The public chain Sui developed by Mysten Labs has undergone many iterations and updates since its launch on the main network. However, the latest network upgrade is particularly worthy of attention because it supports Liquid Staking of the native token SUI. In addition, founder and CEO Evan Cheng also revealed in a recent interview that Mysten Labs intends to set up an office in Taiwan to help develop the Web3 field in Taiwan.

According to official news, the Sui mainnet has been upgraded to version V1.6.3. This upgrade includes multiple fixes, optimizations, and updates to the liquidity staking function of SIP Improvement Proposal No. 6.

Sui is a blockchain based on the Proof of Stake consensus mechanism (PoS), which allows users to earn rewards by staking tokens. Generally speaking, users will receive encapsulated assets representing equity when staking, but due to the fact that the assets cannot circulation, so it means that this part of the pledged tokens has actually been removed from circulation.

Now that Sui has introduced the liquidity staking function through an upgrade, these packaged assets will be able to be transferred and traded. Developers can also provide non-custodial liquidity staking solutions and create more DeFi applications based on this.

Mysten Labs, a Sui development company, was established in September 2021 and has raised a total of US$335 million so far. Evan Cheng, the Kaohsiung-born founder, recently revealed in an exclusive interview with Cai Xun that the chairman of the Taiwan Fintech Association With the help of Cai Yuling, he plans to lead the Mysten Labs technical team and the Sui Foundation to plant a flag in Taiwan and set up an office in Taiwan, hoping to cultivate a team of Taiwanese engineers and promote the development of Taiwan's Web industry.

This article introduces “liquidity staking” to the Sui mainnet! Founder: Intention to set up an office in Taiwan first appeared on BlockKe.