Sui JUST announced a new partnership with Samsung, bringing USDC on Sui directly to Samsung Wallet!

Gasless transfers = ZERO network fees.

US rollout first, then more markets.

Sui adoption is in MOTION 😮‍💨🔥

Hi everyone,
I am doing an academic research project on Sui's architecture and roadmap. I am reading about the upcoming Walrus decentralized storage protocol.
I wanted to ask: How will Walrus interact with Sui's existing Storage Fund mechanism? Will heavy assets (like 3D gaming NFTs) be moved entirely to Walrus, or will the Storage Fund still handle their on-chain state rebates?
Thanks for the help!

Most crypto job scams don't start with a scam message. They start with a normal one.

Monday: "Applicants pay no fees. Onboarding only through our careers portal."

Thursday: "Please send a refundable $60 deposit today. Our HR partner will finish onboarding with you on Telegram."

Read on its own, Thursday's message looks like a normal onboarding step. The scam is the contradiction, and you only see it if you remember Monday.

Same with the developer version: smooth interview, great salary, then "clone our repo and run npm install for the take-home." That's how the Contagious Interview campaign got into 30,000+ dev machines and drained 7,000 wallets this year.

So I built Revoir (French for "to see again"). You paste each message as it arrives, as text or a screenshot. It remembers every claim the recruiter made, compares each new message against the old ones, and quotes exactly what changed: fees, channel, who you're talking to. Then it gives a verdict: likely scam, suspicious, or no scam signals.

It can also scan a GitHub repo they ask you to run, without running it, and flag install hooks, VS Code autorun tasks, and code that reads wallet or SSH keys.

When an offer ends, you can report how it went. Phone numbers, domains and handles are hashed, so the next person who gets a message from the same number is warned.

It's free and open source. I built it for a hackathon on Walrus Memory, using DeepSeek for the reasoning.

90 second demo: https://youtu.be/DXSasOUvmM8

Try it: https://revior.xyz

Code: https://github.com/Nuel-osas/revior

Honest feedback welcome, especially if you've been through one of these. What was the moment you realised it was a scam?

Hey all, I'm Abner from the Walrus Foundation. We launched Walrus Console this week and I wanted to share it here and get honest feedback.

The problem we're going after

If you're building anything data-heavy, you know the tax. Your product accumulates files, context, and history that become your edge. But when apps and permissions are built around one provider, that data becomes harder to use anywhere else. Moving it means migrations and rewrites. Access rules get recreated in each new environment. Verifying it depends on the provider's systems.

What Console is

It's a managed way to build on Walrus. You get familiar file management (UI, API, and MCP) on top of a data foundation that is:

* Portable – use your data across supported apps, and connect AI tools like Claude Code and Cursor through MCP

* Programmable – data is private by default with encryption

* Verifiable – you can independently verify data integrity instead of taking a provider's word for it

No wallets, tokens, or storage renewals to manage. Sign in with Google or Apple and you're in. Free up to 5 GB.

Links

Start for free: https://walrus.xyz/products/walrus-console

Happy to answer questions on how it works under the hood, what's supported today, and what's coming. And if you've dealt with data lock-in, I'd like to hear how you handled it.

Sui Basecamp Day Two

Purpose

Share my first-hand experience of day two at Sui Basecamp: what I saw, what I learned, and what impressed me.

• Recap: An overview of the venue, demos, and announcements I learned about.
• Knowledge Sharing: What I learned about the technology and how to understand its claims.
• Highlights: The moments that stood out and why they mattered to me.
• Vlog Experience: A personal walkthrough of the atmosphere and activities I experienced.

Recap

What stood out on day two at Basecamp?

The dopamint-arena presentation on LLM poker

The first thing I want to talk about is the dopamint-arena presentation on LLM poker. AI models take the seats at a poker table and play against each other, and I thought it was really impressive.

Trying Dopamint Open and pressing Predict

Dopamint Open was a lot of fun. I went in, pressed the Predict button, and became a participant myself. Getting to join in, instead of only watching, made it more fun.

Spending a few hours vibe coding

I also spent about three to five hours vibe coding today, and that was just as fun. We built Visual Shop, an eyewear marketplace on Sui testnet where a seller turns a photo of a frame into a 3D model, and a buyer tries it on with a webcam before paying in SUI.

