Sui Token Surges 20% After Mysten Labs Announces Expanded Partnership with Alibaba Cloud
SUI, the native token of the Sui blockchain, soared 20% on Wednesday, reaching $1.32 per token, after Mysten Labs, the team behind Sui, revealed a deepening partnership with Alibaba Cloud, China’s largest cloud provider.
The partnership aims to provide more resources and support for developers using the Move programming language, which powers smart contracts on Sui. Move is a new language designed by Mysten Labs, a team of five former Facebook engineers who left the social media giant in 2021 to build a highly scalable Layer 1 blockchain.
According to a tweet from Mysten Labs, the partnership with Alibaba Cloud will launch an array of new services to support current and new Move developers on Sui. These include:
- An AI-enabled development environment that will write Move code based on natural language prompts from builders, with Alibaba Cloud infrastructure and tech support.
- Educational programming across universities, community events, and the translation of Move documentation into Mandarin Chinese and Korean.
- Project incubators with cloud infrastructure and demo day events in strategic locations, such as Hong Kong, Singapore, and Dubai, to support promising projects that help grow the Sui ecosystem.
- Global hackathons that will incentivize developers to learn and develop new Sui projects.
- Full node services on Sui, provided by Alibaba Cloud, to support Sui infrastructure.
- Gas Station benefits, provided by Mysten Labs’ strategic partner Shinami Corp, to make it easier for Sui builders on Alibaba Cloud to sponsor user transactions and seamlessly onboard new users.
The goal, they said, is to “increase velocity for experienced developers while helping new Move developers learn the language and explore its possibilities” on Sui. With the assistance of partners like Alibaba Cloud and ChainIDE, a leading online IDE for blockchain development, Mysten hopes to rapidly grow the network’s base of builders and users.
These offerings include an AI-enabled development environment, educational programming across… pic.twitter.com/BmhUyxdxUt
— MystenLabs.sui (@Mysten_Labs) January 23, 2024
The news comes after a turbulent few months for the Sui ecosystem following its mainnet launch in October 2022. Last October, SUI dropped close to its all-time low of $0.37 amid reports that South Korean regulators were investigating price manipulation claims related to the token. Since then, SUI has recovered and gained momentum, reaching a new all-time high of $1.45 on January 15, 2024.
Sui is one of the most ambitious and innovative projects in the blockchain space, aiming to create a platform that can support billions of users and transactions with high security, scalability, and interoperability. Sui claims to be the first blockchain to implement state sharding, a technique that divides the network into smaller units that can process transactions in parallel, thus increasing throughput and efficiency.
Sui also claims to be the first blockchain to use Move, a new language that enables developers to write safe and expressive smart contracts that can be verified and updated. Move is inspired by Rust, a popular language for systems programming, and borrows concepts from linear logic, a branch of mathematical logic that deals with resource management.
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