Preface

As the bull market arrives, the Sui public chain, a star project that was highly anticipated during the bear market, has shed its former low-key image. Not only has its token price performed strongly, but its ecological TVL has also continued to grow by more than $600 million, showing great momentum for further growth.

The continuous influx of capital has attracted a lot of market attention. Sui’s technical characteristics such as high throughput, low latency, and strong scalability have been seen by more and more people. The developer community is becoming increasingly active, and various protocols in the ecosystem are also beginning to flourish.

As a top-tier trading platform in the Sui ecosystem, Bluefin provides users with a multi-variety trading experience of derivatives + spot trading through its efficient transaction processing speed, transparent on-chain security mechanism, and user-friendly operation interface.

Bluefin‘s vision is not just to be a trading platform, but also to build infrastructure and create a decentralized financial ecosystem on the Sui network.

Under the volatile market environment, it is a good time to explore the potential of the public chain ecosystem. Bluefin is about to launch TGE in the near future, and will also usher in the official release of spot asset aggregator and Bluefin Pro in the second half of the year.

This article will introduce Bluefin’s upcoming updates and TGE details, and describe Bluefin’s development history and grand vision.

Bluefin’s position in the Sui ecosystem

Market demand and performance supply are not yet aligned

Although Sui is known for its high performance and user-friendliness, these advantages have not been fully utilized in many applications, resulting in its high performance and low latency characteristics not being fully demonstrated to users. Many applications are still complex in design, not intuitive enough, and fail to take full advantage of Sui’s user-friendliness. Ordinary users still face high learning costs when using it. These problems limit the further promotion and application of the Sui ecosystem.

Derivatives trading is also gradually becoming the focus of attention for users in the DeFi field. However, many existing platforms still have shortcomings in performance and user experience, and cannot meet the user’s demand for efficient and low-latency trading. Secondly, high transaction fees are also a common problem, especially when the trading volume is large and the market fluctuates sharply, users need to pay high handling fees. This has a certain impact on the further development of the DeFi track.

Sui Ecosystem Needs a Breakthrough

From the steady growth of TVL, it is not difficult to see that Sui is gradually developing towards a major public chain as planned. However, despite the increasingly improved infrastructure, most projects within the Sui ecosystem are still at an early stage. Currently, there is a lack of sufficient innovative applications to attract ordinary users, and there has not yet been a strong user base or community influence to create synergy. To shine brightly in this round of the “non-liquidation bull market” like Solana and Base, the Sui ecosystem currently lacks an “explosive point” capable of breaking through the ecosystem and attracting mainstream users’ attention.

In this context, Bluefin emerged as a unique protocol. Bluefin saw the high-performance potential of Sui that was urgently needed. By leveraging the unique architecture of the Sui network, Bluefin challenged the current market limitations, found the right ecological niche, and relied on its strength to Break the circle.

Go faster, Bluefin leverages the Sui ecosystem

As an early explorer of DEX, the mature and excellent Bluefin is the result of the team’s continuous technological iteration.

Initially, the Bluefin v1 test version was launched on Arbitrum in 2023. However, the Bluefin team quickly realized the limitations of this platform in terms of scalability and cost-effectiveness on Arbitrum. The team turned its attention to the Sui public chain. Attracted by the unique architecture and advantages of the Sui blockchain, the Bluefin team began to adjust the codebase and build Bluefin adapted to the Sui network. Finally, Bluefin v2 was deployed on the Sui mainnet at the end of 2023, with a trading volume of over $3.2 billion in December 2023 alone.

As the team expected, the transition to Sui allowed Bluefin to find a solution that matched its high-performance and user experience goals.

From the initial Bluefin Classic to Bluefin v2, and now to the upcoming Bluefin Pro, it has undergone multiple versions of evolution. Each version has seen significant improvements in performance and user experience. With each step of iteration, Bluefin has gradually established itself as an excellent trading platform. In the future, Bluefin aims to expand towards finance and infrastructure, building infrastructure on the Sui chain and creating an ecological financial network.

Sui: Providing a High-Speed Channel for Transactions

In the Sui network, Single-Owner Objects have high efficiency and parallel processing capabilities. These operations, including token transfers and smart contract releases, are processed by Sui without reaching consensus, thus enabling large-scale parallel processing and only locking related data.

At the same time, Sui processes each transaction separately, avoiding the problem of block batch processing, so the latency of each transaction is shorter and easier. Then the arbitration driver assembles these transactions into certificates, and the transaction is completed after successful verification. And Sui uses causal ordering for transactions that contain self-owned objects, so it can achieve large-scale parallelization and sharding through multiple machines, greatly improving the scalability of the Sui network.

Sui’s high performance, low cost, and strong scalability allow Bluefin to achieve sub-second settlement speeds and ultra-low transaction costs comparable to centralized exchanges.

Lowering the Presence of Wallets, Maximizing User Experience

Bluefin uses the account abstraction function to make the on-chain interaction process invisible to users, allowing users to trade easily without a wallet.

Bluefin has integrated with zkLogin to simplify the user registration process. Users only need a Google account to directly log in to Bluefin and enter the trading market without a wallet. At the same time, zero-knowledge proofs also ensure that sensitive user data privacy is protected.

In order to provide a user experience comparable to that of centralized exchanges, the project team has tried to simplify the asset deposit process as much as possible.

Bluefin has integrated Wormhole to provide users with a smooth cross-chain solution that can be implemented within the Bluefin platform, allowing Defi users to make one-click deposits from any chain. For those new to Web3 or users of centralized exchanges like Binance, Bluefin will support direct fiat deposits as well as direct deposits from CEXs.

