The Transformation: How Bluefin V2 Delivered Record Trading Volume[Article 3]
Development and Launch of Bluefin V2: Bluefin began developing Bluefin V2 on the Sui network after Sui’s mainnet launch. The new platform leveraged Sui’s high throughput and low latency to create a trading experience like no other. By integrating Sui’s zkLogin and sponsored transactions, Bluefin V2 was able to remove barriers to entry and provide a frictionless trading experience.
Achieving Unprecedented Volume: Within just a few months of its launch in September 2023, Bluefin V2 achieved $3.2 billion in trading volume in December alone, surpassing the total volume traded on Bluefin Classic over the previous 11 months. This success was driven by several key factors:
- Lightning-Fast Transactions: Bluefin V2 could finalize trades in 30 milliseconds, with settlement occurring in just 550 milliseconds.
- Consistently Low Costs: Transaction fees remained below $0.005, even during peak trading periods, making the platform more appealing to both retail and institutional traders.
- Enhanced User Experience: With zkLogin, new users could sign up with minimal friction, leading to rapid onboarding and increased platform activity.
Conclusion: Bluefin’s decision to build on Sui proved to be a masterstroke, resulting in a record-breaking trading volume and setting a new standard in the DeFi market. In the final article, we will explore the future plans for Bluefin and Sui and the broader implications of their success.