#MystenLab

[cryptotechnews24]

Sui Blockchain Daily Transaction Volume Drops by 98%: What Caused the Plunge?

In 2023, the Sui blockchain surged to prominence, attracting widespread attention with its unique digital asset ownership approach. Daily transaction blocks soared, but just as quickly, the network experienced an unprecedented 98% plunge in volume, leaving experts and enthusiasts puzzled. In this article, we explore the reasons behind this sudden decline, analyzing market sentiments, network scalability, and the impact of recent events. As the crypto world grapples with the aftermath, understanding the implications is crucial in this ever-evolving landscap

The Rise and Fall of Sui Network's Daily Transaction Volume

Sui Network, one of the most promising blockchains of 2023, garnered immense attention from the crypto community with its innovative approach to digital asset ownership. The platform witnessed widespread adoption, resulting in millions of daily transaction blocks and total transaction blocks on its network. Unveiling the Decline Unfortunately, the euphoria was short-lived as the Sui blockchain recently encountered a significant setback. The daily transaction volume on the network plummeted by a staggering 98%, leaving industry experts and enthusiasts baffled. Noted Observations Chinese reporter Colin Wu was among the first to notice the sudden drop in transaction activity on the Sui blockchain. On August 2, just seven days after the blockchain's historic peak with 65.84 million transaction blocks on July 27, the number of transactions drastically decreased to approximately 1.479 million. Wu tweeted about the startling decline, capturing the attention of the crypto community worldwide. Understanding Daily and Total Transaction Blocks To comprehend the impact fully, it's essential to distinguish between daily transaction blocks and total transaction blocks. Daily transaction blocks encompass both successful and unsuccessful transactions performed by SUI accounts within a 24-hour period. In contrast, total transaction blocks represent the cumulative count of transactions authenticated by validators since the Sui mainnet's inception. The Historic High As per the latest data on the Sui Network's explorer, the platform recorded a historical high of 65.84 million transaction blocks on July 27. This record coincided with MystenLab's Bullshark event, a groundbreaking initiative promoting 8,192 games developed on the L1 blockchain. The Plunge The decline that followed the peak was unexpected and swift. On August 2, the number of transactions on the Sui network dramatically dropped to 1,478,983. The situation worsened further, with a meager 902,780 transactions on August 3, marking a jaw-dropping 98.6% decline from its all-time high. Notably, this plunge occurred soon after the conclusion of MystenLabs' first Bullshark event on July 28. Timing and Mainnet Launch Curiously, this record decline happened exactly three months after the Suit network's mainnet launch on May 3. The crypto market had witnessed a 30% drop in the Sui token's value following the launch, even with the backing of major players like Binance.

Analyzing the Reasons

The sudden decline in daily transaction volume on the Sui blockchain has spurred a wave of analysis and speculation within the crypto community. Several factors could have contributed to this downturn: 1. Bullshark Event Conclusion The conclusion of MystenLab's Bullshark event might have led to decreased activity on the Sui network. The hype around the event could have caused a temporary surge, followed by a slump once the event was over. 2. Market Sentiment Crypto markets are highly sensitive to market sentiment. Any negative news or market turbulence can trigger investors to withdraw or pause their activities, affecting transaction volumes. 3. Network Scalability As the Sui Network gained rapid adoption, its scalability might have been tested. If the network faced congestion or performance issues, it could have hindered smooth transaction processing. 4. Regulatory Concerns Cryptocurrencies often face regulatory uncertainties. Any sudden regulatory announcement or changes in the crypto landscape can lead to caution among traders and investors, impacting transaction numbers.

Conclusion

The Sui blockchain's unprecedented decline in daily transaction volume serves as a reminder of the volatility and unpredictability of the crypto market. While the exact reasons behind the plunge remain speculative, it underscores the importance of thorough analysis and understanding before making investment decisions in the ever-evolving crypto space. As the industry adapts and evolves, it is crucial for blockchain networks to address scalability and regulatory concerns to maintain sustainable growth and stability in the long run. For more articles visit: Cryptotechnews24 Source: thecryptobasic.com

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[emilyscryptoinsider]

【これでOK】Suiの全貌を1記事で！NFT・DeFi・Web3で爆伸び中の理由

[jobzio]

