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在 WuBlockchain 播客的这一集中，Mysten Labs 联合创始人兼 CPO Adeniyi Abiodun 加入节目，讨论 Sui 今天如何定位自己、推动其增长的因素以及长期价值可能来自何处。
Adeniyi 将 Sui 定义为专为全球价值转移而构建的高性能区块链，强调其水平可扩展性、低成本支付、链上存储和更广泛的开发人员堆栈。他还认为，稳定币支付和人工智能代理驱动的自动交易可能成为加密货币未来最大的需求驱动力。
对话还涉及 Sui 的 TVL 波动、代币经济学、机构合作伙伴关系、生态系统支持以及安全事件期间暴露的治理权衡。从高层来看，Sui 试图超越只是另一个通用 L1 的叙述，而是将自己定位为全球支付和代理经济的基础设施。
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隋：定位全球支付基础设施
Ehan：Sui 长期以来以 Move、以对象为中心的架构和高性能基础设施而闻名。但随着 Solana 在用户活跃度方面领先，以太坊在 DeFi 深度和机构信任方面领先，今天应该如何定义 Sui？
Adeniyi：Sui 是一个高性能区块链，旨在让资金像消息一样自由流动。它延续了我们在 Facebook 高度分布式系统方面工作的最初愿景：创建一个用于移动价值的全球层。
Sui 不仅仅是一个交易处理链。它的可扩展性、意图功能、存储层和更广泛的开发人员堆栈使其成为现实世界应用程序的基础设施，尤其是在代理世界中。
Ehan：如果应用程序可以部署在以太坊 Layer 2、Solana 和 Sui 上，为什么选择 Sui？
Adeniyi：Sui 是为全球支付而打造的。随着需求的增长，其水平扩展可保持较高的性能和可预测的费用。
其生态系统还包括用于存储的 Walrus、用于交易基础设施的 DeepBook 以及用于比特币相关用例的 Ika，因此 Sui 不仅仅是一个基础执行层。
Ehan：人们对隋最误解的是什么？
Adeniyi：许多人将 Sui 视为另一个 Layer 1。但大多数连锁店的规模都像 Uber 一样，容量有限，而且当需求上升时价格会更高。 Sui 更接近 Google 搜索：水平可扩展，没有固定的吞吐量上限。
随着需求的增加，它可以从每秒数万笔交易扩展到数十万笔交易。
Ehan：Sui 的 TVL 从之前的高点下降。您如何看待这种下降？
Adeniyi：我们主要将其视为更广泛市场状况的一部分，而不是隋特有的事情。
重要的是产品质量和采用率。自 2025 年 8 月以来，Sui 已处理超过 1 万亿美元的稳定币交易量。 Erebor Bank 是一家 OCC 特许银行，价值超过 40 亿美元，已与 Sui 合并。
我们还与富兰克林邓普顿、Canary Capital 和 21Shares 合作。 DeepBook 的交易量逐月增加了一倍多，我们正在为预测市场准备机构级期权定价和完全链上结算。
我们相信，随着市场的成熟，Sui 可以恢复到更高的 TVL 水平。
Ehan：大多数加密货币活动仍然围绕交易、稳定币、监管和资产发行。你同意？
阿德尼伊：是的。稳定币是当今最强大的加密用例，因为它们支持 24/7、即时、无边界支付。
RedotPay 最近在 Sui 上集成了 Sui 和 USDC，允许其超过 700 万用户通过传统支付渠道（包括 Apple Pay 和 Google Pay）消费和发送 Sui 原生资产。
稳定币处于领先地位，因为它们提供比传统系统更好的支付方式。
Sui押注代理经济和人工智能驱动的链上需求
Ehan：什么可能成为加密货币的下一个主要需求来源？
Adeniyi：加密货币的需求将变得活跃。当今大多数互联网流量已经自动化，我们相信大多数链上交易最终将由自动化流程和代理工作流程驱动。
稳定币在这个世界中将很重要，因为 Visa 卡等传统支付系统还不够。代理将通过使用需求和开发人员需求来推动采用。
Ehan：人工智能正在吸引大量资本和开发者的关注。您是否担心加密货币可能会因人工智能而失去真正的用户？
阿德尼伊：一点也不。我们认为人工智能将成为加密货币的最大用户。传统的支付方式无法支持需要快速、低成本微交易的世界。
Sui就是为这种代理经济而建立的。它已经可以毫无问题地以全球采用的规模处理链上交易。
通过 Walrus 和 Seal，Sui 还提供分散数据和可编程访问控制。这些是人工智能系统用户控制数据所有权所需的核心构建块。随着人们更加信任人工智能代理，他们将需要这些代理来处理值得信赖的数据。
我们与 Google 合作开发 Agent2Agent（A2A）支付流程，该流程正在成为一项标准。与这样的标准相集成，Sui 能够很好地适应代理商推动大多数链上参与的世界。
Ehan：人工智能代理真的需要区块链吗？如果他们可以使用支付 API 或稳定币 API，为什么他们需要像 Sui 这样的链？
Adeniyi：我们越相信人工智能在金钱和财务决策方面的能力，底层数据就越值得信赖。
Walrus 可以让用户验证数据的来源，证明数据没有被篡改，并从数学上证明数据仍然可用，而不会影响速度。
Sui已经拥有高速、高可信度的数据层
Sui’s Bet on Payments, Stablecoins, and AI Agents
WuBlockchain
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In this episode of WuBlockchain podcast, Mysten Labs co-founder and CPO Adeniyi Abiodun joins the show to discuss how Sui is positioning itself today, what’s driving its growth, and where long-term value could come from.
Adeniyi frames Sui as a high-performance blockchain built for global value transfer, highlighting its horizontal scalability, low-cost payments, onchain storage, and broader developer stack. He also argues that stablecoin payments and AI agent–driven automated transactions could become the biggest demand drivers for crypto going forward.
