Adeniyi Abiodun - Sui: Rebuilding the Internet Brick by Brick - TOKEN2049 Dubai 2025

Let's get started. So, my name is Adenia Boden. I'm one of the co-founders of a company called Mist and Labs. We are the original creators of a project called SUI. SUI is actually almost 2 years old now.

Um, want to give you a bit of an update of what's been going on since uh we started SU till now. Um, a year ago, we announced u when SU was barely a year old. um we we had something like 3 million daily active wallet um about 3 million 3 million um wallets. The network was growing at a very interesting rate. But what we've done since then is we've seen tremendous growth in the ecosystem.

We've got overall um transaction volume has increased significantly. We've had TVL drop um increased close to $2 billion and the amount of developer activity we've seen in the ecosystem continually grows on a week-by-eek basis. So even in that same time frame beyond just shipping suite zk login a lot of amazing features we've also launched a storage global storage network called warus. So warus um mainet went live less than a month ago. It's already one of the largest um storage networks in the market.

So what you're going to keep seeing from the miss and labs team is the propensity to keep shipping shipping at a very high level but overall giving people developers the platform they need to build more compelling use cases in crypto and to solve that you need be you need to go beyond just the L1. Our belief is you need a plethora of tools algorithms um primitives to actually build next generation businesses. So as we mentioned um daily active wallets has gone over a million in sui ecosystem. Um DeFi is up 1.7 billion.

We've had a 3x increase in the number of um um transactions since last year. SU is the fastest growing network in crypto at this moment in time. Um it's actually one of the youngest but if you plot it trajectory versus other crypto in the same time frame outperformed the market significantly. um our repertoire of of of um protocols keep increasing. Um we last year updated our consensus algorithm to Mississippi.

So fastest end to end finality something around 400 millconds end to end finality. People woke up one morning their apps were just three times faster. Um DBook is a central liquid um central limit order book built on the blockchain. It allows you to trade at really rapid rates. It's done close to six billion in trade.

Um, SWNS is a decentralized naming service. We're going to be announcing some updates to WNS where you could use it as a global messaging layer. Um, separately as well, Warus, as I mentioned, a global storage layer went live as well. And same time, we're launching a global secrets management service called Seal. Again, always innovating, always pushing the boundaries of what's possible.

But all these components make it easy for developers to build compelling use cases in crypto beyond just an L1. So you have sui as a coordination layer and you have these products these other protocols on top that lets you build if you want to build WhatsApp you can build it in a decentralized form if you want to build the next Facebook you can build it in a decentralized form and uh L1 alone doesn't solve that problem for you so what else have we been we looking forward to so Eka is a protocol that's launching on soon it lets you control assets and other chains using the move programming languages on so very very soon you'll be able to control your Salana assets straight from suite your bitcoin assets straight from SUI all without the need need for bridges is going to provide you a native experience to actually transacting on other chains using SUI as a coordination layer and Aftermath is launching a fully onchain purpose decks directly on SW soon. We've had the addition of um Phantom and Backpack as wallets in this ecosystem. And overall, we've have institutions who are building directly on the blockchain. We're working with the likes of um Grayscale, Van, um Franklin Templeton, um World Liberty Financial, and Suite has over four um four native stable coins and we'll be announcing tomorrow another large native stable coin that will be launching on the platform as well.

um BTC BTC increase or utility is something we're very very mindful of and we we're I think we have over five different types of um bitcoins from various providers today and that's only increasing. There'll be other native implementations of BTC directly on SUI but the hope this year is to grow the amount of um TVL in the Bitcoin space directly on SUI. We believe SU has a greater propensity to give utility to Bitcoiners than has ever been possible before. So interesting um to talk about um you know the builders um we've had a significant increase um of um daily active developers on the platform over 200% growth and we've also seen um over 120% increase in the comets. So lots of people are coming to build in the SW ecosystem.

In in our hackathons we've had over 700 submissions with various hackathons whether it's AI or or pure crypto but overall builders love building on SU they love building with Deepbook. We're seeing people learning SU move in something around 3 to 4 days. Contrast that with EVM and solidity um solidity um um even SVM where people are finding very difficult um to get very fluent very very quickly. So it is a language for those who understand object-oriented programming models that can build um on suite very very quickly. That was the design premise beside uh what we designed at Facebook.

So I just want to make the point that while we're at Facebook, we saw a big opportunity to redefine how the internet works. Um companies like Facebook don't wake up and decide to just own your data. It's it's way easier for them to coordinate actions in centralized systems than to do that with third parties. So they end up building empires. So while at Facebook we built a soft piece of software called Libra or DM that you a lot of you know about.

Um when we left Facebook we did not fork Libra or DM. We actually started something from scratch. So SW is not a derivative of Libra or project DM at Facebook. It was a grounds up build from day one to solve and tackle the more harder problems in crypto and distributed systems. This is why we've seen performances that dwarfs what everyone else has been able to actually achieve.

Um it's an objectoriented programming model that developers who write in C++, write in C, write in other um programming languages can pick up very very quickly. Overall, the developer experience is very very frictionless. Again, these are all the things we've done. I want to talk about what we are going to be doing. Um Micretti launched last year brought latency end to end finality down to 400 milliseconds.