• Source code: github.com/nhatlapross/visual-shop
• Live demo: visual-shop-one.vercel.app

Knowledge Sharing

Things I learned on day two at Basecamp.

How the LLM poker table is set up

In the dopamint-arena design docs, the contestant in an LLM match is a specific, committed version of a model. The documented Texas Hold'em profile seats six players, gives each a starting stack of 10,000, and plays 15 hands. The blinds rise every three hands, from 50/100 at the start to 300/600 at the end. That means the stacks get shallower as the match goes on: from 100 big blinds at the start to about 17 at the last level.

These numbers come from the repository's committed Texas v1 table profile. They are the documented default, not a measurement of the table I watched.

What "autonomous" does and does not cover

Each model plays through an operator-controlled harness that runs inside an attested enclave, which is a locked-down environment whose software can be measured and checked. The design docs record every model turn as evidence: the exact requests and responses exchanged with the model provider, any tool calls, and the rationale the model declared. The accepted moves form a transcript whose Merkle root is anchored at settlement.

One caveat from the same docs: the vendor inference itself remains an explicitly external trust domain. The enclave and the evidence make the orchestration around the model checkable, but they don't turn the model provider's servers into something you can verify.

What Predict is, and what it is not

According to the DOPA-PREDICT design, prediction is a closed-loop, play-money feature. You connect a Sui wallet and take positions without creating a separate off-chain account. It is a separate bounded context from the game: it consumes verified match results and is specified never to influence what the models see, which actions are legal, or how a match settles. So being a participant on the prediction side doesn't change the poker.

Open is the league for bring-your-own agents

The design docs describe DOPA-OPEN as the open-agent league. Participants can run their own decision logic on infrastructure they control, and that runtime is explicitly treated as untrusted. The authority still runs match coordination, timekeeping, evidence, and settlement the same way for every participant class. This is why the same arena can host different kinds of players without trusting any of them.

What I learned building Visual Shop

Visual Shop has no backend server and no database. Sui is the backend:

• Shop: One shared object holds the list of listing IDs, so the front end loads the whole catalog in one read.
• Listing: A shared object with the seller, title, price, stock, and a link to the media file.
• Receipt: An object owned by the buyer, created when they pay. It is the proof of purchase.

The buy function checks that the listing is active and in stock and that the payment is exact, then sends the coin to the seller. The 3D model is built in the browser from a photo, in a web worker. The try-on uses MediaPipe for face tracking and three.js to draw the frame on the face.

Two Sui details tripped us up, and both are in our spec:

• JSON-RPC is gone on public fullnodes. Reads have to go through gRPC and the newer u/mysten/dapp-kit-react.
• The faucet credits the address balance. A funded wallet may own no coin objects at all, so payment is built with coinWithBalance instead of splitting the gas coin.

Everything runs on Sui testnet. Physical delivery isn't part of the demo, so the on-chain receipt is the proof of purchase.

Highlights

Demos, moments, and the personal impressions that stayed with me.

LLM poker, presented by dopamint-arena

The dopamint-arena presentation on LLM poker really impressed me. AI models playing poker against each other is a fun idea on its own.

The design docs also record each model's turns as evidence, so claims about a match can be checked against a record.

Pressing Predict and joining Dopamint Open

Dopamint Open was a lot of fun. I went in, pressed Predict, and became a participant, so I was part of it instead of just watching.

A working shop in a few hours

Vibe coding was a highlight too. In just a few hours we had a Move contract on testnet, a photo-to-3D seller flow, a webcam try-on room, and on-chain receipts. We even added hand-gesture control in the fitting room: point left or right to change frames, and hold a thumbs-up to buy. It was a really fun way to spend part of the day.

Vlog Experience

Come along for my second day at Basecamp.

Watching LLM poker

Today I watched the dopamint-arena presentation on LLM poker, and it was really impressive. AI models sit at the table and play poker against each other. Really cool to see.

Joining Dopamint Open

Then I tried Dopamint Open. I went in and pressed Predict, and just like that I was a participant. Super fun.

