Cetus — Sui Themed AMA Recap
Guests
Henry (APAC Developer Ecosystem in Sui Foundation)
Yi (Co-Founder of Movebit)
Bravis (CMO of Belaunch)
Jack (Co-Founder of Suia)
Vince (Host, Marketing Lead of Cetus)
Henry (APAC Developer Ecosystem in Sui Foundation)
My name is Henry. And I lead the dev team for Sui APAC. My primary focus is including Sui language, infrastructure structure and tooling for the Sui developer ecosystem. Thank you.
Bravis (CMO of Belaunch)
Hello, everyone. I’m Bravis, the CMO of Belaunch. Belaunch is a premier decentralized launchpad on Sui. And now almost our functions are done. We hope you can enjoy it and give us too much to improve our product. I’m thrilled to join this amazing AMA to say something about my view and opinion about the Sui network.
Jack (Co-Founder of Suia)
Thanks for the introduction. This is jack from Suia. We are the social app built on the Sui blockchain in September where you can build new relationships based on the NFT ownership and find your friends there. We have over 200,000 users already and more than 1.2 million transactions on Sui devnet and testnet for the past 7 months. We also won the Sui grants and Sui Build heroes. Thanks to the Sui foundation and MystenLabs. We are also helping Sui to do the ecological expansion.
Yi (Co-Founder of Movebit)
Hi, everyone. This is Yi from Movebit. We are the leading security company in the Move ecosystem. We have many years of security experience and also published the very first smart contracts, and auditing reports on the Move ecosystem. So we are a contributor of Move language and also a contributor of the Move Prover which is the formal verification tool for Move security.
Cetus (Host)
I’ll just give a brief intro about what Cetus is doing right now as well. Cetus is a pioneer DEX and concentrated liquidity protocol on Sui. It works as a crucial part of the ecosystem infrastructure to satisfy the comprehensive needs of traders, LPs, developers and derivatives products, driven by the increasing population of DeFi. So with the concentrated liquidity mechanism, while providing liquidity to the pool, you can select price ranges that will largely increase the capital efficiency. With our mechanism, you can receive a higher reward. And then we just launched the CLMM pool on Sui and all the trading pools listed later will be CLMM based.
Sui is the ecosystem that we are all building together. I believe everyone chooses Sui firmly with different reasons and perspectives, so the first question I wanna ask is：
Question 1: Compared to existing L1 and L2, what makes Sui special, and what are its major advantages?
Jack (Co-Founder of Suia)
It’s about 7 or 8 months ago, we get to know Move language and Sui ecosystem. At that time, we find that Move is a very good program language for us to build a lot of interesting applications. Firstly, for Sui Move, the resource-oriented programming could bring a new paradigm that greatly improves the security of smart contracts, as we all know, smart contracts on EVM is not very secure and because of its account mode of a lot of their asset is just in the amount of the clones. So it’s not very secure when one amount of this clone is hacked, all the assets will be hacked.
For the Sui move, users truly owned the asset. So it’s very secure for users to use any product on the Sui blockchain. And of course, it has high performance. And besides that, Sui is over object-centric and universal abstract programming model that makes a lot of interesting applications come true. We launched the first compatibility case on Sui that you could do EVM or on other blockchains because it’s the true compatibility, not just the image integrations. And besides that, the economic model and the storage fund of Sui are very interesting. It will build a long-term desirable ecosystem.
Henry (APAC Developer Ecosystem in Sui Foundation)
Sure. I think what makes Sui different is mainly twofold. First, Sui is primarily based on the Move smart contract language, which is like the whole crypto space broken down into a few blocks. And one of the first blocks is like the EVM block, where you have the Ethereum and all the Ethereum Layer 2s, all the EVM-compatible chains, too. And then the second block is kind of like the non-smart contract chains, which is like Bitcoin, and all the other blockchains that are just about transfers of value. Then the third block is like the non-EVM smart contract chains. Sui is very much in the third block. And our goal is to grow the third type of blockchain to be as big or even bigger than EVM chains.
