Sui Network developers launch a hub for blockchain developers in Dubai

In the future, Mysten Labs plans to create a network of such hubs around the world

21.10.2024 - 15:00

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3 min

Last updated on Nov 25, 2024

What’s new? The Sui blockchain team has launched a hub in Dubai that will act as an incubator for blockchain developers and entrepreneurs. Partnered with local blockchain company Ghaf Group for the launch, the hub aims to support innovative startups and help the government with digitalization initiatives. According to Kostas Chalkias, the co-founder of Sui Mysten Labs, a network of hubs will be established in regions around the world in the future.

Material by CoinDesk

What else is known? Chalkias noted that despite a comfortable regulatory environment, Dubai is currently a leader in blockchain development, and Sui’s initiative aims to change that.

Mysten Labs intends to invest in the region. Chalkias said the company’s hub is capable of rapidly creating smart contract solutions and conducting Proof of Concept (PoC) for the government.

Dubai attracts Web 3.0 players with its friendly regulations and clear licensing rules. The largest centralized exchanges (CEXs) such as Binance, Crypto.com, and OKX, among others, have permits to operate in the local market.

Sui is a Layer 1 (L1) blockchain created by former Meta employees. In February 2024, it overtook Cardano, Near, and Aptos networks in terms of total value locked (TVL).

Many experts see Sui as a major competitor to the Solana network, which also offers high scalability, and note that it could become more popular.

Sui Foundation denies claims of a $400 million insider deal in SUI tokens

Over the last 24 hours, the asset has updated its all-time high at $2,34

Sui had 6 billion transactions in the first 18 days of October, more than any full previous month in the project’s history.

At the time of writing, the Sui (SUI) native token ranks 24th in the overall cryptocurrency market capitalization ranking with a figure of over $5,6 billion and is trading at $2,03, having lost 3,9% overnight. The weekly drop was 9,7%, but the asset has added 161% since the beginning of the year.

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