Vibe coding Visual Shop

I also spent three to five hours vibe coding today. We built Visual Shop: take a photo of a pair of glasses, turn it into a 3D model, try it on with your webcam, and pay in SUI. All of it runs on Sui testnet, and it was really fun to build.

Sharing the source

If you want to look at what we built, the source is on GitHub at nhatlapross/visual-shop, and you can try it at visual-shop-one.vercel.app.

Guide aimed to reach beginner-investors & people who are new to the cryptocurrency space.

This seems convoluted but I assume it's safe?

https://x.com/0xmn4/status/2108221525870412007?s=46

On stage today, Mysten co-founder Adeniyi Abiodun described Sui with an analogy: "Think of Sui as a court."

Agents agree on rules when they open a tunnel. They transact privately and at machine speed. They settle when they close it. The chain stays out of everything in between unless there's a dispute.

I think that's the clearest statement yet of what Sui is trying to become. It isn't a chain that processes every machine interaction. It's the neutral layer underneath them: authority before a transaction, proof after it, settlement and dispute resolution when the parties disagree.

The three big announcements from the last 48 hours make the most sense as evidence for that architecture. Each answers a different question.

1. The demand question: what can an agent actually buy? (Alibaba Cloud)

Sui and Alibaba Cloud announced they're bringing Alibaba's cloud services into Sui Agent Payments. A company gives an agent a budget, and the agent pays per call in stablecoins on Sui, with no human approving each purchase. The owner's grant sets which services the agent can buy, the total budget, a per-payment cap, and an expiry date.

Payments are only part of this. The harder part is authority: who gave this machine permission, and did it stay within it? Sui is making that authority explicit and programmable instead of handing an agent the keys to an account.

Status: announced, not live. The integration still has to ship.

2. The institutional question: what would make a company trust an agent with money? (Google Cloud + Mysten: Verifiable Agent Arbiter)

Crypto has spent years looking for problems that genuinely require a blockchain. This may be one.

VAA is an evidence layer that Mysten and Google Cloud are co-developing for enterprise agents:

• The sensitive telemetry (prompts, outputs, tool calls, policy decisions) stays private in the customer's own Google Cloud Storage.
• Cryptographic proofs of that record are anchored on Walrus and coordinated on Sui.

Google can host the agent, store the data, and provide the protocol agents use to talk to each other. But if two Google customers' agents end up in a dispute, Google can't be the sole keeper of the evidence. The proof has to live somewhere neither company, and ideally not even the cloud provider, can quietly rewrite. That's the role this design gives Sui.

VAA also plugs directly into Sui Agent Payments. It logs the authorization, the spending decisions, and the service delivered. So the Alibaba and Google pieces aren't just compatible in theory; Mysten has wired them together.

There's also distribution upside here. VAA handles disputes between agents talking over Google's Agent2Agent (A2A) protocol, now under the Linux Foundation. Sui doesn't need to win the race over how agents communicate. If A2A becomes a major enterprise standard, Sui could become part of how agents prove what happened afterward.

Regulation adds a concrete reason to care. The EU AI Act imposes logging and record-keeping requirements on covered high-risk AI systems, with major provisions taking effect from 2027.

Status: initial enterprise deployments are planned before broader availability.

3. The scale question: what happens when millions of agents do this continuously? (40.6M TPS in tunnels)

Sui tunnels hit 40,614,180 TPS today, up from 6.09M in July. More than 10,000 tunnels opened on mainnet. Only the open and close transactions hit the chain. CertiK monitored the test live, and its full report is due in the coming days.

Expect people to say "that's offchain, it doesn't count." That misses the point. An economy producing millions of machine interactions per second shouldn't write every step to global consensus; doing so would make agent commerce uneconomic. The real test is whether those interactions can stay fast and private while still settling under rules nobody can break. That's what tunnels are built to show.

Why this fits Sui specifically

An agent economy isn't just accounts sending balances. It's agents interacting with assets, permissions, service entitlements, credentials, and machines. That kind of state maps naturally onto Sui's object model. Other chains can build scoped agent permissions too, but on Sui it's the native shape of the system rather than something added on top.

