Mysten Labs’ $300M Fundraise Values Business at More Than $2B

Capital from the Web3 infrastructure company’s FTX Ventures-led round will go toward scaling the Sui blockchain


From left: Mysten Labs’ Sam Blackshear, Evan Cheng, Adeniyi Abiodun | Source: Mysten Labs


key takeaways

  • Other participants in the funding round were a16z, Binance Labs, Franklin Templeton and Coinbase Ventures
  • Sui, launched in March, forgoes consensus for most transactions, allowing it to speed up transactions

Mysten Labs is putting its fresh round of funding toward powering more Web3 applications and speeding up the adoption of its new blockchain, the company revealed Thursday.

The California-based Web3 infrastructure company launched decentralized blockchain platform Sui in March. Mysten Labs CEO Evan Cheng said in a statement Thursday that Web3 infrastructure is currently “in the dial-up era.” 

“It’s slow, expensive, capacity constrained, insecure, and simply hard to build for,” he added.

The Mysten Labs team said it can build a better blockchain. As an example of one novelty to improve scalability, Sui forgoes consensus for most transactions, allowing it to parallelize the execution of them and reduce latency, a technique known as “casual ordering.”

The project was expected to launch an incentivized testnet in August and has solicited prospective validators to participate, but the team has not announced a launch date. A token, SUI, is also planned, which will be used to participate in the proof-of-stake network after mainnet launch, also on an unknown future date.

Cheng had spent the last 16 years at tech companies such as Apple and Facebook, which is now known as Meta. He and three other former Facebook employees — Sam Blackshear, Adeniyi Abiodun and George Danezis — worked on Meta’s Novi Financial team to help develop the Diem stablecoin and Move programming language.

Sui’s use cases, according to Mysten Labs, include facilitating airdrops to millions of people in a single, low-cost transaction; creator-owned decentralized social media networks; and developing blockchain gaming interactions such as equipment crafting, character leveling and battle records stored on-chain.

FTX Ventures led the Series B round. Other participants included a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O’Leary Ventures.

FTX Ventures Partner Amy Wu said in a statement that Sui’s parallelizable agreements and “object-centric architecture” were key technical innovations that make it a next-gen platform for Web3 builders. 

Arianna Simpson, a general partner at a16z added: “We believe that Sui’s novel architecture will meaningfully improve scalability and lower transaction costs, unleashing new web3 applications and experiences for a broader audience.”

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says


Plus, Ethereum is in the midst of a vibecession


Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings


This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round


Plus, a layer-1 for intellectual property is launching and Farcaster users peaked


Crypto still hasn’t shaken one of its most garish primordial tails — funny stories about fraud