As layer 1 chains become more rigorous, it is clear that layer 1 protocols are the foundation of blockchain technology. These blockchains are essential worldwide and ensure fundamental security and consensus. The upcoming upgrades in Layer 1 also pave the way for developments in Layer 2 and Layer 3 protocols.
Birdeye recently incorporated Sui into their on-chain offering alongside SOL and major EVM chains, demonstrating their expansion into cutting-edge technologies with Sui transaction speeds and scalability. This move allows Birdeye to tap into newer horizons and expand its user base within an evolving network.
Sui operates as a Layer 1 (L1) blockchain using the Move programming language, enabling concurrent task execution and improving data processing and storage scalability. From January to February 2024, Sui successfully transferred more than $300 million from Ethereum, securing its place among the top 10 chains. Sui’s future progress depends heavily on its commitment to establishing and broadening partnerships to strengthen user trust and convenience.
Notable collaborations include working with Stork to improve real-time infrastructure for token price data and with Banxa to improve the fiat-to-crypto onboarding process for its Sui Wallet.
The introduction of Birdeye into the Sui ecosystem will benefit both parties by providing access to trading information for highly sought-after Sui tokens. Birdeye’s integration into the Sui Networks ecosystem is expected to attract 17 million users and increase in-chain commerce, ultimately fueling Sui’s expansion. As a result, Sui users can now access on-chain cryptocurrency trading data for their preferred chain through a consolidated interface.
With the launch coming soon on Sui, the trading platform is looking to connect with the DEXes and DEX aggregators that serve as major sources of liquidity for Sui. In April 2024, FlowX Finance, a DEX that prioritizes community engagement within the Sui Network, plans to launch a Concentrated Liquidity Market Maker alongside Aggregator V2 to improve liquidity efficiency. Similarly, KriyaDEX, a comprehensive DeFi protocol on Sui, offers essential features such as swaps, limit orders, and vaults for yield optimization.
Aftermath, another partner platform that enables trading, liquid staking activities and yield generation opportunities, has developed its own AMM and DEX aggregator. Turbos Finance, a wealth management and trading center on Sui, has also reached record levels, with a Total Value Locked (TVL) of US$25 million and a monthly trading volume of US$500 million.
Birdeye and the Sui Network have joined forces to improve the trading experience and liquidity. Leveraging Sui’s technology and Birdeyes’ user base, this partnership aims to provide users and traders with accurate crypto trading information on Sui through a single interface. We expect this initiative to increase adoption rates and strengthen market liquidity.