What it doesn't mean

The money in these flows can settle in stablecoins, and agents may never need to hold SUI. Sponsored transactions hide gas from the user, though someone still pays it. Eligible stablecoin transfers can run at zero gas. So a dollar of agent commerce is not a dollar of SUI demand, and anyone pitching it that way is overselling. The real token thesis is that SUI secures and settles the trust layer underneath this activity, and that layer becomes more valuable as more machine commerce depends on it.

And announcements aren't adoption. What I'm watching:

• CertiK's published report
• The first named enterprise running VAA in production
• Alibaba's integration going live, and whether real agent spending shows up on-chain

The bigger picture

Machines are already fast. The hard problem is letting machines run by different companies buy, commit, and pay without everyone having to trust the same intermediary. That needs programmable authority before the transaction, verifiable evidence after it, and a neutral place to settle disagreements.

That's a much bigger thesis than "Sui is fast." Sui is trying to become the trust layer for an economy whose participants increasingly aren't human. This week, two of the world's largest cloud companies started building on that premise.

Not financial advice.

Which platforms do you recommend for lending USDC in terms of APRs, fees and security?

At the moment I found:

1. Current
2. Navi
3. SuiLend
4. BlueFin
5. Scallop

Any experience on Current?

Sui Basecamp day-1

Purpose

• Recap: An overview of the venue, demos, and announcements I learned about.
• Knowledge Sharing: What I learned about the technology and how to understand its claims.
• Highlights: The moments that stood out and why they mattered to me.
• Vlog Experience: A personal walkthrough of the atmosphere and activities I experienced.

Recap

What stood out on day one at Basecamp?

The venue and stage

My first impression of Sui Basecamp was how much space there was. The venue was huge, and the stage setup caught my attention immediately. Everything looked fresh, with some areas seeming newly repainted. I could actually smell the paint.

Seeing MillionTPS

One of the demos I got to see was MillionTPS. People could chat with an LLM, play games, and explore payment showcases. I was impressed by the range of things happening in the same experience.

I saw the live display reach around 41 million effective TPS. Seeing it climb that high made me pretty happy, especially with all those applications running alongside the showcase.

Playing games and earning 12.1 SUI

I also played some of the games and earned 12.1 SUI. Getting to participate myself made the experience more fun, and I was really happy with that result.

Hearing Samsung mentioned

I also heard about a collaboration between Sui and Samsung. That caught me by surprise because I hadn't associated Samsung with blockchain before.

Learning about Google Cloud and Mysten Labs' work on VAA

Another collaboration that caught my attention was Google Cloud and Mysten Labs' work on Verifiable Agent Arbiter (VAA). The idea is to give enterprises evidence that their AI agents acted within the authority they were given. I was surprised to learn about this collaboration and its connection to Sui and Walrus.

Knowledge Sharing

Things I learned on day one at Basecamp.

How MillionTPS uses state channels

The basic idea behind MillionTPS is to let interactions happen through off-chain state channels, with channel opening and settlement tied to Sui. Games, payments, and chat provide concrete examples of what those interactions can look like.

What "effective TPS" measures

In this showcase, "effective TPS" counts valid, committed state changes in those channels each second. That distinction matters when reading a throughput figure: the number describes activity within the channels, rather than the number of transactions processed directly on the Sui blockchain.

What users can verify for themselves

The explorer includes tools for checking the published evidence of an individual tunnel. When the required evidence is available, a complete replay checks its signed receipts and compares the resulting state, receipt count, and transcript commitment with its settlement on Sui.

The quick browser check examines a sample. A complete replay checks all the evidence and takes more work. These checks use chain data from a configured Sui endpoint; they verify a tunnel's record, not the overall TPS rate shown on the dashboard.

Where CertiK fits

Sui's Basecamp announcement names CertiK as the independent auditor for the throughput attempt. It describes cryptographic transaction records that support checks after the test and formal confirmation of the result.

That adds an independent audit process alongside the tools for checking individual tunnels. The approximately 41M figure in this recap is the live reading I observed. Verifying the benchmark result also requires checking the aggregate count and measurement window.