[Hiring] Senior Software Engineer, Distributed Storage @Mystenlabs

Mysten Labs believes that decentralized and open protocols are the bedrock of the internet of value. This is why at Mysten Labs, we are creating foundational infrastructure to accelerate the adoption of decentralized protocols based on blockchain technologies.   Join the Walrus Core team at Mysten Labs, where you’ll be at the forefront of building the company’s newest distributed system: Walrus,…

[theccpress]

SUI Price Anticipates Rise Amid Falling Wedge Signal 🚀

Hey crypto enthusiasts and market magicians! Did you hear the latest buzz about $SUI? Developed by our dear friends at Mysten Labs, this gem is starting to show signs of a rally, thanks to the mysterious falling wedge pattern that’s unfolding. If that sounds ominous, fear not! It's actually quite the opposite! 🥳💰

”The SUI ecosystem continues to grow as we innovate and attract partnerships.” - Evan Cheng, Co-Founder & CEO of Mysten Labs

SUI Price Anticipates Rise Amid Falling Wedge Signal

Now, let’s dive into the nitty-gritty: market watchers are absolutely glued to their screens as signs of a price uptick are practically screaming at us. Analysts suggest that if this pattern breaks out, we could see $SUI reach for the skies—new resistance levels are lurking around $3. Talk about a rollercoaster ride! 🎢

SUI Blockchain Developments

With heavyweights like VanEck getting a whiff of bullish sentiment, remember that history has a funny way of repeating itself. In fact, the last two times we saw this play out, it ignited a serious market frenzy. Get your popcorn ready 🍿!

Institutional Forecasts & Financial Implications

As excitement builds, institutional investors are sharpening their pencils—Canary Capital is even planning an ETF dedicated to $SUI. This means BIG money could soon join our little party. With trader sentiment bubbling at the surface, we might be on the verge of another epic surge, reminiscent of past bullish bliss. ⚡️

Ready to shake things up? For deeper insights and the full flavor of data on this rising star, don’t forget to check out The CCPress! Buckle up, because crypto is about to hit the gas! 🏎️💨

So tell us, what’s your take on the SUI hype? Are you holding strong or offloading for the next big thing? Let’s chat it out below!

#Crypto #SUI #Investing #MystenLabs #Blockchain #Cryptocurrency #FallingWedge #MarketTrends #InvestorCommunity #Bullish

[all-about-news24x7]

Sui blockchain, multi-year contract with Red Bull Racing | coindesk JAPAN

Oracle Red Bull Racing announced on June 1 that it has signed a multi-year official blockchain partner agreement with MystenLabs, the developer of the Sui blockchain. Sui just launched its mainnet in early May. Over the next few months, Sui will roll out a digital experience for fans of the team. This is not the first time the racing team has worked with the cryptocurrency industry. Last year, it…

[cryptodailysun]

Former members of Meta’s blockchain team have now announced a protocol touted as the bedrock for Web3 scalability. Ex-engineers from Facebooks’ Diem project revealed a blockchain network designed to offer unlimited transaction speed and Web3 scalability on Wednesday. Following bureaucratic red-tapism and mounting constraints on Meta’s Diem proejct, four former members from the protocol’s team formed Mysten Labs. The outfit aimed to develop a permissionless layer 1 solution optimized for Web3 tools and operations. Some months after leaving Facebook, Mysten Labs announced its flagship decentralized network dubbed Sui. The startup also raised $36 million from investors like Andreessen Horowitz and Redpoint back in December 2021. According to Mysten’s founding members Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis, the network is the world’s first blockchain that features limitless transaction speed and boasts industry-leading horizontal scalability support. Today, we announce Sui to the world — the 1st permissionless Layer 1 blockchain designed to enable creators & devs to build experiences that cater to the next billion users in web3! Read about it here: https://t.co/abgUnxdzfg pic.twitter.com/rfFSx32v4X— MystenLabs (@Mysten_Labs) March 22, 2022 Sui supposedly achieves this by deploying parallel agreement technology which allows the network to validate and execute transactions simultaneously. Also, the breakthrough enables Sui’s protocol to match application demand and mitigate high transaction costs. Mysten’s announcement further stressed that Sui offers a “step-function advancement” in blockchain throughput designed for the next generation of Web3 infrastructure and users. The team’s announcement includes the launch of a software development suite for crypto engineers to play with.  Sui’s mainnet is expected to ship before the end of 2022. An initial testnet should go live in the next few months as well, per the report. Go to Source