Overview of SuiFrens and Sui Network’s Ambitions

Blockchain Sui Network has gone through a mainnet period and is also starting to build the necessary pieces for a complete ecosystem, the piece that Mysten Labs puts most in mind is probably the SuiFrens NFT collection. Join Weakhand to take a look at the overview of SuiFrens as well as Sui Network’s ambitions in this article.

To better understand SuiFrens as well as Sui Network, people can also refer to some of the following articles:

• What is SuiFrens? SuiFrens NFT Collection Overview
• What is Sui (SUI)? Sui Cryptocurrency Overview

SuiFrens NFT Collection Overview

SuiFrens is an NFT collection released by Mysten Labs, the company behind the Sui Network ecosystem with 2 smaller collections with 2 different themes. The two main themes of the SuiFrens NFT collection used by Mysten Labs include:

• SuiFrens Capys: Is a collection consisting of 380K different capybaras released in 2 separate phases. These capybaras have many different colors, states, emotions and outstanding features.
• SuiFrens Bullsharks: Is an NFT collection that includes 500K cute baby sharks and is also released in 2 different phases. These sharks also have many different colors, states, emotions and outstanding features.

In addition to having many different forms and features, NFT owners can also make their SuiFrens different by purchasing and decorating different accessories for both Capys and Bullshark such as clothing. , hat,…

SuiFrens’s Ambition and Panoramic View

The first bricks from Testnet and Devnet

SuiFrens or more correctly SuiFrens Capy was first introduced by the Sui Foundation to the developer community through a Blog at the time of the Sui testnet Wave 1. After more than 20 days of testing the network, Sui testnet Wave 1 ended quite impressively with more than 11 million NFTs minted.

By the end of 2022, the Sui Foundation continues to organize the Wishing You a Capy Holidays event with the aim of testing this NFT collection on the Sui Devnet network by the entire community, and the prizes of this event are also divided. into 2 separate components as follows:

• The owners of the 5 Capys with the largest number of community votes will receive 1000 SUI tokens each.
• Owners of 15 Capys with the second most votes will receive 100 SUI tokens each.
• Owners of 10 Capys with good names and stories judged by the team will receive 200 SUI tokens each.
• In addition, a maximum of 100 people will be selected to participate in the SUI Token Community Access Program.

To participate in this program, people need to fulfill some simple requirements set by Mysten Labs such as mint NFT on the Devnet network then post a tweet with a screenshot of that Capys with the hastag #CapyHolidays . This is like killing two birds with one stone from the project when:

• Stress tested the network when hundreds of thousands of mint NFT wallet addresses and more than 1 million Capys were born in a short period of time.
• Increase awareness of Sui Network and the event in general when many participants tweet.

After the Wishing You a Capy Holidays event ends, the Sui Foundation community has until the end of January 2023 to reopen with the Sui testnet Wave 2. During this test, the project team aims to continue Stress test the network through 2 games organized with Capy:

• Frenmies.
• Validator Game.

With the game Frenemies, this is a game that is open to everyone to test and is designed to create changes in validator ratings after each epoch. In each epoch, everyone will be randomly assigned a position to a validator and change the stake amount to achieve the following requirements:

• Bạn bè: It is necessary to stake a large amount of SUI into these marked validators to get it as high on the rankings as possible, the higher the number of ranking levels the more points you will receive in return.
• Neutral: It is necessary to stake a sufficient amount of SUI into these marked validators to bring it to the average position on the rankings, the more steps moved up or down, the more points will be received.
• Enemy: It is necessary to stake a very small amount of SUI into these marked validators to bring it to the bottom of the rankings, the more the number of ranks decreased, the more points will be received.

The reward for those who achieve the most points in this game is 2,000 accesses to the SUI Token Community Access Program.

The second game is called Validator Game and as the name suggests, it is only for validators with the main purpose of changing gas fees as well as other parameters when the network receives a large number of transactions or the price of tokens. SUI fluctuates.

Sui testnet Wave also achieved some of the most success with the following numbers:

• Nearly 1.7M wallet addresses participated.
• There are over 3.2M NFT Capy minted.
• There are over 3.5M transactions in Frenemies Game.

Big step forward after the first phase of Mainnet

After the mainnet is successful on May 3, 2023, Sui Network also allows everyone to participate in the first mint SuiFrens Capy with an initial total supply of 15K and price of 8 SUI per NFT. After minting, users can continue to mix 2 SuiFrens Capy together to receive an additional 15K NFT, the cost for each mix is ​​10 SUI.

In general, the community responded to this event quite strongly when 30K NFT Sui Frens Capy were minted and mixed in less than 1 hour. The price of regular Capys is then traded at an average of more than 40 SUI, while Capys with rare properties are traded for thousands of SUI.