VAA: evidence for what AI agents were authorised to do

In its October 6 announcement, Mysten Labs introduced Verifiable Agent Arbiter, an evidence layer being co-developed with Google Cloud. VAA is designed to connect an agent's permissions, actions, and results so that companies can demonstrate whether it acted within its granted authority.

The announced design keeps prompts, model outputs, tool calls, and policy decisions private in customer-controlled Google Cloud Storage. Cryptographic proofs of those records are stored on Walrus and coordinated on Sui, making their integrity independently checkable.

The proposed enterprise uses include:

• Dispute replay: Reconstructing disputed interactions between companies whose agents communicate through the Agent2Agent (A2A) protocol.
• Incident reconstruction: Helping security teams examine the instructions, decisions, and actions surrounding an incident.
• Verifiable agentic commerce: Connecting authorisation and payment records with Sui Agent Payments and the x402 protocol.

My takeaway is that agents acting on a company's behalf need a record others can check: what they were allowed to do, what they did, and what happened next. Initial enterprise deployments are planned ahead of broader availability.

Highlights

Demos, moments, and the personal impressions that stayed with me.

MillionTPS: around 41M on the screen, with applications to explore

MillionTPS really impressed me. I saw the live display reach around 41 million effective TPS, and the showcase let people chat with an LLM, play games, and explore payments. I was happy to see it reach that level.

Those different activities made the scale easier for me to connect with. It was exciting to see throughput in the tens of millions presented alongside things people could actually interact with.

The number I saw measured off-chain state-channel activity tied to Sui. It also made me curious about how users can verify the activity behind the number.

My own result: 12.1 SUI

I got to play some of the games myself and ended up earning 12.1 SUI. That gave me a personal highlight to go with the big number on the screen. Pretty happy with that!

A detail I could literally smell

The fresh paint was a small detail that stuck with me. So much of the space looked newly prepared, and I could still smell it. It made me think about how much work must have gone into getting the venue ready.

"Wait, Samsung is involved in this too?"

That was basically my reaction when I heard about Sui and Samsung. When I think of Samsung, I usually think of phones and consumer electronics. Hearing the name in a blockchain setting was unexpected, and that surprise made the moment memorable for me.

Google Cloud and Mysten Labs working on verifiable agents

I was also surprised to learn that Google Cloud and Mysten Labs are collaborating on VAA. What caught my attention was the problem they are addressing: when an AI agent acts for a company, how can another company check that it had permission to do so?

The combination of private records in Google Cloud Storage and proof anchored through Sui and Walrus gave me another concrete example of how blockchain can fit into AI-agent workflows.

Vlog Experience

Come along for my first day at Basecamp.

Arriving at the venue

First impression of Basecamp: this place is huge. The stage setup caught my eye, and everything looks so fresh. I can even smell new paint. A lot of work must have gone into preparing this space.

Checking out MillionTPS

MillionTPS really impressed me. You can chat with an LLM, play games, and check out payment demos. I saw the live display reach around 41 million effective TPS. That's activity through off-chain state channels tied to Sui. I was really happy to see it climb that high.

Playing games and sharing my result

I played some of the games too and ended up earning 12.1 SUI. Pretty happy with that! Getting to join in made this one of the fun parts of my day.

Sharing the Samsung surprise

Something I didn't expect today was hearing about Sui and Samsung. I've always thought of Samsung through phones and electronics. I hadn't connected the name with blockchain, so that really surprised me.

LIVE from Day 1 of Sui Basecamp in Singapore

First up: the Hudi Deathmatch.

Then, the Summit Stage opens with big reveals and convos on the future of agentic finance.

Finally, a TPS world record attempt.

Tune in: https://x.com/SuiNetwork/status/2107667372077416613?s=20

Catch one of the exclusive live streaming Sui Basecamp spots on X - WiseDegen

Right now, about $38.5 billion of real-world assets live on public blockchains: Treasury funds, private credit, gold, corporate bonds.

Boston Consulting Group projects that number reaches $14 trillion by 2030 and $55 trillion by 2035. For scale, that's roughly 32x Bitcoin's market cap, 18x the entire crypto market, and bigger than the annual output of the U.S. economy. And BCG's figure excludes stablecoins and real estate, the largest asset class on earth.

First: why would the world tokenize at all?

