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Mysten Labs

Mysten Labs company profile covering its funding, platform features, milestones, and team.

Blockchain Network

United Statesmystenlabs.comFounded 2021

About

Mysten Labs is a leading Web3 infrastructure company building foundational technology for the next generation of the internet. Founded by former Meta (Diem/Novi) engineers, the company is best known for creating the Sui blockchain, a high-performance Layer 1 blockchain designed for scalability, low latency, and mass adoption. The company focuses on solving core blockchain limitations such as slow transactions, high fees, and poor user experience by developing tools that power decentralized applications (dApps), DeFi, NFTs, and gaming ecosystems. Key Features of Mysten Labs: • Uses horizontal scaling and an object-based data model to handle high transaction throughput for large-scale global applications. • Builds a full Web3 stack with Sui as Layer 1, DeepBook for decentralized liquidity, Walrus for storage, and Seal for encryption and data control. • Focused on secure smart contract deployment with strong cryptography, making Web3 development simpler for builders and startups. • Smart contracts are written in Move, a Rust-based language made for secure and efficient execution, helping reduce common blockchain vulnerabilities. Mysten Labs Milestones: Years Key Achievements 2021 The company was founded in September by Evan Cheng and the Diem team. In the same year, it raised $36M in Series A funding led by a16z Crypto to start building Web3 infrastructure. 2022 The Sui Blockchain and the Move programming language were introduced. The team secured $300M in Series B funding, pushing the valuation to around $2B to support ecosystem growth. 2023 Sui Mainnet officially went live in May. The project also formed major partnerships, including becoming the official blockchain partner of Red Bull Racing. 2024 Walrus, a decentralized storage protocol, and Enoki, a customer experience platform, were launched. The team also introduced SuiPlay0X1, a handheld Web3 gaming device. 2025 In March, the Web3 gaming startup Parasol was acquired. The team also launched Seal, a decentralized secrets management tool, and the LAUNCH career program to attract more developers into the ecosystem.

Team (6)

Funding

  • Series BBinance008 Sept 2022
  • Series Aa16z3,60,00,00006 Dec 2021

FAQs

  • Mysten Labs is a blockchain infrastructure company building the Sui Layer 1 blockchain and other Web3 technologies to power decentralized applications.