Sui Weekly Digest — 2
Welcome back to the 2nd edition of Sui Weekly Digest!
As we continue our journey, Halcyon keeps on innovating and progressing. This week, we’ll be sharing a recap of our strides and growth at Halcyon. In addition, we’ll take a deep dive into three pivotal news stories that are shaping the Sui ecosystem.
Sit back, grab your cup of coffee (or tea), and let’s uncover the pulsating heart of Sui’s developments together.
Inside Look at Halcyon Labs
We’ve added a talented graphic designer to our team who helping us create a visually stunning front-end that truly reflects Halcyon’s unique universe.
On the development side, we’ve made significant strides with the smart contract. We’ve implemented the buy function, which doesn’t return NFTs directly but a dynamic NFT. Furthermore, we’ve made progress on the whitelist objects and the unique feature that sets us apart — the Proof of Mint.
For those new to the concept, the Proof of Mint is a dynamic NFT that works like a purchase receipt. It evolves with every new purchase of NFTs. Once the sale concludes, the receipt is redeemed for the actual NFTs. But, the dynamic NFT doesn’t disappear — it stays in the buyer’s wallet as a ‘Proof of Mint’. This opens up opportunities for rewarding the early and loyal community members in new ways.
Deep Dive into Sui Ecosystem
Movernance Code is now open-source
Movernance is an on-chain governance platform built on Sui. The project aims to provide a better solution for managing decentralized governance than those existing on Ethereum.
The on-chain voting system features a mechanism to allow incentivizing members for their participation to the governance process. It is fully customizable with weight-based voting and participant permissions.
The platform helps NFT projects to evolve in DAOs with many tools around NFTs. The team also developed a multi-sig solution for managing treasury in decentralized way. They also extend DAO governance via discussion modules around proposals. Movernance is live on mainnet since 05/05!
Bucket Protocol Testnet & Mainnet Updates
Bucket is a CDP protocol built on Sui Network that enhances fund efficiency and stabilizes stablecoin prices via an instantaneous liquidation mechanism.
A collateralized debt position (CDP) protocol allows users to generate a decentralized stablecoin by locking collateral in a smart contract. This system was introduced by @MakerDAO and is how its decentralized stablecoin DAI is created.
Bucket protocol, on the other hand, enables $SUI, $BTC, $ETH, other LSDs and more as collateral to borrow a Sui-native stablecoin, $BUCK, with a one-time fee of 0.5% and 0 interest. Borrowers will get liquidated when their collateral ratio goes below 110%.
Users will be able to stake $BUCK in Tank to buy cheaper collateral if others got liquidated and earn $BKT. They will also be able to provide BUCK/USDC liquidity pairs on DEXes to earn swap fees and $BKT.
Bucket has been audited by MoveBit and OtterSec, two security pillars on the Move ecosystem. The protocol is live on testnet and will be released on mainnet tomorrow (28/06)!
Hola Sui released a NFT P2P Swap
Hola Sui (previously LoyaltyGM) is a dApp featuring many turnkey tools such as NFT Staking, On-chain Quest Systems, DAO Voting and P2P Swapping. Until now, only the NFT staking module was live on where the Sui community could stake their Capys.
A few days ago the team announced that they received a grant from the Sui Foundation and that they launched a new module at the same time: P2P Swap! 16 NFT collections are verified on the dApp and allowed to be swapped in P2P. An amount of 15 can be swapped at the same time, you will only have a link to share to your friends.
That’s a wrap for this week’s Sui Digest! We’ve covered some exciting updates from Halcyon Labs and key players in the Sui ecosystem like Movernance, Bucket Protocol, and Hola Sui. You can read more news by checking Sui Daily Highlights 5, 6, 7.
Remember, ‘Building on Sui’ on Medium is a community-driven space. We welcome your input and contributions. Until our next Digest, let’s keep the innovation alive and curiosity thriving!
