Sui Drops 1.44% as Ika's MPC Network Joins Blockchain

Sui's latest price was $3.51, down 1.438% in the last 24 hours. The sui blockchain is set to welcome Ika, the world’s fastest parallel MPC network, following a strategic investment from the sui Foundation. This investment comes after Ika concluded a record-setting 1.4 million SUI NFT art campaign on Sui. Ika is the first sub-second MPC network, enabling zero-trust interoperability between blockchains at an unprecedented scale, across hundreds of signer nodes with ironclad security. This aligns perfectly with Sui’s core values of performance, speed, and decentralization.

With its upcoming launch on the Sui blockchain, Ika brings its unrivaled MPC technology to empower Sui Move smart contract developers with secure interoperability across all of Web 3.0. This cements Sui’s position as the premier solution for cross-chain DeFi, decentralized custody, chain abstraction, AI agent guardrails, native Bitcoin programmability, and more, utilizing the first truly scalable, secure MPC signing solution.

Ika leverages the novel 2PC-MPC cryptographic scheme and Sui’s Mysticeti consensus protocol to address critical limitations in existing MPC networks, delivering unprecedented performance. Ika can scale to process transactions up to 10,000 times more than current MPC networks, enabling unprecedented volume. While conventional networks can lag 30 seconds or even more, Ika can generate a signature at sub-second speed, enabling real-time applications across chains. Ika transcends the typical four to eight node limit, with 2PC-MPC that can scale to hundreds and potentially even thousands of signers, bolstering decentralization without compromising performance. Ika’s architecture ensures user assets remain secure even in worst-case scenarios, setting a new standard in decentralized security.

Ika’s ultra-fast MPC network powers a wide range of applications on the Sui blockchain, with multiple Sui builders already building their tech utilizing Ika. These include DeFi interoperability, where Ika’s sub-second speed and scalability enable instant and secure operations across all Web 3.0 ecosystems, bringing liquidity from chains like Bitcoin and Ethereum to Sui. Sui builders, Full Sail and Rhei, have announced their upcoming launch utilizing Ika. Ika also offers secure, decentralized custody solutions on the Sui blockchain for digital assets, delivering unmatched security for institutional and individual users. Sui builders, Aeon and Human Tech, have announced their upcoming integration of Ika into their tech. Ika allows builders on Sui to abstract the complexity of multiple chains for their users, alongside other Sui features such as zkLogin, delivering a perfect user experience. Sui builders, Covault and Lucky Kat, have announced their upcoming integration of Ika into their tech. With Ika, Sui is now open to new possibilities, including the availability of native Bitcoin through programmable and secure DeFi and custody. Sui builders, Native and Nativerse, have announced their upcoming launch utilizing Ika. Ika enhances AI applications on Sui, by providing secure MPC guardrails, ensuring AI agents don’t have full unchecked power, safeguarding users’ assets. Sui builders Atoma and Ekko have announced their upcoming launch utilizing Ika.

Sui Foundation’s strategic investment in Ika underscores Sui’s dedication to fostering cutting-edge technologies that advance its mission of high performance and decentralization. This strengthens the technical synergy within the Sui ecosystem, positioning both Sui and Ika at the forefront of the Web 3.0 revolution, advancing a future of secure, scalable, decentralized infrastructure. With over $21 million in funding and a peak private valuation of $600 million FDV, Ika is backed by dozens of key players in the Web 3.0 space, including Sui Foundation, DCG, Big Brain Holdings, Blockchange, Node Capital, Amplify Partners, Liquid2 Ventures, FalconX, Tykhe Block Ventures, Lightshift, Token Bay Capital, Collider, Zero Knowledge Ventures, NoLimit Holdings, Rubik Ventures, Dispersion Capital, Insignius Capital, Impatient Ventures, Cerulean Ventures, Earl Grey Capital, HDI Ventures, Flowdesk, TPC Ventures, Purechain Capital, Solr DAO, Heroic Ventures, Naval Ravikant, NotVCs, G-20 Group, Artifact Capital, DSRV, Encapsulate and many more. Ika also demonstrated strong adoption from Sui users launching the ‘MF Squid Market’ NFT art campaign the largest and most successful NFT campaign in Sui history, creating a strong and active grassroots community in the process. The IKA token will soon launch natively on the Sui blockchain, unlocking new functionality and utility in decentralized security. As the native token of the Ika MPC network, IKA will play a pivotal role in powering its ultra-fast, scalable infrastructure, serving as the means to pay for MPC signing services, enabling seamless transactions across the Web 3.0 space. By leveraging Sui’s unmatched speed and performance, Ika enhances the overall security and scalability of the ecosystem, adding the most promising MPC technology in blockchain to the fastest-growing layer-one in Web 3.0.

Ika is the fastest parallel MPC network, offering sub-second latency, unprecedented scale and decentralization and zero-trust security. As the premier choice for interoperability, decentralized custody and chain abstraction, Ika is set to revolutionize digital asset security and multi-chain DeFi. Sui is a first-of-its-kind layer-one blockchain and smart contract platform designed from the bottom up to make digital asset ownership fast, private, secure and accessible to everyone. Based on the Move programming language, its object-centric model enables parallel execution, sub-second finality and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences.

Ask Aime: How does Sui's investment in Ika enhance its performance and speed?