The conversation also touches on Sui’s TVL swings, tokenomics, institutional partnerships, ecosystem support, and the governance tradeoffs exposed during security incidents. At a high level, Sui is trying to move beyond the narrative of being just another general-purpose L1 and instead position itself as infrastructure for global payments and the agent economy.
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Sui: Positioning as Global Payments Infrastructure
Ehan: Sui has long been known for Move, object-centric architecture, and high-performance infrastructure. But with Solana leading in user activity and Ethereum leading in DeFi depth and institutional trust, how should Sui be defined today?
Adeniyi: Sui is a high-performance blockchain built to let money move as freely as messages. It continues the original vision from our work on highly distributed systems at Facebook: creating a global layer for moving value.
Sui is not just a transaction-processing chain. Its scalability, intent features, storage layer, and broader developer stack make it infrastructure for real-world applications, especially in an agentic world.
Ehan: If an app can deploy on Ethereum Layer 2s, Solana, and Sui, why choose Sui?
Adeniyi: Sui is built for global payments. Its horizontal scaling keeps performance high and fees predictable as demand grows.
Its ecosystem also includes Walrus for storage, DeepBook for trading infrastructure, and Ika for Bitcoin-related use cases, so Sui is more than a base execution layer.
Ehan: What do people misunderstand most about Sui?
Adeniyi: Many see Sui as just another Layer 1. But most chains scale like Uber, with limited capacity and higher prices when demand rises. Sui is closer to Google Search: horizontally scalable, without a fixed throughput ceiling.
It can scale from tens of thousands toward hundreds of thousands of transactions per second as demand increases.
Ehan: Sui’s TVL fell from previous highs. How do you view that decline?
Adeniyi: We see it mainly as part of broader market conditions, not something specific to Sui.
What matters is product quality and adoption. Since August 2025, Sui has processed more than one trillion dollars in stablecoin transaction volume. Erebor Bank, an OCC-chartered bank valued at over four billion dollars, has integrated with Sui.
We have also partnered with Franklin Templeton, Canary Capital, and 21Shares. DeepBook’s volume has more than doubled month over month, and we are preparing institutional-grade options pricing and fully onchain settlement for prediction markets.
We believe Sui can return to higher TVL levels as the market matures.
Ehan: Most crypto activity still revolves around trading, stablecoins, regulation, and asset issuance. Do you agree?
Adeniyi: Yes. Stablecoins are the strongest crypto use case today because they enable 24/7, instant, borderless payments.
RedotPay recently integrated Sui and USDC on Sui, allowing its more than seven million users to spend and send Sui-native assets through traditional payment rails, including Apple Pay and Google Pay.
Stablecoins are leading because they offer better payment rails than legacy systems.
