How Avalanche and Sui are Expanding as Crypto Excitement Returns
Avalanche and Sui strive for Crypto Project of the Year
By: Zack Guzman
December 8, 2023
Over the next several weeks, Coinage is coming to a consensus on which Web3 endeavor shall be crowned Crypto Project of the Year — and it’s truly up to you. Vote to crown the winner from 16 crypto hopefuls!
While their respective launches are separated by a couple of years, both Avalanche and Sui are attracting attention as two of the more promising blockchain challengers to Ethereum.
Avalanche has seen its token more than double over the last month, while Sui — only live with its token since May of this year — has also seen its price steadily climb from its 2023 bottom.
And while both projects have been focusing on opportunities attached to gaming, decentralized finance, and onboarding existing big tech companies to their platforms – Sui and Avalanche are taking unique approaches.
Avalanche, with its customizable subnets, has made huge strides in 2023 by convincing existing Web2 companies to use its technology to enhance their products, according to Ava Labs President John Wu. For example, investment platform Republic tapped Avalanche to launch tokenized, profit-sharing notes that are tradeable among a subset of approved individuals. JPMorgan also experimented with Apollo Global on their Onyx initiative to tokenize real-world assets in Singapore.
“The benefit of [bringing traditional finance on-chain] is going to take 3,000 different processes and reduce it to one automated one and save 20% of fees,” Wu said during an interview with Coinage for Crypto Project of the Year.
Meanwhile, Sui, which stems from Meta’s former Web3 endeavors at Diem, is initially focusing more on building smooth consumer-facing applications, according to Mysten Labs co-founder Evan Cheng.
“My background and my co-founder's background is all about consumer products and developing a platform to enable developers to build consumer products,” he said. “Our experience at Facebook building Diem teaches us a lot.”
As Coinage previously highlighted, Sui is not the only blockchain with roots stemming back to Meta’s Diem project. Aptos, another layer-1 blockchain, made its debut last year with similar improvements to Ethereum, including the ability to support higher transactions.
Wu and Cheng agreed that many blockchain projects are following an uncharted path in figuring out where their technology might best be used. Having been around for a few years longer, Wu explained it’s all about adapting in a space that moves as quickly as crypto.
“Unlike a Web2 startup, where there's a specific problem and you're trying to create a solution, in this space, it's a platform and you need the community to guide you towards where you should be in terms of the solutions,” Wu said.
The community vote to advance Avalanche or Sui in our celebration of the top projects in crypto is now live. Coinage NFT holders can watch the full interview with John Wu and Evan Cheng above.
Disclosure: Ava Labs is one investor among many in Coinage's production company Trustless Media.