Layer by Layer: Review of Sui Ecosystem Since Mainnet Launch

Blockchain scaling approaches have taken various forms in recent years. Layer 1 (L1) blockchains utilizing the Ethereum virtual machine (EVM), such as BNB Chain, Polygon, and Avalanche, initially captured the attention of users and investors in 2021 as seemingly low-cost, high-throughput alternatives to Ethereum, which had grown to become the largest and most popular smart contract platform at the time. However, one of the main criticisms of these alternatives is that their adoption is contingent on user trust in their underlying security models, most of which are similar to Ethereum’s but not nearly as decentralized. As of this writing, BNB Chain and Polygon have validator sets of just 29 and 100, respectively. 

This drawback has given room for rollup-based solutions such as Arbitrum and Optimism to gain market share over the past year, offering the benefit of transaction execution on a separate chain while theoretically retaining the security guarantees provided by the Ethereum network as a base layer.