Sui’s Bet on the Agent Economy and AI-Driven Onchain Demand
Ehan: What could become the next major source of demand in crypto?
Adeniyi: Demand in crypto will become agentic. Most internet traffic today is already automated, and we believe most onchain transactions will eventually be driven by automated processes and agentic workflows.
Stablecoins will be important in that world because traditional payment systems like Visa cards will not be enough. Agents will drive adoption through both usage needs and developer needs.
Ehan: AI is attracting huge capital and developer attention. Are you worried crypto could lose real users to AI?
Adeniyi: Not at all. We think AI will be the biggest user of crypto. Traditional payment rails cannot support a world that needs fast, low-cost microtransactions.
Sui is built for that agentic economy. It can already process onchain transactions at the scale of global adoption without issue.
With Walrus and Seal, Sui also provides decentralized data and programmable access controls. These are core building blocks AI systems will need for user-controlled data ownership. As people trust AI agents more, they will need those agents to work with trustworthy data.
We partnered with Google on Agent2Agent, or A2A, payments flow, which is becoming a standard. Being integrated with standards like this positions Sui well for a world where agents drive most onchain engagement.
Ehan: Do AI agents actually need blockchains? If they can use payment APIs or stablecoin APIs, why would they need a chain like Sui?
Adeniyi: The more we trust AI with money and financial decisions, the more trustworthy the underlying data needs to be.
Walrus lets users verify where data comes from, prove it has not been tampered with, and mathematically prove that it remains available, without compromising speed.
Sui already has the data layer for high-velocity, highly trustworthy data that agents can plug into. As we trust agents to do more work for us, storage will need the same level of security as execution and payments.
Ehan: What AI-native applications can only blockchains enable?
Adeniyi: Applications that require high-fidelity data. Users need to know that data has not been tampered with and that there is a clear chain of verifiability around it.
Blockchains are good at this, but most chains cannot retain and validate data directly because of cost. We built Walrus for that. It supports petabyte-scale retention and validation at costs similar to AWS, while offering stronger resilience and public infrastructure. It can also encrypt data and provide high availability beyond what a centralized provider can offer.
Any application that needs strong guarantees around where data came from, who handled it, and whether it was altered is a strong fit for crypto.
Ehan: Mysten Labs is known as a highly technical team. How is AI changing your internal engineering workflow? Any concrete examples?
Adeniyi: AI is already deeply embedded in our workflow. Our engineering team uses it across deployment, development pipelines, testing, and benchmarking. Our data science team uses it in similar ways.
Instead of asking data scientists to collect data manually, we have built tools that let people query an agent and get the data they need in real time.
We are also working on automated bug detection tools for DeFi and smart contracts, where demand is strong. Our team has built tooling that can find bugs in other ecosystems as well, and we hope to help ecosystems most effectively secure the value on its protocols.
Overall, we are helping users and developers stay safer by sharing agentic tools for their workflows.
Ehan: If AI lowers the cost of building applications, does the traditional ecosystem model change? Will growth depend less on branding and business development, and more on tooling, automation, and developer leverage?
Adeniyi: Stablecoin transactions are free on Sui, unlike on many other chains. We believe many agentic workflows, especially micropayments, will happen on Sui. That is a strong reason to build here.
In our ecosystem, we focus on three areas. First is Hydro, a program that helps entrepreneurs refine strong ideas and secure funding. Second is DeFi Moonshots, which supports high-conviction DeFi projects that are either completely new or highly differentiated. Third is academic research, which is very important to us.
We want to keep funding advances in scalable systems and cryptography.
SUI’s Value Logic: Supply, Utility, and Ecosystem Returns
Ehan: Where does long-term value capture for SUI actually come from?
Adeniyi: Long-term value capture for SUI is multifaceted. First, SUI is deflationary. The more transaction, storage, and data activity there is on Sui, the more tokens are taken out of circulation. Some tokens are also permanently burned.
SUI has a fixed maximum supply of 10 billion tokens, unlike tokens with inflationary supply models. In practice, circulating supply should end up below 10 billion because of Sui’s burn mechanisms.
Beyond that, we expect Sui to capture significant stablecoin flows because it will be the best place to move stablecoins. Moving money on Sui is free. As the stablecoin treasury grows, yield generated from stablecoins will be used to increase staking rewards by buying SUI and distributing it directly to validators.