We're going to be launching Micretti V2 very very soon. that's going to see actually reduce the amount of CPU cycles required for verifying um transactions. That means you're going to see a two to 2.5x increase in throughput. Um we'll report those numbers very very soon.

And of course um Reora, which is our horizontal scaling solution, is also going to be going live. Um RPC upgrades, um we're going to be releasing also into production. seal the ability for you to coordinate and share secrets directly on chain whether you want to store it on Warus as a storage layer, you want to store it in AWS as your centralized storage provider, you want to store that data on Salana, wherever you want to store it. But a secret can be managed with a distributed set um set of validators that do that for you. It is the first time this possible.

It uses something called identity based encryption. So there's no need for individuals to manage keys. Um Scion would also be something would be um going live soon. Scan the goal behind scan is to give you a very um robust path on the internet. So SU is going to adopt that very soon.

Even if the you know TCP IP stack of internet goes down, you still be able to route um using directly. More on that. There's a lot more that we're doing. You're going to see an improvement in things like pass keys to use for wallets directly with a chain. To be clear, it is the SWE blockchain that verifies your session with Google when you do ZK login.

is also the SW blockchain that does a verification of the pass keys directly on chain as well. So we also have an algorithm coming live soon um that would allow you to recover your lost seed phrases if you ever lost them and to do that algorithmically. No need to keep any secrets. All these things are only going to make it safer for people to manage crypto who generally aren't as educated on what sephrases are. Um we are building as you see we have a number of protocols we're building at miss labs when we raise capital in our series A we made it clear to investors that building a layer 1 is not of our interest only we are trying to solve a more foundational problem with the internet and that's going to take a number of protocols and platforms to make it possible um we launched steel we launch we have warus we have remora all these things come together to build a new form of the internet um we believe what we're building is an ecosystem that'll be worth trillions of dollars in the future Ultimately, one of the areas that we are finding a lot of value is solving the problems in cyber security.

Cyber security as a whole is about $9 billion a year in losses. That is the third largest economy in the world by bar by none. The average losses is close to $4 to5 million. 1.1 billion alone was paid out in ransomware.

And the amount people are spending on cyber security is in the $200 million range and that's increasing on an annual by-anual basis. Um we had mentioned before that we believe in the EVM space you'd have seen a hack of over a billion dollars that happened. We saw that with by bit. If you had built this using the war stack with three for coordination and also seal for secret management you'd have had something called binary transparency which ensures that upgrades do not happen without your say so but also you know you're engaging with a piece of code that is invalidated. So we believe we'll do a lot of damage to ransomware attackers in the future using the sweet stack as a whole.

That's a big area that we're going to disrupt significantly with our tech stack that is not possible anywhere else even with centralized providers. So rather than paying fire eye on all these things what we call whack-a-ole you can solve the heart of a problem directly using steel suite and warras also that money that you're not spending on dealing with cyber security issues you can spend on actual innovating and building better cooler products as a whole. So, we've always said and we always still firmly believe that gaming is going to drive the mass adoption of web 3. By 2030, we would like to get these 3.3 billion gamers directly on chain.

Um, and the way we do that is a number of ways. Um, we announced the launch of the Sweet Play ZX1. Actually, at base camp, people are playing with it. Um, right now, um, I think 250 of them shipped today. The device is sold out and it's shipping from today all the way on to the end of summer.

Um, this device has a operating system called the Play OS. This operating system will do boot with your Windows machine. It would run in your phone. It would run in any um handheld device similar to what um Google did with a Pixel device having a premium device to hand. And OEMs can build whatever they want and put the same operating system in.

Wherever this operating system goes, there'll be a sweet wallet integrated deeply into it. Just by user logging in by username and password, they have an account and they have a username which you use to send money. No need for wallet addresses. Just a simple naming service. What is your wallet address?

My name is John at whatever. Use that as a mechanism for sending money. No need to worry about long par um long phrases for uh wallets as a whole. So we are going to turbocharge what you do in gaming using this handheld. But overall other OEMs are going to be building competing devices to the sweeper X1 using the same operating system.

Distribution is key and the gaming OS needs a revamp. This device lets you play Steam, Epic, GOG, and other web 3 games. And it's actually launching with a slew of web 3 games as well on day one. As I made the point, Swed's not just an L1. We're we're our vision is really rebuilding the internet.

And rebuilding the internet is very, very hard. It's some of the world's most difficult problems to solve. And just waving our hands and saying we're going to do a blockchain doesn't solve that problem. We need to solve storage. We need to solve security.

We need to solve cryptography. We need to solve compute computation right um we have something called NLS coming out live soon that allows you to verify um trusted compute units directly on chain there a plethora of things that the internet needs to solve these foundational problems so and L1 is not just it going back so it's an ecosystem of powerful protocols where innovators can actually come and build and we believe it's only unforkable network because of the complexity and immensity of the things that you can actually do with it the composability that is afforded to you by the layer one is something that's not comp compounded anywhere else. We also announced an announce um our acquisition of a company called Parasol. Parasol is um a SUI um was initially a partner is building using the SUI um techstack but they're working with some of the largest IP providers in the world in Japan. There'll be a lot of news coming out in regards to that.

Don't want to say much on that today, but that covers it. Thanks very much everyone.