Sui did not bring any new species to the blockchain, it can only undertake the transfer of the low-end industrial chain in the crypto world.

At 8 pm on May 3, Sui mainnet was officially launched.

Greg Sioourounis, the newly appointed managing director of the Sui Foundation, said, “This is a milestone for the entire Sui community and the entire digital asset ecosystem…unlocking endless possibilities for users around the world.”

This is undoubtedly a milestone for the Sui community, and we can foresee that many different types of smart contracts will be launched in the coming weeks.

But is Sui really leading the next round of industry narrative?

Conclusion first: Although Sui is indeed a "king-level Layer1" in terms of technical background, capital background and community popularity, it is the doomsday afterglow of the last bull market.

There is no intention to question Sui's strength, but the awkward time point from project establishment to release determined its quality and direction.

In terms of the market, we are still in the late stage of the last bull and bear market. In terms of technology, no new technological trends (or industry narratives) have emerged.

Sui is undoubtedly the best in technology, and in fact it has solved three critical problems of public chains: scalability, secure programming, and mainstream acceptance. It can even be said that Sui is the public chain that is closest to Internet-scale programmability.

Sui’s capital background is also top-notch, including but not limited to a16z, FTX, JUMP, Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital, Binance Labs…

Sui also has the largest community in the Web3 world - the Sui Discord alone has 720,000 members, compared to Ethereum's 37,000.

But even so, Sui's market conditions and narrative are still a continuation of the previous round, rather than a new milestone that unlocks unlimited possibilities.

In terms of the market, Sui's capital background and community popularity cannot fight against the macro liquidity controlled by the Federal Reserve. In other words, as long as the interest rate hike cycle lasts for half a year, it will be difficult for Sui to rise against the trend (so you will see that after the Fed raised interest rates last night, the local dogs in the currency circle are fantasizing that the Fed will end the interest rate hike or even start to cut interest rates).

In terms of technology trends or industry narratives, Sui focuses on faster, cheaper, and friendlier. This is not even the narrative of the "high-performance public chain" in 2020. Even the Ethereum killers in 2017 thought so. Sui is just a better polished (and therefore launched later) Layer1.

The public chain that can truly lead the next round of industry narrative must be one that reconstructs new things based on crypto logic, rather than simply optimizing existing things and adding icing on the cake.

At least for now, there is no sign that Sui has the potential to bring a new species to the blockchain.

It can only undertake the transfer of the low-end industrial chain in the crypto world, and the driving force of innovation is still in Ethereum (but Cosmos and ZK communities have more potential), just like the textile and apparel industry has shifted from the United Kingdom to the United States to Japan to the Four Asian Tigers to mainland China to Southeast Asia. The next stop may be Africa (if AI does not replace manpower).

Of course, taking on the low-end industrial chain does not hinder making money. Sui is certainly one of the few big opportunities at present, and it even feels that its wealth-creating effect is higher than Arbitrum.

Whether it is a judgment on the market, a judgment on the industry narrative, or a judgment on the technical details of Sui, it requires a long article to be argued in detail. The above viewpoint omits specific arguments and can only be called a "bold hypothesis."