In parallel with this event, a snapshot in Sui Network’s Discord server selected 350K members eligible for the SuiFrens Bullsharks NFT airdrop. Eligible individuals need to join Discord before May 2, 2023 and connect their account to a unique wallet address for the NFTs to be automatically returned at a later date.

Although receiving many mixed reactions from the community after not airdropping but only selling tokens through the SUI Token Community Access Program, the Sui Foundation has somewhat appeased the community with the SuiFrens NFT collection.

Bullshark Quest 1 was successful beyond expectations

Bullshark Quest is a program created to attract users to participate in the Sui Network ecosystem through activities such as holding NFTs, playing games in the ecosystem, participating in using DeFi platforms.

Bullshark Quest 1 starts on July 6, 2023 and ends on July 27, 2023. To be eligible to participate, users are required to hold at least one SuiFrens Bullshark NFT received from the airdrop or purchase on trading floors. Bullshark Quest 1 focuses on using gaming projects on this ecosystem.

When participating in Bullshark Quest 1, users must participate in the 4 games below to earn points. The more points they have, the higher they will rank on the leaderboard and the more rewards they will receive. The 4 titles in Bullshark Quest 1 include:

1. Journey to Mount Sogol: Get 5000 points for each on-chain transaction.
2. Mini Miners: This game was clogged after the implementation of Bullshark Quest so it stopped working.
3. Coin Flip: Get 10 points for each on-chain transaction.
4. SUI 8192: Get 1 point for each on-chain transaction.

The total reward for Bullshark Quest 1 is 5M SUI divided into 2 equal parts, one part is for the top 10000 ranked players and the other part is divided equally among all those not in the top 10000.

With a large total reward and not too complicated playing mechanism, Bullshark Quest 1 has attracted more than 120K users to participate in the event. The total number of transactions on Sui Network also quickly reached the 1 billion mark, which is not a small number when Sui’s competitor, Aptos, took 11 months of mainnet but only achieved more than 250M transactions.

The price of Bullshark also increased sharply from 5 SUI at the beginning of the event to a peak of 19 SUI. The daily trading volume of the NFT set also at times surpassed its predecessor, SuiFrens Capys.

Although using NFT Bullshark alone is a good option when it comes to reaching a large community. But it is also a double-edged sword when holders of Capy who bought on the market at a quite high price or mint with a fee of 8 SUI and were not allowed to participate in this event felt quite unfair and then dumped it. .

Bullshark Quest 2 with changes

Due to receiving some mixed opinions from the Capy holding community after Bullshark Quest 1, Mysten Labs also made some moves to allow the community to use both sets of NFTs to participate in the event, in addition, the total The supply of NFT collectibles is also increasing:

• SuiFrens Capys: Increase total supply from 30K to 350K with a mint price of 8 SUI or mix with 2 Capys for a fee of 10 SUI, the Capys minted in this round have a minimum Gen of 1.
• SuiFrens Bullshark: Increased total supply from 350K to 150K, users can only create new Bullshark by mixing.

Although Bullshark Quest 2 allows users holding Capys to participate, increasing the total supply to such a large extent also causes the floor price of this NFT to continue to decline by more than 50%, but Gen 0 Capys still hold. be at a high price.

The main purpose of launching Bullshark Quest 2 of Mysten Labs is to attract users to use more DeFi protocols in the Sui ecosystem. The number of quests in Quest 2 is also greater than before with the common feature of depositing assets into the following protocols:

• Navi Protocol: A Lending & Borrowing protocol using Deep Book built by the Sui Foundation itself.
• Turbos Finance: Is an AMM using the Concentrated Liquidity Market Maker (CLMM) model.
• Scallop: Is a Lending & Borrowing platform that received a Grant from the Sui Foundation.
• Typus Finance: A Real Yield platform, helping users find real profits safely.
• Kriya: A DEX platform built in an all-in-one direction.
• Cetus Protocol: Is an AMM platform combining Uniswap and Trader Joe.

In general, in addition to the deep decrease in Capys’ floor price, Mysten Labs’ current direction with Bullshark Quest 2 is quite correct when the number of participants in this event has surpassed 250K, high. 90% more than Bullshark Quest 1.

Personal Projection

Mysten Labs as well as the Sui Foundation have carefully prepared to build an ecosystem around Gaming and NFT when there were first tests of SuiFrens half a year before the mainnet.

The result of that careful preparation is numbers that exceed expectations if we compare them with the competitor that has been ahead of Sui for a long time, Aptos, such as:

Summary

Above is an overview of SuiFrens as well as Sui Network’s ambitions when building an ecosystem around this NFT collection. Hopefully, through this article, Weakhand has given everyone an overview as well as useful information for the research process.