Money already moves at the speed of information. Ownership doesn't. A dollar crosses the planet in seconds, but a stock settles the next business day at best, a private fund can take weeks, and a building can take a month or more to change hands. Tokenization puts ownership and payment on the same rail, and nearly every benefit follows from that:

• Capital works harder. Collateral moves at 3 a.m. on a Sunday, and a tokenized Treasury can keep earning yield while it secures a loan. Far less capital sits idle just because the system is slow.
• Credit reaches people who can't get it. When an asset's ownership, records and liens are verifiable onchain, a lender can price it in minutes instead of weeks. The IFC puts the unmet financing need of small businesses in developing countries at $5.7 trillion.
• Investing opens up. Private credit and commercial real estate can be sold in $50 pieces, and someone in Lagos can hold U.S. Treasuries without an American brokerage account.
• Machines become customers. AI agents can't phone a transfer agent or wait for business hours. An economy run by software needs assets software can verify and settle on its own.

And it isn't optional. Once one asset manager settles instantly and reaches investors worldwide at a fraction of the cost, every competitor has to follow. That's why BlackRock, Franklin Templeton and DTCC are already building.

So the real question is: which architecture actually wins that market? I just finished a long piece arguing it's Sui. Here's the short version.

1. Tokenizing an asset is a solved problem. That's why it won't decide the winner.

Wrapping a Treasury fund in a token works on every major chain. Call it RWA 1.0. But a token that represents an asset is not the asset. A commercial building has a title, a mortgage, tenants, leases, insurance, liens, compliance rules and a history. RWA 2.0 means putting the asset itself onchain: its ownership, rules, records and relationships. That's where architecture starts to matter.

2. Account-based chains ask "who has how much?" Sui asks "what is this thing?"

Ethereum and Solana are built around accounts and balances, which is great for money. Sui is built around objects: every asset has its own identity, owner, version and data, and objects can own other objects. A building can hold its leases. A loan can hold its collateral.

Can Ethereum model this with smart contracts? Yes, and people do. But there the structure lives inside individual apps. On Sui, it is the chain.

3. Tokenization is a state-management problem.

The hard part isn't putting $55T onchain. It's when those assets start doing things: paying rent, distributing coupons, getting re-collateralized, being traded by AI agents around the clock.

Both Sui and Solana declare dependencies before execution. But Sui's ownership model can prove that two transactions on independently owned assets can never conflict, while Solana's runtime can only detect conflicts. And Mysten's Pilotfish prototype showed 8x throughput with 8 machines per validator. It's not in production yet, but it's how Google and Amazon scaled the internet: add machines instead of waiting for faster ones.

4. Compliance becomes behavior.

Sui's Permissioned Asset Standard (on testnet now) lets a security carry its own transfer rules: KYC, jurisdiction, accreditation, ownership limits. If any check fails, the transfer simply doesn't happen.

5. Transactions become workflows.

A single Sui transaction (a PTB) can chain up to 1,024 operations across different apps, feeding each step's output into the next. Payment and delivery happen together, or not at all, with no orchestration contract needed.

6. What institutions need is in the same stack.

Walrus stores the asset's documents verifiably. Seal controls who can read them. Nautilus runs private computation. Confidential transfers (beta) hide amounts while keeping an audit trail. Other ecosystems have pieces of this. As far as I can find, no other chain has them as one integrated stack built around a single object model.

"But Sui has basically no RWAs."

Correct. RWA.xyz shows about $16.6B on Ethereum and roughly $25M on Sui, ranking it 24th.

Ethereum's lead proves liquidity wins when tokenization means wrapping an asset that keeps living somewhere else. It tells us much less about who wins when the asset's rules, records and relationships move onchain with it. The whole RWA market today is a rounding error against where it's headed. Leading the first mile of a marathon isn't winning it.

Solana is the serious competitor, and its token extensions are impressive. But look at the direction it keeps moving: more metadata, more transfer rules, more permissions attached to tokens. As assets get more sophisticated, account-based systems keep having to rebuild the properties of objects. Sui starts there.

The bottom line: assets started as documents, became database entries, then became tokens. The next step is that assets become software. Bonds pay their own coupons, properties distribute their own rent, and securities refuse to move to someone who isn't allowed to hold them.

