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Home»ADOPTION NEWS»Sui implements a shared custody model for enhanced decentralized finance.
ADOPTION NEWS

Sui implements a shared custody model for enhanced decentralized finance.

By Crypto FlexsAugust 24, 20242 Mins Read
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Sui implements a shared custody model for enhanced decentralized finance.
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Rebecca Moen
24 Aug 2024 03:26

Sui enhances the security and efficiency of DeFi applications by introducing a shared storage model to the object-centric data framework.





Sui, a blockchain known for its object-centric data model, has unveiled a new shared storage model to improve security and efficiency. Decentralized Finance According to The Sui Blog, there are (DeFi) applications.

Introduction to joint custody

Many applications in decentralized finance require multiple parties to share access to the on-chain state. For example, lending protocols require timely access to liquidate positions, while dollar-cost averaging (DCA) strategies require frequent, automated trading. Traditionally, this is achieved through account-centric models, but Sui’s object-centric framework presents unique challenges and opportunities.

Implementing joint custody

Sui’s shared custody relationship leverages the platform’s object ownership model. Sui uses Shared Objects to allow multiple entities to interact with an object. However, this approach introduces potential problems, such as unrestricted access and increased risk of misuse. To mitigate this, Sui uses a custom object called ‘Order’, which encapsulates rules and restrictions on how funds can be accessed and managed.

Challenges and Solutions

The shared storage model addresses accessibility, but also introduces complexities related to gas fees and network congestion. This model requires multiple entities to manage permissions, which increases both the cost and complexity of transactions. Additionally, shared entities require consensus to order transactions, which can lead to network congestion.

To solve this, Sui proposes to use multi-signature (multisig) transactions. This approach allows multiple entities to have authorized access while maintaining the benefits of owning the object, thus reducing gas fees and alleviating network congestion. The multisig model improves security and efficiency by ensuring that only authorized parties can interact with the object.

Security and User Experience

Sui emphasizes the importance of user security and transparency. The shared custody model ensures that users’ funds are protected through strict on-chain enforcement of access controls. Multi-sig transactions, programmable transaction blocks, and sponsored transactions provide a robust framework for secure and efficient DeFi operations.

Future outlook

With this implementation, Sui aims to set a new standard for shared custody in decentralized finance. This model not only improves security and efficiency, but also provides a transparent user experience. Sui plans to extend this shared custody model to other domains to further enhance the functionality of Web3 applications.

Image source: Shutterstock


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