Built by five former Meta engineers who were working on Facebook's failed Diem/Libra blockchain. When Meta killed the project, they took the technology and started Sui — a Layer 1 blockchain designed for speed and consumer applications. Sui uses a new programming language called Move (also from the Diem project) and can process 120,000+ transactions per second in testing. The SUI token launched in 2023 to a $1 billion+ market cap. Whether the world needs another L1 blockchain is debatable. Whether this team can build one isn't.
Founded
2021
HQ
Palo Alto, USA
Total Raised
$336 million
Founder
Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, Kostas Chalkias
Status
Active
Website
sui.ioTHE ORIGIN STORY
When Meta (Facebook) abandoned its Diem blockchain project in early 2022, several teams of engineers spun out to build their own chains using the technology they'd developed. Mysten Labs, founded by five former Meta engineers including Evan Cheng (who led the Move programming language team), took the Move language and built Sui — a new Layer 1 blockchain optimized for speed and consumer-facing applications like gaming, social, and DeFi.
The team raised $336 million before the mainnet even launched, on the strength of their technical credentials and the Move language.
WHAT THEY ACTUALLY DO
Sui is a Layer 1 blockchain. Revenue comes from gas fees paid in SUI tokens for transactions on the network.
Mysten Labs (the company behind Sui) also builds developer tools, wallets, and applications. The business model is: build the best blockchain infrastructure, attract developers, grow the ecosystem, and benefit from SUI token appreciation and ecosystem growth.
THE PRODUCTS
Sui Network — the Layer 1 blockchain processing 120K+ TPS in testing. Move Language — the programming language for Sui smart contracts.
Sui Wallet — the official wallet for the ecosystem. SuiNS — name service for the Sui network.
zkLogin — passwordless login using zero-knowledge proofs.
HOW THEY GREW
Technical credibility and massive pre-launch funding. The ex-Meta pedigree attracted $336 million before the chain was live.
The Move programming language — designed for safety and assets — attracted developers who wanted something better than Solidity. Gaming partnerships (with companies like OKX and various game studios) targeted a consumer use case that other L1s hadn't prioritized.
THE HARD PART
L1 blockchain competition is brutal. Ethereum, Solana, Avalanche, Aptos (another Diem spinoff), and dozens of others are fighting for developers and users.
Sui needs to prove that Move and its object-oriented data model are significantly better than alternatives. The token launch was also criticized for insider allocation percentages.
MONEY TRAIL
Series A
2021 · Led by a16z
$36M raised
Series B
2022 · Led by a16z
$300M raised
$2.0B valuation
WHO BACKED THEM
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