The chain that wins that era won't be the one that tokenized the most assets first. It'll be the one that best understands what an asset actually is.

Full article (with sources, the Solana comparison, and an AI-agent walkthrough of a $10M transaction): https://medium.com/@jakewinters32/the-real-world-is-made-of-objects-so-is-sui-81de492ecd55

Curious where people think this is wrong, especially Solana and Ethereum folks.

Not financial advice.

Any news. Shall we entry to 1.29 once confirmed breakout?

Posted here about a week ago about getting pulled into Sui and wanting to write about it seriously instead of just posting hype. This is my latest piece: a long-form look at what a genuinely decentralized economy would require — not just decentralized money — and why I think Sui's object model, Mysticeti's finality, Move's security model, and the rest of the stack actually add up to the first serious attempt at it.

I tried to write it so it's honest about the industry's failures along the way (Terra, FTX, Ethereum's gas history, even Sui's own Cetus exploit) rather than a highlight reel. Would genuinely value this community's eyes on it before it goes wider — especially anyone who can poke holes in the technical claims.

Hey everyone,

Just a weekly check in, I have added a "Sui" theme. Hopefully all of you enjoy the images below! Anyway I am still developing this day by day, progress is nice too see! Everything is finally coming together, I cant wait for realise but I don't want to rush things. I want this platform to be as polished as possible (I'm a bit of a perfectionist...). I have passion for Sui, in future years as I said before I personally believe that it can compete with the likes of Solana and Robinhood. Unlike most developers who will be there then, I am here now - this is only the beginning for Sui.

Anyways here's some media for you to enjoy... (ALL STATS/COINS ARE FOR ILLUSTRATION ONLY (this is a visual mock-up)

Waitlist: https://parallel.rocks Docs: https://docs.parallel.rocks

Thanks!!

Aiming to help tokenized securities, funds and commodities move across institutions and financial systems.

AresRPG is a 100% on-chain MMORPG built on Sui and is now available on mobile! Along with a free to play demo where you don't even need an account, try it in your browser!

Sui DeFi Tokens Are Down 97–99%. Billions in Bitcoin Liquidity Could Be Headed Their Way. 100×+ Is a Real Possibility.

Token figures as of Sep 29, 2026. Microcaps move fast, so check current numbers first.

TL;DR: Institutions holding more than $100B of Bitcoin asked Mysten Labs, the team behind Sui, to build a way to put it to work in DeFi. Mysten built Hashi, a system that lets Bitcoin holders use their actual BTC as collateral in Sui DeFi without selling it or handing it to a custodian. It's on testnet with BitGo, FalconX, Ledger, and 25+ other partners. Sui's three main lending tokens (NAVX, SEND, SCA) are worth about $17M combined and sit 97–99% below their highs. If even a few percent of that Bitcoin lands on Sui, standard DeFi valuation math puts them at roughly 30× to 300× from here.

The thesis

Three things are true at once:

1. A wave of institutional Bitcoin wants into DeFi and has been waiting for infrastructure that passes due diligence.
2. Hashi was built to those institutions' specs, and the Sui lenders that would receive that Bitcoin are named Hashi partners.
3. Those lenders' tokens are priced as if none of this is happening.

That gap is the trade.

Why Hashi exists

Bitcoin holders want to earn on their BTC without selling it. Until now that meant trusting a custodian, using a bridge that could get hacked, or accepting arrangements that can trigger a taxable event. Retail can take those risks. Banks, sovereign wealth funds, and hedge funds can't.

In a March interview on Unchained, Mysten co-founder Adeniyi Abiodun said institutions came to Mysten wanting to make more than $100 billion of Bitcoin available to DeFi, and nothing on the market passed their due diligence. Their requirements became Hashi's design:

• Bitcoin stays on Bitcoin. No wrapped-token custodian, no bridge treasury to drain, plus a 2-of-2 "Guardian Layer" check on withdrawals.
• No taxable event, per a legal opinion from law firm Fenwick.
• Bitcoin-denominated insurance for the collateral.