And the second thing makes Sui very distinct is the whole base and infrastructure structure and the whole architecture of Sui is built from the ground up. And a few years back, there were two teams of Facebook. We didn’t just use the bulk of the code from Diem because the teams were working on Diem at Facebook which we had to cut a lot of scales back and features. And also kind of towards the end, we were starting to see a lot of the shortcomings of the Diem chain. We were planning to make Diem 2.0 but before the real coding work started on Diem 2.0. The entire project was entirely shuttered by Facebook. Now, it’s the spiritual successor from Diem to Diem 2.0 and we are creating the code from the ground up. And that is also why it takes slightly longer to launch. And the main reason for that is we’re creating it from the ground up.
And what that entails is that we can take in a lot of the experiences from the previous iterations of blockchain tech. We will have all the historical baggages that comes with the older tech. And we can just create something from the ground up that we believe will go with the scale of the internet. And that will be able to support mass scale-up applications.
Bravis (CMO of Belaunch)
I’m impressed with the Sui community building. For both community and products, we all know that Move is a new language. Secondly, about how Sui supports the product, I think besides some problems related to the technical Sui team, trying to give useful advice to our product. And I think you can see that the development of Sui is more sustainable than the other Layer 1 and Layer 2. And I think shortly, Sui will also be the potential Layer 1 in the crypto market.
Yi (Co-Founder of Movebit)
Definitely, I am a big fan of the Sui network. So I see a lot of innovations in the Sui blockchain. They are using a very good consensus algorithm to make the Sui blockchain with good performance and potentially lower transition costs for users. So that should a good product market fits high-performance blockchain. I also like the vibe in the Sui community, especially the technical parts. And when we have some technical problems, there are lots of quick responses from the Sui communities. And also, we see a lot of tools being built to improve the development efficiency for programming with Sui Move. Movebit is a security audit firm, but we also want to contribute more to the Sui community. So the developing experience is definitely good in the Sui community.
Cetus (Host)
Our guests just mentioned the relative advantages of the Sui MOVE language. Many young developers and teams are passionate about joining this new ecosystem, people are really into learning Sui move language, and I believe that we have many Sui Move engineers joining our space today. Since the guest speakers today are all from OG projects on Sui. So the next question is：
Question 2: Do you think SUI MOVE is an easy-developing language to get started and handle it? What are the characteristics of EVM, SVM, and WASM in terms of security and scalability?
Yi (Co-Founder of Movebit)
I think the Sui move language is a very good developing language to get started with. Talking about the learning difficulties, for experienced developers like solidity or java developers, you can probably learn Sui Move in around 2 or 3 weeks to have some hands-on.
And also in the Sui community, I believe there are lots of developer groups and meetups. And also the Sui foundation has provided many learning materials on GitHub. To compare MoveVM with the EVM or WASM, in terms of security and scalability, I think MoveVM is much more well-designed. In EVM, there are so many kinds of security concerns like the entrance issue and overflow issues when your program is solidity. I think EVM is well designed for the program with smart contracts and dealing with those assets. Security is a big priority. Regarding scalability, I think EVM and also WASM probably trying to scalable by some layer 1 solution, because EVM right now, for the Layer 1 part is very hard to scale. For MoveVM, We can see a lot of projects trying to do some layer 2 for the MoveVM so I think definitely from this perspective, Move can be more scalable both in Layer 1 and Layer 2.
Bravis (CMO of Belaunch)
I think it’s a good opportunity for the new developers to learn more and understand more about the Move language and the Sui ecosystem. But I always hear that our developers mentioned the high-security level of the Move language.
Cetus (Host)
SUI hasn’t officially launched on the mainnet yet, but it has already attracted a lot of great developers and community members. We saw some nice test results from Wave1 and Wave2. We saw many projects are also involved in the Sui testnnet Wave2.
Just take the example of Cetus, we helped nearly 10 popular projects conduct their testnet listing. We are excited to see Sui blockchain has made a lot of progress in terms of stability and performance.