Bluefin wants to completely eliminate the need for a Web3 wallet for users. Users can bypass wallet installation for a faster, friendlier, and more secure trading experience without compromising the integrity of the technology.

Bluefin’s dedication to user experience has naturally received the most real data feedback. Since the launch of v2, Bluefin’s user base has continued to grow.

Team Background and Ecosystem

Bluefin’s leadership team comes from well-known companies such as Meta, Goldman Sachs, Amazon, NYSE and more. Founder Rabeel Jawaid is a research scientist at the University of Pennsylvania’s Singer Center for Nanotechnology and a former investment analyst at Optimus Capital Management.

Based on available information, excluding the undisclosed pre-seed round, Bluefin has raised $29.2 million in funding, led by Polychain, Three Arrows Capital, and DeFiance Capital, with participation from many other prominent institutions and individuals.

Currently, Bluefin has partnered with several leading market makers and companies, such as Wintermute, Amber, Keyrock, Meta, Goldman Sachs, Amazon, etc.

Currently, Bluefin is interconnected with various on-chain financial protocols, such as CetusProtocol, Turbos Finance, KriyaDEX, and AVEO. It also collaborates with well-known NFT communities like Pudgy Penguins, MadLabs, and Azuki. During the TGE, $BLUE token airdrops will be distributed to the community members of these partner projects. In the future, Bluefin will join hands with more quality projects to create a prosperous on-chain financial network.

The Future is Here: Technical Highlights of Bluefin Pro

While Bluefin v2 continues to evolve, the Bluefin team plans to launch Bluefin Pro later this year. This version will represent a highly optimized product, focusing on reducing fees, transaction execution latency, and offering cross-margin accounts.

Leveraging Owned Object Transactions

• Cross-Margin Support: Bluefin Pro will introduce cross-margin trading accounts, a key feature for trading platforms.
• 30ms Transaction Confirmation: Bluefin Pro ensures rapid user experience confirmation regardless of on-chain processing time. It achieves off-chain transaction confirmation in under 30 milliseconds at approximately 30,000 TPS.
• 400ms On-Chain Finality: Fast on-chain finality will ensure that Bluefin Pro maintains efficiency and quick responsiveness even under high traffic conditions.
• Gas Costs: Bluefin transaction calls typically consume 1,000 to 2,000 gas units, with an average gas cost of around $0.01, ensuring low cost and predictability. The Bluefin Foundation covers these gas fees.

A Simplified Explanation of Single-Owner Objects and Owned Object Transactions:

In the technical architecture of Bluefin Pro, “single-owner objects” and “owned object transactions” are two closely related but independent concepts. Single-owner objects provide the foundation, and owned object transactions leverage this foundation to achieve efficient transaction processing.

Using a library borrowing analogy, Sui is the management system of the entire library, responsible for recording the status and borrowers of each book, ensuring each book has a unique tag (ownership). Bluefin is the librarian who uses the Sui system to quickly process borrowing and returning operations.

Each book has a unique tag indicating who borrowed it. This is akin to a “single-owner object,” where each book (object) has a clear borrower (owner).

When you borrow or return a book, the library only needs to check the tag of that book, not the status of all books. This is like an “owned object transaction,” which only needs to check the relevant books and owners without a global check of the entire system.

TGE is Coming - How to Participate in Bluefin’s TGE

In the future, the distribution of Bluefin’s project token $BLUE will focus on incentivizing ecosystem growth (52%), with 13% allocated for Bluefin airdrops, 19.5% for trading rewards, liquidity provision, and future growth plans, and 4.5% for initial liquidity provision, which will be fully unlocked at TGE.

The remaining 48% will be allocated to investors and core project contributors, with a linear release starting 12 months after TGE.

For users, there are four ways to participate

1. Trade Mining

Currently, users can earn points by trading on the Bluefin platform. Bluefin’s trading reward program distributes Blue points and Sui rewards to traders weekly, with rewards determined proportionally based on the fees paid by users during the week. Click the “Reward Pool” button on the Bluefin Reward Dashboard to view the weekly reward pool.

1. Trading Level League

The Trade Level League event works in conjunction with trade mining. Users participating in Bluefin trading can earn different levels of NFTs based on their trading data, with higher levels earning more airdrop rewards.

Under the level mechanism, users can freely formulate participation strategies, whether to focus on a single account for higher levels or multiple accounts for lower guaranteed rewards, each with corresponding expected returns.

1. Bluefin Stable Pools

Users can support order book liquidity and earn stable returns through Bluefin Stable Pools, minimizing downside risks.

1. Open Referral

Through the Open Referral program, users can create their own referral links and share a 10% bonus with the invitees.

Conclusion

The emergence of Bluefin effectively fills the current market gap. As a high-performance on-chain trading platform, Bluefin sees the huge potential behind Sui’s excellent technical architecture. Through its innovative application layer design, Sui’s technical advantages are fully demonstrated. Not only does it have significant advantages in transaction speed and cost, Bluefin has also made great efforts in user experience, so that even novice users can easily get started. Through Bluefin, users can intuitively experience the powerful performance of Sui, which not only improves user trading experience, but also further promotes the popularity and application of the Sui ecosystem.

Not only is it deeply compatible with Sui in terms of technical performance, Bluefin also greatly improves user participation and community loyalty through unique user reward mechanisms and community activities, bringing new vitality and continuous attention to the Sui ecosystem. In the future, Bluefin will further develop the financial network, improve the spot market and build ecological infrastructure.

With the upcoming issuance of the $BLUE token, the well-prepared Bluefin might become the “explosive point” that leads the Sui ecosystem to break through and guide it towards a more mature financial world.

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