Bitcoin has mostly erased its losses after the flash crash that struck in early August. And while Ethereum remains off by about 10%, its the newer blockchains like Sui that are actually up by about 25% over the same time frame.

Riding a wave of optimism, newer layer-1 blockchains like Sui are hoping a coming rally will finally give them a moment in the sun after a year's worth of building community and broadening out a base of investors.

Sui, which was launched by a group of team members who left Facebook's former blockchain project, promises tech that can help scale faster than Ethereum. Crypto investment giant Grayscale recently added Sui as one of its newest trusts last week, opening easier exposure for institutional investors.

For co-founder Evan Cheng, gaining that stamp of approval so early on is a testament to what his team is building.

“We’re really, really excited about where we are right now,” Cheng told Coinage in a new interview. “We’re getting these signals from institutions, and that, combined with the passion we’re seeing from the community, just gives us comfort."

The move from Grayscale was somewhat surprising, given the fact that last cycle's darling, Avalanche, also only secured a Grayscale Trust last week. Cheng said that even he was surprised by how quickly Grayscale moved. “We didn’t even know that was coming,” he said. “We had one conversation, and apparently, they got very excited and did a fund.”

Considering Sui launched its mainnet just over a year ago, it's further sign of how quickly Sui is moving. The network has already proven formidable DeFi chops by attracting more than half a billion in total value locked (TVL.) But next up is helping developers move quicker to launch the products they're building on Sui's stack.

“Sui is not just a blockchain. It’s a platform for developers,” Cheng explained. One of the most exciting initiatives on the horizon is the SuiPlay0X1, a device that Cheng believes will revolutionize how people interact with Web3 technology. “It’s a great distribution channel for developers,” he said, noting that the device will offer new experiences to both consumers and developers alike.

As Sui continues to evolve, Cheng emphasized the importance of staying focused on the long term, rather than chasing short-term trends. “Chasing narratives is a surefire way to lose,” he said. Instead, Cheng and his team are committed to executing their vision and building a platform that will stand the test of time.

Still, as narratives around artificial intelligence continue to heat up, it might be difficult to continue attracting investor attention as yet another blockchain that's touting faster speeds and throughput than Ethereum until Sui can show its community is utilizing it.

For now, the narrative seems to be working. Its SUI token is up 85% over the last year.