We see this as a holistic way to generate returns for token holders.
Ehan: As more SUI enters circulation, how can the market tell whether growth is driven by real usage rather than short-term speculation? Beyond price and TVL, what metrics matter most?
Adeniyi: Sui’s core network utility comes from staking, gas, governance, and storage. Token value is directly correlated with measurable onchain activity.
SUI is deflationary by design. There will only ever be a maximum of 10 billion tokens, and because of the deflationary mechanisms, actual circulating supply should be below that.
Another important metric is Sui Dollar adoption. Sui Dollar recently grew to about 75 million dollars. Our goal is to grow stablecoin flows on Sui into the multiple billions, which would generate meaningful income for validators as more stablecoin yield flows directly to the network.
Ehan: Strategic allocations are common across Layer 1 ecosystems, but the market often struggles to judge whether recipients actually deliver value back. How does Sui think about that balance internally?
Adeniyi: Sui is still one of the youngest chains, but it already has more engagement than many chains that have been around much longer. It has overtaken many chains with four or five years of history, so the trajectory is clearly upward.
Value delivery is assessed through onchain traction, not just capital raised. Fundraising matters, but the real question is what metrics a project actually drives.
Long term, we focus on supporting teams building core primitives and ecosystem-wide applications. We want projects aligned with Sui’s long-term goals, especially those solving real problems. Because we believe Sui is the only truly scalable Layer 1 in crypto, we think it can capture larger market share than incumbents focused on narrower use cases.
Sui’s Governance Boundaries: Validator Coordination and Emergency Response
Ehan: The Cetus exploit became one of the biggest governance stress tests for the Sui ecosystem. After roughly 223 million dollars was exploited, Sui validators froze part of the attacker’s funds, and governance coordination helped recover assets.
Some saw this as strong crisis coordination, while others saw it as a warning sign around validator power and intervention boundaries. Freezing attacker funds can protect users, but it also raises concerns about centralized intervention. How do you define that boundary?
Adeniyi: Sui governance is run by more than 100 independent, globally distributed validators with broadly comparable voting power. No single entity or group can control network functions, so any coordinated action requires broad consensus.
The ability to protect capital shows how fast, active, and engaged Sui validators are in maintaining network safety and security. In this case, more than 100 independent validators acted independently to secure funds.
Access to Sui governance is open and equal. This was not a centralized effort or a small inner circle making decisions. It was a decentralized response and a real-time example of how governance can work.
Ehan: When should assets be frozen, and when should they never be frozen? Does Sui now have a clearly defined emergency governance framework for future incidents?
Adeniyi: The power of independent, distributed validators lies in collective decision-making around what is best for the ecosystem. That is not something one individual or one entity can design or define alone.
Neither Mysten Labs nor the Sui Foundation can block addresses or transactions. We do not control validators or dictate the behavior of independent actors on Sui.
Validators coordinate because users, investors, and institutions delegate stake to them. Token holders choose validators they believe will act in their best interests. That is proof of stake: token holders delegate stake, and validators act on behalf of those token holders. This is governance working at scale.
Sui’s Global Expansion and Payments Ambition
Ehan: Where are Sui’s real users concentrated today?
Adeniyi: Sui is a global chain, with growth across Asia, Africa, and other major markets. Our Builder House events are where we meet closely with the ecosystem. We have held Builder House events in Lagos, Seoul, Japan, Vietnam, Miami, and other places around the world. The Miami event was called Sui Life.
Builders such as Paga, based in Nigeria, also show the global reach of the Sui ecosystem. Paga partnered with Sui to offer bank accounts using Sui Dollar and provide yield to users.
Ehan: Over the next year, which regions matter most for growth: Asia, the U.S., Europe, the Middle East, or emerging markets? Why?
Adeniyi: It is hard to say. Success in every market matters to us, so we will go where the demand is.
Our focus will be growth in stablecoin payments, agentic payments, and institutional adoption.
The key metrics I would watch are total stablecoin AUM on Sui, the number of agentic payments processed compared with other networks, and the number of institutions onboarding.
We have a lot more to discuss this year. It is going to be exciting.
Ehan: Finally, if you had to describe in one sentence what Sui is trying to become over the next few years, what would it be?
Adeniyi: A replacement for SWIFT, or for any traditional payment rail. I think we have a real chance to do that well. The signs are already there.
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