If you have read my recent blogs you would have noticed that I am focusing a lot on projects running on SUI as I am convinced that SUI has the potential to be the best performing Layer1 altcoin in the coming bull run whenever it gains momentum.
Once SUI starts pumping then all major projects running on SUI will start getting visibility and the ones delivering well on their roadmap will outperform the others.
The project called “Ika” that I am going to talk about today is a project I think is all set to become the biggest project on SUI during the coming months.
Before I get into the details of the project and talk about why exactly I am so bullish about it I want to clarify as always that this is not financial advice and you need to DYOR before taking any action.
What Exactly is Ika?
Ika is the Japanese word for Squid and it adapts to the whole SUI ecosystem as Sui means water in Japanese and majority of projects running on SUI have some water related theme associated with them.
We have many DeFI, Wallets, NFTs, Memecoins already running on SUI but those are basic project with nothing really revolutionary to offer to the market.
Ika has a scope that has the potential to shake up the entire crypto markets. It plans to do things which have not yet been done and if implemented well it will propel SUI as a market leader amongst all layer 1 altcoins.
In a nutshell Ika aims to be the best MPC (Multi-Party Computation) system ever which in layman terms means that it is going to create interoperability of assets from all blockchains within SUI blockchain. This makes it obvious that if that is successful it is going to elevate SUI to a whole other dimension and give it a clear definitive edge over other L1s.
What Does it’s WhitePaper Say (TLDR)?
Before you get any wrong ideas let me make it absolutely clear that as a general rule I hate reading white papers. I made na exception for Ika as I was really intrigued by the project mission and wanted to understand more about it. It is a short 10 page white paper so did not take me much time and it is not riddled with difficult jargon so is quite easy to follow.
My main takeaways from the white paper are the following:
-Overcome risks of Traditional Bridges: Most bridges lock tokens in native chain and present wrapped version of the tokens in destination chain. This has a high security risk which can be exploited by hackers. Ika is working on a model to eliminate this risk.
-dWallet Functionality- Ika will enable users to have a central wallet that can access tokens from different chains. It also aims at introducing security features to reduce the risk of exposure to their private keys.
-SUI Alignment- The reason why Ika decided to build on SUI is because it is developed on MOVE language which helps them achieve the high scalability level they wanted to incorporate in their model.
What Next for Ika?
Currently there is no news of when the products of Ika ecosystem will be launched and they have kept a very limited closed testate for now. It is good sign that they don’t want to farm the farmers.
There is one aspect though to already own a piece of Ika environment. They recently launched the NFT collection called “MF SQUID MARKET”. They launched it on Walrus infra which shows their intent of collaborating closely with other big projects on SUI.
It was a highly anticipated mint with people grinding for weeks in hope of a whitelist. The mint price for the 10K NFT collection was around 6 SUI tokens. The current floor is around 10-11 SUI, I expect the floor to go much higher once the market improves and Ika shares more details about their project launch plan.
This is one project I will be monitoring closely for the coming months as I want to be involved in all assets and apps they launch along their roadmap.
Cheers,
Sam