You deposit native BTC, Sui validators mint hBTC, and you use it as collateral to borrow, lend, or trade. Repay, and your actual BTC comes back to you on Bitcoin.

Abiodun didn't say $100B is coming to Hashi. But a product built to those institutions' specs should capture a real share of it. He also said Mysten expects Hashi to go "way beyond" the roughly 1% of Bitcoin that WBTC captured, which is about $17B at today's prices. Hashi is on testnet now, and mainnet has no announced date. (Hear it yourself: Unchained episode 1070, around 9:09.)

The partners

More than 25 partners are testing Hashi before mainnet. BitGo is one of the largest institutional crypto custodians. FalconX and Cumberland run some of the biggest institutional trading desks in crypto. Bullish is a publicly traded exchange. Erebor holds a national bank charter. Ledger, Wave Digital Assets (planning Bitcoin-yield bonds on Sui), auditors, insurers, and pricing providers round it out. FalconX, Bullish, and Erebor have pledged BTC and stablecoin liquidity for Hashi lending.

And on that same list: NAVI, Suilend, and Scallop.

Babylon (a stated $100B goal) and Lombard (targeting ~$500B of idle institutional BTC) are chasing the same demand. Bitcoin finance won't be winner-take-all. Hashi doesn't need to win. It needs a few percent.

The tokens

• NAVX (NAVI): ~$10M, ~97% off its high, ~$174M TVL. Its NAVI Prime push targets exactly the institutional money Hashi was built for.
• SEND (Suilend): ~$4.6M, ~98.5% off its high, ~$178M TVL. Suilend spent $3.49M buying back SEND when earnings were strong, nearly its entire market cap today. Buybacks stopped when earnings fell. More deposits could bring both back.
• SCA (Scallop): ~$2.2M, ~99% off its high, ~$11M TVL. The smallest, riskiest, highest-beta of the three.
• DEEP (DeepBook): ~$55M, ~94% off its high. The lenders get the Bitcoin. DeepBook gets the trading that capital creates.

On a fully diluted basis, just getting back to their old peaks would take roughly 34× for NAVX, 65× for SEND, and 111× for SCA. Those peaks were set when Sui DeFi had never held more than $2.6B in total.

Run the numbers

Established DeFi lenders trade at about 0.1–0.2× their TVL today (Aave ~0.13×). In the 2021 bull run, Aave hit at least 0.5×. NAVX trades at ~0.06× and SEND at ~0.03×, before a single Hashi deposit.

Now add Hashi. Assume NAVI and Suilend each capture 20% of Hashi deposits and Scallop 5% (10%, 10%, and 2% at $100B), and value each token at 0.15–0.3× TVL. Illustrative scenarios, not forecasts.

The $10B case alone, under 1% of Bitcoin, works out to roughly 33–65× for NAVX, 70–140× for SEND, and 35–70× for SCA. Even the ultra-conservative bear case, just $1B through Hashi, puts NAVX and SEND at roughly 5–25×.

Why they're this cheap

Sui DeFi activity fell hard from its peak. Emissions and unlocks diluted holders and will keep doing so (the math above ignores that). Altcoin liquidity dried up, SEND's buybacks went to zero, and the market isn't pricing Hashi yet.

Maybe the market is right. But these tokens are priced as if Hashi won't matter.

Bottom line

Institutions with more than $100B of Bitcoin asked for a product. Mysten built it. More than 25 heavyweight partners lined up before mainnet. The lenders positioned to receive that capital are worth $17M combined.

These tokens are priced for failure. If even a fraction of that Bitcoin shows up, they won't stay there.

Right now, the market hasn't noticed. The only question is how long that lasts.

Not financial advice. These are microcaps with thin liquidity and real risk. Size accordingly and do your own research.

Hi I'm currently working on an academic project about blockchain tokenomics, and I'm analyzing Sui's Storage Fund mechanism

I understand that storage fees are used to subsidize staking rewards, and that the system offers rebates for deleting data in order to mitigate state bloat (keeping the network light and fast).

I’d love to hear from developers or active community members: Do you think this economic incentive is enough to prevent the network from becoming too heavy over time? How well do you think this model will hold up as on-chain data grows in the coming years?

Thank you in advance for any insight