Sui, the 300 million blockchain that wants to challenge Ethereum and Solana

Beautiful promises or revolution 3.0 ? Despite bear markets, the cryptosphere is witnessing a major new round of fundraising for the benefit of the Sui blockchain, a project that could – in the conditional – significantly increase web adoption3.

Mysten Labs raises $ 300 million for its Sui blockchain

This new fundraiser would testify to the “huge potential” of the Sui ecosystem: the company Mysten Labs behind the Sui level 1 blockchain (Layer 1), has carried out a tour de force convincing investors to put 300 million dollars on the tablein a Series B funding round led by FTX Ventures.

Published by Mysten Labs – Source: Twitter

This fundraiser stands out not only for the current context in which it is carried out, but also for the fact that Sui is a project whose deployment is… yet to come.

This new capital will also be used build its basic infrastructureto accelerate the adoption of its ecosystem, with in particular an expansion project in Asia for Mysten Labs.

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Over $ 2 billion valuation to outperform Ethereum and Solana

Investors in this round, including Coinbase Ventures, Jump Crypto, Andreessen Horowitz, Circle Ventures, Binance Labs and O’Leary Ventures, are therefore betting on a project that is still in a pre-launch phase, based on Mysten’s promises. Labs regarding its future product.

The Sui Blockchain uses proof-of-stake and a feature called “transaction parallelization”, with the aim of offering high throughput, relatively fast transactions and low fees.

In other words, Sui faces classic challenges, basic problems of decentralizationthat the main blockchains such as Ethereum (ETH) and Solana (SOL) have unfortunately not yet completely solved.

The current web3 infrastructure would therefore be “slow, expensive, limited capacity, insecure and simply difficult to build,” says Evan Cheng, co-founder and CEO of Mysten Labs.

But alongside this ambitious vision, the status and experience of the founders of Mysten Labs may also have played a crucial role in the final investor decision. The founders of the company, which is currently worth over $ 2 billion, are old meta frames.

This new fundraiser calls into question for the umpteenth time the thesis according to which the bear market would have frozen investors’ portfolios against the web3. In fact, blockchain fundraising has even broken records.

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