Question 3: And now we’ve seen some early news about Sui testnet wave3, compared to previous optimizations, what will Wave3 be testing this time? In addition, I would like to ask about the projects, what is your plan for WAVE3?
Henry (APAC Developer Ecosystem in Sui Foundation)
I think there are quite a few things that will be tested out during wave3, which is also a feature that a lot of people have been asking for is timestamps. So currently, you can only get timestamps on-chain in terms of Epoch and update every 24 hours which is not enough.
So right now, we will be able to give time stamps down to the checkpoint level. So that’s about less than 1 minute. So that would be good enough for the majority of use cases. And that will be coming in wave 3. The other feature that will be coming is programmable transactions, which is kind of like a different model of how we’re sending out transactions in general. And the general idea is that with programmable transactions is that instead of sending one or a few transactions at a time, you can send out a block of them where the output of the previous transaction can be used as the input of the next one. And by sending them out in a batch, they can all be executed in a batch as well. I think we are probably gonna push the chain changes out by end of this month. So that would be good to like watch out for.
Jack (Co-Founder of Suia)
We are very looking forward to the mainnet. For our side, we are mostly focused on the social part. We will have more brands and users. We just launched a Sui box, which is a general compatibility case on the Sui blockchain. The Sui box in our platform is NFT. Just this case, you could experience the compatibility case on the Sui blockchain. We will also be announcing the following users’ functions very soon.
You could interact with the same NFT to socialized on the platform very smoothly and find your friends because we are based on NFT ownership. And besides that, we will also announce the Sui map. You could think of a general sandbox. You could buy more pixels to add anything you want on the Sui map which is also a general compatibility case. Overall, for our side, we will try more brands. It means the Sui projects on the Sui blockchain as time goes on. There will be more projects to come in. There will be more users using our product to interact with the brand there. There will be more activities as time goes on, especially for Sui testnet Wave3 and mainnet launch.
Bravis (CMO of Belaunch)
I also heard some information related to the testnet Wave3. I believe that’s gonna be a desirable testnet for all for the building on Sui. I know now we are trying our best to improve our product with all functions related to both FT and NFT, launchpad, and IDO for products. Then automatic listing on the decentralized exchange on Sui. I think that’s why we are extremely important. It can be a task for us while supporting products which we expect 30 to 40 products to experience our testnet. And besides that, we also want to work with our partnerships like Cetus to complete our testnet and to give the best experience for the users and product building on Sui.
Yi (Co-Founder of Movebit)
We are very excited that we like the Sui testnet Wave3. I think this will be the long-lasting testnet. So that makes a lot of development probably more consistent. And so these Movebit is the security partner of Beaunch and Cetus. There probably will be some kind of code change, because the website introduces some new features, like Henry previously mentioned, on-chain timestamps and stuff. And also like jack, probably you guys doing a lot of developments and following up with that kind of testnet update.
Cetus (Host)
Question 4: We believe we will see the successful launch of SUI Mainnet soon this year. It has caught a lot of attention from all fields. We would like to know that once mainnet launches, where will the first outbreak of the application be in your opinion?
Jack (Co-Founder of Suia)
I believe that because once we go to mainnet Cetus and BeLaunch will have lots of activities around there.And for our side, we also cooperate with you to engage more users and promote that.
Bravis (CMO of Belaunch)
I think for sure during testnet wave 3, we will do plenty of events between BeLaunch, Cetus, and Suia to get the best experience of products to our users.
Henry (APAC Developer Ecosystem in Sui Foundation)
I think it’s very hard to guess which tracks. But I think overall, if I had to guess, I would say like an NFT and gaming, just because I think those kinds of applications are more likely to go viral.
Cetus (Host)
Question 5: SUI certainly has a bright future, but as a young ecosystem, SUI also needs rapid growth and huge progress. What are the most important aspects of the most needed infrastructure in the future rapid development process of SUI?
Jack (Co-Founder of Suia)
Just as I talked earlier, we will be based on NFT ownership and have a lot of social functions. We will bring changes to the Sui NFT data on-chain. As we all know, we already noticed that some projects already get the grants from Sui foundation. Most of them are SDKs and infrastructure projects. So we’re looking forward to more projects that could do more infrastructural things and more developers could come to Sui to build.
