2 BIG Projects on Sui💧Airdrops by Mysten Labs & Suilend team #crypto #airdrop

Jimbo's Crypto Land

2 months ago

Score: 475

The summaries and transcripts on this page are generated with AI technology and may not perfectly represent the content of the video. Please use the information as a guide only.

Executive Summary

Okay, here's a summary of the two SUI projects discussed, keeping it casual and focusing on the key info:

This is all about two interesting projects heating up in the SUI ecosystem. First, there's Steam, a decentralized exchange (DEX) running live on the SUI mainnet, which is backed by the well-known SUI Land team. Second is Seal, a privacy-focused tool currently on the SUI testnet, and significantly, it's being built directly by Mysten Labs – the core team behind SUI itself! Both projects have buzz around potential future rewards or airdrops, although Seal comes with a bit of a twist on that front.

Here’s a breakdown of the key points for each project:

Steam (Mainnet DEX by SUI Land)

What it is: Steam is a Decentralized Exchange (DEX) operating on the SUI mainnet. Think of it as a place to swap tokens and provide liquidity, similar to Uniswap but on the SUI network.
Comparison: It's functionally very similar to another SUI DEX called Momentum.
Key Backing: A significant point is that Steam is powered by SUI Land, which is considered a major and established platform within the SUI ecosystem.
Presenter's Take: Because of the SUI Land connection, Steam might be a slightly better strategic choice compared to Momentum if you had to pick just one. However, participating in both (as the presenter did) is also a valid approach.
How to Participate: The main action is to deposit liquidity into one of Steam's pools. This usually involves swapping for the two tokens in your desired pair first, then adding them to the pool.
Pool Examples: Pools like iSUI/SUI and SUI/USDC were used as examples for depositing.
Incentives: By providing liquidity, you earn daily points. This point system (which Momentum also uses) often hints at potential future token airdrops or rewards for early users.
Personal Involvement: The presenter deposited nearly $1,000 into Steam, showing a similar level of commitment as their $1,000+ deposit into Momentum.
Community: The official Discord for Steam is actually the SUI Land Discord, reinforcing their connection.

Seal (Testnet Privacy Tool by Mysten Labs)

What it is: Seal is a project focused on decentralized secret management currently running on the SUI testnet. It's designed to help Web3 apps securely handle sensitive data.
The Builder: This is a big one – Seal is being built by Mysten Labs, the creators of the SUI blockchain itself.
Team Reputation: Mysten Labs is held in very high regard ("best team ever," "whatever they touch turns to gold"). They also built Walrus (a related storage network). There's immense confidence in their ability to deliver, partly fueled by the described work ethic of the team (like a co-founder working 20 hours a day!).
The Airdrop Situation (Important!): A message from a team member (Matteo SUI) explicitly stated that Seal will NOT have its own token.
Why Participate Anyway? Despite the "no token" statement, the strong recommendation is to still try out the Seal testnet.
- There's always an outside chance things could change, or participation could be rewarded in other ways ("Even if I have 1%... I'll take my chances").
- The process is very quick (estimated 5 minutes).
- It uses free testnet SUI tokens, meaning there's zero financial cost or risk involved.
- Given the low effort and potential (even if small), it's seen as an "easy, obvious choice."
The Problem Seal Solves: Web3 apps struggle to manage private data (like DMs, private content) securely without resorting to centralized servers (like AWS), which undermines decentralization. Seal provides a decentralized alternative.
How Seal Works (Simplified Tech):
- On-Chain Access Control: Uses SUI's native smart contract language (Move) to define rules on the blockchain itself about who can access specific data (e.g., only holders of a certain NFT). This makes access rules transparent and verifiable.
- Threshold Encryption: Instead of one central key, the encryption keys are split across multiple servers. No single server has full control, significantly boosting security (no single point of failure).
- Client-Side Encryption: Your data gets encrypted directly on your own device before it's sent anywhere, keeping it private from the start.
Flexibility: Seal is designed to work with different underlying storage solutions, including Mysten Labs' own Walrus.
Potential Use Cases:
- Creating exclusive content accessible only to specific token/NFT holders.
- Building secure, end-to-end encrypted messaging within DApps.
- In Web3 games, encrypting in-game items or rewards that unlock only after completing certain tasks.
- A demo marketplace using Seal for subscriptions (built with SUI and Walrus) is available on GitHub for developers to explore.
How to Use Seal (Testnet Steps):
1. Switch Network: Make sure your SUI wallet (like Sui Wallet, Martian, etc.) is set to the Testnet.
2. Get Test Tokens: Obtain free testnet SUI (called MIST) from a SUI Faucet website by entering your wallet address. Several faucet links were mentioned.
3. Try the Allowlist Example:
  - Go to the Seal Allowlist demo page, connect your wallet.
  - Click 'Try', give your allowlist a name.
  - Add your SUI wallet address to this list.
  - Choose a Walrus storage service (e.g., Walrus.space worked).
  - Upload a test file from your computer.
  - Click through the two steps (likely requiring transaction approvals in your wallet).
4. Try the Subscription Example:
  - Go to the Seal Subscription demo page, connect, click 'Try'.
  - Set parameters: a price (in MIST), subscription duration, and a service name.
  - Click 'Create Service' (approve transaction).
  - Upload another test file.
  - Click through the two steps again.
  - Use the 'Share this link' option.
  - Finally, click 'Subscribe and download' and encrypt the file to complete the test flow.

