After a busy 12 months that included launching on mainnet and the announcement of fresh partnerships with TikTok parent ByteDance and Google, Mysten Labs, creator of the Layer 1 Sui protocol, is confident that blockchain tech is about turn the proverbial corner.
When questioned why big, centralized tech firms like Google and Bytedance would be interested in DeFi applications, Cheng said these companies have to commit to perpetual innovation. “They’re not just doing it for publicity … they’re actively looking into web3 and working with us,” he said. “Maybe is not immediately a threat to their business model, but this way great companies last longer than companies that rest on their laurels.
While Sui could eventually prove to be one of the most-used and highest performing blockchains, it faces stiff competition from all sides, according to The Block Research Director Steven Zheng. Competition among Layer 1 blockchains like Sui will likely be heated for some time as the protocols vie to be essential to the web3 era. Thus far, Cheng said he feels good about Sui’s growth during the past year.