With Ika’s integration on Sui, developers can now build secure, decentralized applications on a network that supports Bitcoin and other blockchains.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
3 mins read
Ika, the self-acclaimed fastest global parallel Multi-Party Computation (MPC) network, announced today that it has officially launched on Sui SUI $2.32 24h volatility: 0.2% Market cap: $7.52 B Vol. 24h: $1.03 B , an advanced layer-1 blockchain developed by Mysten Labs. However, the platform is currently live on the testnet, with the mainnet scheduled for December.
According to a shared press release, the protocol formerly known as the dWallet Network will facilitate secure interoperability across multiple blockchain networks, including Bitcoin BTC $83 995 24h volatility: 1.2% Market cap: $1.67 T Vol. 24h: $29.06 B , Ethereum ETH $1 858 24h volatility: 0.8% Market cap: $224.10 B Vol. 24h: $16.17 B , Solana SOL $123.9 24h volatility: 1.5% Market cap: $63.46 B Vol. 24h: $3.47 B , Polygon MATIC $0.20 24h volatility: 4.0% Market cap: $342.92 M Vol. 24h: $1.83 M , Avalanche AVAX $18.87 24h volatility: 2.6% Market cap: $7.83 B Vol. 24h: $307.85 M , and The Open Network TON $3.97 24h volatility: 4.2% Market cap: $9.77 B Vol. 24h: $273.44 M .
The integration of Bitcoin and other blockchains into Sui aims to empower developers to create secure decentralized finance (DeFi) solutions and custody options, which will, in turn, expand the utility of their underlying cryptocurrencies in innovative ways.
According to the announcement, the interoperability will be especially useful for developers working with Move smart contracts. It will provide them with a solid foundational infrastructure that allows institutional participants to fully harness Sui’s cutting-edge decentralized technology.
In addition to the programmability, the newly launched MPC platform will bring other functionalities to the Sui blockchain, such as secure decentralized custody solutions, chain abstractions, and artificial intelligence (AI) Agent Guardrails. These functionalities will enhance the Sui blockchain, making it more attractive to developers and end users.
Ika said it uses the “novel 2PC-MPC cryptographic scheme and Sui’s Mysticeti consensus to address critical limitations in existing MPC networks, delivering unprecedented performance in throughput, with minimal latency, extreme scalability, and zero-trust security.”
The MPC network said it decided to launch on Sui due to their shared business values.
“Sui is the fastest execution venue for cross-chain programmable BTC, DeFi, decentralized custody, Chain Abstraction, and AI agent guardrails. We chose Sui because Ika is deeply aligned with Sui’s core values of performance, speed, and decentralization,” said Omer Sadika, Co-Founder of Ika.
Ika is also planning to launch its own native token IKA directly on the Sui blockchain. The upcoming digital asset will serve as the utility token, empowering all platform activities while enhancing the network’s security and overall performance. According to the press release, holders of the digital asset will be able to pay for the project’s MPC signing services.
While the token’s launch timeline is yet to be disclosed, Ika promises to unlock new functionality and utility in the world of decentralized security. Jameel Khalfan, Head of Ecosystem Development at Sui Foundation, believes the MPC platform will introduce a variety of use cases for the blockchain. He further stated that with Ika, more than “$2 trillion in digital assets can now be programmed via the Sui network”.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
