At the SuiBasecamp event in Paris, the rapidly expanding SUI blockchain network, boasting over $646 million in Total Value Locked (TVL), unveiled several exciting new offerings. With the support of esteemed developers from Mysten Labs behind it, Sui aims to challenge Ethereum (ETH) as the leading smart contract platform in the not-too-distant future.
The Sui network, home to numerous Decentralized Finance (DeFi) protocols, has piqued the interest of many Web3 investors. According to Suiscan’s on-chain data, there are over 10 million active Sui accounts, each having processed more than a billion transactions.
Closer Look at the SuiPlay0X1
At the SuiBasecamp event on a Wednesday, Mysten Labs introduced the initial portable gaming gadget, called SuiPlayOX1 from Sui Network, with Web3 capabilities. This device is unique because it operates on Playtron’s system, allowing users to play both Web3 and regular games in one place. However, gamers will not be able to purchase the SuiPlayOX1 gaming device until 2025 when Mysten Labs plans to announce its price.
The SuiPlay0X1 handheld gaming device, a pioneer in the market with built-in web3 capabilities, will connect directly to the Sui blockchain using zero-knowledge (ZK) sign-ins and Sui Kiosk software development kits. With almost 70 games currently available on the Sui blockchain and many more under development, the release of SuiPlay0X1 is considered a significant move. Additionally, Mysten Labs successfully secured approximately $400 million in funding during the cryptocurrency downturn to create a strong and expansive web3 infrastructure.
At the event, emanAbio unveils SuiPlay0X1 and explains why Sui is an ideal blockchain solution for gaming, catering to both independent and major game developers.
— Sui (@SuiNetwork) April 10, 2024
Adeniyi Abiodun, Mysten Labs’ chief product officer, stated that the SuiPlay0X1 won’t shut out current Web3 gaming platforms from other ecosystems. However, there’s speculation that its intricate architecture could be built using Advanced Micro Devices (AMD) technology, which will be unveiled at a later time.
“Abiodun expressed his delight that our approach doesn’t leave out current ecosystems. Instead, we aim to include all ecosystems and maximize their benefits. This development is actually advantageous for Web3. Moreover, this technology enables games to interact with users at an impressive speed and frequency.”
Impact on the Sui Price Action
In late March, the Swiss franc (SUI) hit a record high versus the US dollar. Since then, the SUI price has indicated a phase of decline and instability. Additionally, the weekly RSI, an indicator measuring the strength of price movements, has shown a bearish divergence, suggesting a potential double top formation.
A mid-sized altcoin, valued at approximately $14.9 billion in total market capitalization (FDV), and averaging about $286 million in daily trading volume, gains strength from its fresh web3 offerings and active digital community.
After the recent correction, the SUI price may bounce back strongly, signaling a potential bullish trend. Furthermore, anticipation of the Bitcoin halving in 2024 and growing institutional investment in cryptocurrencies keep fueling optimistic outlooks.
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2024-04-10 17:33