Yi (Co-Founder of Movebit)
For Movebit, we are more than a security audit firm. So besides security audit, we also want to build the infrastructures to cover the whole cycle of the smart contract. That could be a very good piece of infrastructure for developers. So that’s covering the part before we deploy the smart contract.
So that’s also one of our motivations why we want to develop the Sui. So basically, when we are writing more specifications, and language for more code, we don’t have better tooling to support us. So after we deployed the smart contracts to the blockchain, I think the security monitoring service and also probably some social security, API to detect some malicious transactions. And also some vulnerabilities could be very important like security infrastructure. So that part is also one of our future focus for Movebit. So besides that security infrastructures, I also want to echo Jack’s opinion. I think better IDE are all very important for Sui more developers. So we heard a lot of feedbacks from developers. We would like to see more coding tools on Sui to help our developers write codes.
Bravis (CMO of Belaunch)
When an ecosystem has a good decentralized launchpad, it will have more products and fundraising successfully. And with more and more fundraising going successfully, I think more money and cash flow will go into the Sui ecosystem.
Because we want shortly beside have the product in the fundraising. We also have products related to marketing. Since many products will have some problem with the fundraising. Belaunch will be the best option for project fundraising.
Henry (APAC Developer Ecosystem in Sui Foundation)
I think in terms of that, it is a quite similar tool to other blockchains. We do need all the infrastructure pieces like Cetus as a Dex, launchpads like BeLaunch and NFT marketplaces. And also, I think on top of that, because MOVE is a very new language. And also the developers in the MOVE ecosystem is quite new. The other part that we need is kind of like developer tooling, basic tools that make it easy for developers to create new applications or for them to write certain contracts. Because for a new language to catch up there, we must have tools are good and also like easy to use. I think one of the biggest barriers is that EVM took years to create these developer tools. Currently, they’re pretty good now. But it did take them a few years to get there. And I think MOVE needs to go through a similar process.
Bravis (CMO of Belaunch)
Like I told you before we are trying to improve our product to support all projects. First, the project can quickly create its token on BeLaunch. And also can have the project custom in something related to their project token. And after creating the token, they can privately create a launch box on BeLaunch like a presale, fair launch, or route sale.
After this, they can do automatic listing, essentially chain building. Besides some functions related to the FT, we also have some functions with it. And we also have some ways to make it more attractive for the pool of the for IDO pool of the project. We also have an affiliate program. It will have the IDO pool of the project more attractive to the users. When the user joins the link, the user will have an affiliate link to other people, while other people who join the IDO through his link, the user will receive the cuts back from the project owner and the percentage that might when we choose from the project owner, and it will have the IDO pool of the project more attractive. We also have some functions for NFT creators to make money like an NFT generator listing a variety of NFTs in our marketplace. So I think as I told you before, more projects can fundraise successfully and more money can go out into the Sui ecosystem.
Jack (Co-Founder of Suia)
For the user side of a platform, it could have a lot of interaction with brands. The Sui projects there, for example, could participate in the events organized by the community and connect a lot of souvenirs created by their creators and like some WLs or NFTs from the brand side. Sui box and Sui map can be a product platform to experience the compatibility case. And for every user, the Sui box is different. So he could follow others who have similar NFTs to him. On the other side, the Sui projects could come to our platform to be the brand, and create a lot of interactions with users. Especially for small projects, they could get more exposure and traffic on the platform.
Henry (APAC Developer Ecosystem in Sui Foundation)
Sure, I think in general, Sui is doing something new. In my opinion, it is very valuable for a company to try to do something different. That’s what Sui is doing. We are trying to grow a brand new non-EVM based ecosystem. If we compare what companies are doing now, things that have been done in the past and companies doing stuff new, I think the upside is a lot higher in companies that are trying to go into new fields or new territories. And in my opinion, that is what Sui is doing in Web3 and crypto.
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