Transcript

Hello my lovely legends! Today we're talking about SUI, our favorite ecosystem. We're going to explore two different projects on SUI. The first one is Steam. This is on the mainnet and the second one is Seal. This is on the testnet. So I got you covered even if you want to deposit liquidity, even if you don't want to deposit any liquidity and do some testnet transactions. Links here for my two-part video because these are two different projects. You can find them on the first link of a description which redirects you on my website. Here you can also go to subscriptions and access our Discord team. This is the Web3 Paradise. Guys, come and join and we big time. I'm not a financial advisor, I'm just a guy on the internet. This is pure entertainment. So first of all, what is Steam? If you watch my Momentum Decentralized Exchange video about SUI, you know what Steam is. It's exactly the same. It's one more dex without a token but this time this is way bigger because as you can see here, this is powered by SUI Land, one of the biggest platforms on SUI. So just one step here, the deposit liquidity on Steam. Exactly the same we did on Momentum. As you can see here, Momentum, my position, I've deposited more than $1,000. I did exactly the same for Steam. As you can see here on my portfolio, I deposited almost $1,000. To me, this might be a better choice. I told you why because it's powered by SUI Land but I'm depositing in both protocols. If I had to choose one, this might be Steam. So go here to swap, make your swap, go to pools, deciding which pool you need to deposit. For me, Momentum was Deep and SUI and Warworks and SUI. For Steam, mine was iSUI and SUI and SUI and USDC and you're earning daily points right over here as you can see. Both protocols have up-point system. Show your choice in which you want to deposit some liquidity. Both good place, both on our favorite ecosystem, SUI. These are all the official links. As you can see, the Discord is SUI Land. I told you this is powered by SUI Land. And now the main event, guys. We're talking about SEAL. This is built by Misten Labs, SUI's team. They also beat Walrus and you saw how big this network was. Now they're building SEAL. Whatever they touch, it's turned into gold. This is the best team ever out there. I had the pleasure to meet one of the co-founders of SUI. This guy is from Greece. He's amazing. He doesn't sleep, guys. He's working 20 hours per day. He's a total freak out there and that's why SUI's success is guaranteed. But before we begin, I want you to see this very clearly. This is from Matteo SUI. That SEAL will have no tokens. So right now, you have a choice to make. Either you believe the team, either you don't just like I always do. Even if I have 1% of taking the airdrop, I'll take my chances. You miss 100% of the shots you don't take. Plus, this is just a 5-minute procedure. So, risk-reward, time-consume-reward, gamma, guys. This is an easy, obvious choice. So, what's it? It's a decentralized secret management service by Misten Labs designed to secure sensitive data in Web3 apps. Unlike centralized solutions like AWS, SEAL offers on-chain access control and threshold encryption, making it a decentralized, flexible way to protect data for any apps on the SUI blockchain. This is live on SUI Testnet and it's a big step towards Web3 privacy. And why does this matter? Web3 apps often struggle with securing data access. Think private messages or gated content. Most solutions are either centralized, which isn't the ideal, come on now, or too missed. SEAL fixes this by giving developers a decentralized tool to secure data without single points of failure. Built on SUI, obviously, it uses Move smart contracts for transparent access control, making it secure and auditable. It's a game changer for Web3 security. And how does this beauty works? It has three features. First, on-chain access control. Move smart contracts on SUI define who can access data like only NFT holders. Second, threshold encryption. No single server holds the key. It's split across multiple servers for safety reasons. And third, client-side encryption. Users encrypt data on their devices, keeping it private. SEAL also works with any storage like Walrus, making it super versatile. And what can you build with SEAL? TONS! You can generate gated content like premium articles for NFT holders or end-to-end encrypted tasks for D-Apps for gaming, encrypt assets that unlocks after some tasks. Here on GitHub, there's a demo marketplace app using SEAL with SUI and Walrus to manage subscriptions. Pretty cool stuff. Time to begin with our steps. And for step number one, we need to have SUI faucet. Guys, we're talking about Testnet. Make sure on your SUI wallet to be on the Testnet. Click here on Settings, Network and be on the Testnet. And right now, I have three websites to get SUI faucet. Just paste your SUI address and claim some tokens. On step number two, we're going to explore the Allowlist example. Here we are. Connect your wallet and then click on Try. Then create your name Allowlist and add your SUI wallet. So here I'm going to put Jimbo 864 and I will create my Allowlist. Then add here your SUI wallet and choose a Walrus service. To me, Walrus.space worked fine. Now, choose a file from your computer and click on the first step. And then click here on the second step and you're good to go. Step number three, the subscriptions example. Here we are. We click on the Try. Then we give a price in MIST, a subscription duration and the name of the service. Once you complete all the information, click on the Create Service. Again, approve the transaction. This will open and again, choose a file from your computer. First step, second step exactly like we did before. And here click on Share this link. This will open and here click on the Subscribe and download and encrypt your file. At the bottom, the official links of MIST and LAB just like we did for Steam. And that was it about SEAL. We explored also one more project on the test end. First, we explore Steam which is on the main end. So guys, like this video, you found this information useful. Always a nice comment is appreciated. Subscribe to the channel. Come to my website to see a lot of air dobes. That was it for this SUI video. Two big projects guys. See you on the next one.

Video Stats

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Comments36

Duration6:43