Sui Network Use Cases
- Decentralized Finance (DeFi): Sui is involved in various decentralized finance applications including borrowing, lending, exchanges, staking and yield farming. Notable among these are Cetus Protocol, a multichain decentralized exchange using Concentrated Liquidity Market Maker model; and Artemis, a decentralized platform offering synthetic assets such as derivates & stablecoins.
- Gaming: By letting players own and control in-game assets through object-centric data modeling, gaming experience is improved by Sui. It however employs scalability solutions that guarantee smooth gameplay and fast transaction speeds while Move language provides developers with dynamic composable game logic Some popular games on the Suinetwork include KeepSake (a collectible card game with NFTs and DeFi) or Polymedia (A metaverse building platform for virtual worlds).
- Non-Fungible Tokens (NFTs): With Sui, you can design NFTs which are rare digital goods that may represent different things and can be traded. The model of data as objects allows NFTs to have diverse properties that keep changing while the Move language enables developers to assign rights and rules to them. Additionally, there is provision for Sui’s scalable solutions allowing easy display or even trading of NFTs without delays or high transaction costs being incurred. A few examples from this category could be: ‘Sui Art’ (an exclusive place for digital artworks) and ‘Sui Music’ (a platform that has music NFTs).
Sui Network Ecosystem’s Journey in Pioneering Web3 Adoption
Sui is one of those pioneers who has come up with a layer-1 blockchain targeted at transforming digital asset ownership considering its swiftness, secretiveness safety, and accessibility. This article focuses on discussing the Sui Network Ecosystem.