: Stablecoin USDY Launches on Sui
Ondo Finance introduced USDY, a yield-bearing stablecoin, marking the arrival of the first dollar-pegged token on Sui. This launch reflected growing institutional confidence in the Sui ecosystem.
March 19: Sui Gaming Summit
During the Game Developers Conference in San Francisco, Sui hosted a gaming event to showcase upcoming titles and attract more developers to the Web3 space.
April 3: Move 2024 Edition Beta Release
The Move programming language received a major update with the 2024 Edition, introducing new capabilities such as method syntax, field positioning, and loop labels. These enhancements provided developers with greater flexibility and power.
April 10: Sui Basecamp Event
Sui held its flagship annual event, Sui Basecamp, during Paris Blockchain Week. The two-day conference attracted over 1,100 participants from 65 countries, serving as a hub for networking and innovation.
April 21: Sui Overflow Hackathon
Sui organized its largest global hackathon to date, which spanned two months and featured 352 project submissions. A total of 32 teams were awarded across 8 competition categories.
May 3: First Anniversary of Mainnet Launch
Sui celebrated one year since its mainnet went live. Key first-year accomplishments included breakthroughs like zkLogin and DeepBook, as well as record-breaking metrics such as 65 million daily transactions.
June 18: Introduction of Walrus
Mysten Labs announced Walrus, a decentralized data storage network that uses Sui as its coordination layer. This development positioned Sui at the forefront of data network innovation.
August 6: Mysticeti Consensus Mechanism Unveiled
Sui’s engineering team introduced Mysticeti, a new consensus mechanism designed to enhance performance—especially for low-latency processing of shared object transactions.
September 2: SuiPlay0X1 Gaming Device Revealed
At Korea Blockchain Week, Sui unveiled SuiPlay0X1, a mobile device built for Web3 gaming. It allows users to seamlessly connect and manage their in-game assets.
September 5: Stablecoin AUSD Goes Live
Agora launched its native dollar stablecoin on Sui, offering DeFi users more options for trading and exchange within the growing Sui economy.
September 29: TVL Exceeds $1 Billion
Driven by leading DeFi protocols and increasing user adoption, Sui’s TVL surpassed $1 billion. By the time of publication, it had already reached over $1.7 billion.
September 30: Sui Bridge Launched
Sui released a new native bridge enabling cross-chain transfers between SUI and Ethereum, with plans to expand support for more assets and blockchains.
October 8: USDC Stablecoin Arrives on Sui
Circle’s USDC stablecoin launched on Sui, providing a fully collateralized dollar-backed asset and enhancing liquidity across the ecosystem.
October 14: DeepBook Introduces DEEP Token
The release of the DEEP token introduced a new governance model for DeepBook, Sui’s native liquidity layer, enabling community voting on protocol parameters.
November 14: SuiNS Transitions to Decentralization
Sui Name Service became community-run and decentralized, accompanied by the launch of the NS governance token.
November 20: FDUSD Stablecoin Launches on Sui
First Digital Labs brought its FDUSD stablecoin to Sui as a native asset—the fourth major stablecoin added to the network in 2024.
What’s Next for Sui?
The momentum behind Sui continues to build. A growing number of developers are discovering the network’s potential, leading to an influx of new projects and applications. Major games and DeFi protocols announced in 2024 are expected to launch in the coming year.
As on-chain activity increases, so does DeFi expansion—supported by innovative protocols and rising institutional interest. The Sui community will continue gathering at events worldwide to connect, collaborate, and drive the ecosystem forward.
👉 Explore the latest DeFi protocols on Sui
2025 promises to be another groundbreaking year for Sui.
Frequently Asked Questions
What is the Sui Network?
Sui is a decentralized Layer-1 blockchain designed for high throughput, low latency, and scalable smart contracts. It uses the Move programming language and focuses on superior user and developer experience.
What makes Sui different from other blockchains?
Sui offers parallel transaction processing, innovative consensus mechanisms, and native support for composable digital assets. These features allow it to achieve high speed and scalability without sacrificing security.
How can I start building on Sui?
Developers can begin by learning the Move language and accessing tools provided by Mysten Labs. The Sui ecosystem offers extensive documentation, developer grants, and regular hackathons.
What types of applications are built on Sui?
The network supports a wide range of applications including DeFi protocols, gaming platforms, NFT marketplaces, and decentralized social networks.
Is Sui suitable for institutional use?
Yes. With the introduction of regulated stablecoins and institutional-grade infrastructure, Sui is increasingly attracting enterprise and institutional developers.
Where can I stay updated on Sui developments?
You can follow Sui’s official blog, social media channels, and community forums for the latest announcements and technical updates.