▶ REPLAY · SUI MAINNET · 2026-07-19 · 13:01:48 UTC

Watch a blockchain
explain itself.

One million real Sui transactions, translated into plain English by a system that first read the chain's own bytecode. Every sentence below is a real transaction — money moving, bets landing, machines at work — replayed on the chain's own clock.

● the chain, talkingreplayed on its own clock
01WHAT MOVED

In those ten and a half hours,
about $400 million left senders' wallets.

Every sender-held movement, priced at one frozen basis and summed across the window — and for the first time, every transaction behind that number can tell you what it was doing. Not the function it called. What it did.

1,000,000 transactions · every minute drawn to scale · tallest: 18:08 UTC with 7,350
~$400M
moved out of wallets, estimated
1,000,000
transactions, every one read
12 days
from first commit to this page

Browse every one of the million → or see all 54 operations, accounted →

USD figures are estimates from third-party prices snapshotted 2026-08-02; SUI is priced at the mean of 99,621 exchange-rate quotes the chain itself recorded inside the window (0.7488 USDC per SUI). 71 of 181 observed assets priced; unpriced assets are shown in native units.

02THE STATE OF THE ART

Everything on a blockchain is public.
Almost nothing is understood.

This is SuiScan — the best explorer on Sui, and genuinely good. Here is a real transaction exactly as it shows it, at its strongest:

✓ Success · call function "collect_protocol_fee_with_return_v2" from 🔵 Turbos Finance 17 SuiScan, today
Digest
iduBSSmyq4z6B17KyqSA4TmJAFfyZJccw4oKPP4CSrR
Sender
0x0a475e3bd09b7e38ef8e200dcf81b55630f7f8c93f44650053…4051ea2
Input 1
zizu / SUI · Turbos Finance
Gas fee
0.00256202 SUI
Balance change
−0.00256202 SUI
Events
CollectProtocolFee

It names the function. It names the venue. It even names the pool. It cannot tell you that a fee was swept, how much was collected, or who keeps it.

Ten years of block explorers stop exactly here — at the words, never the meaning. Everyone accepted this. We didn't.

03THE DECODER

Same bytes. Read properly.

Eight real transactions from the window — a million-SUI move, a bet lost and won by the same player, a route that saved itself. The left side is what any explorer sees. The right is what actually happened.

◆ the decoder 1 / 8
raw record
checkpoint   300,467,948 · index 3
timestamp    2026-07-19 14:28:01 UTC
sender       0xca8b865f…e8c10dbd
packages     (native only)
Committed transferring assets

The most SUI to move in one transaction all day. A million SUI, one move.

−1,049,147 SUI ≈$786k

Transfer assets produced by a native split.

▸ the machine's full reading

The workflow splits value from an asset source, then transfers the resulting objects together to a resolved recipient; splitting prepares the transferred object set rather than creating a separate payment. If the recipient is also the sender, the transfer does not establish a change in custody.

First, it ran an asset split and that step returned a coin. It then passed a coin to an asset-transfer step. At the transaction boundary, the sender's net balance changed by -1,049,146.921134328 SUI. These transaction-wide net changes are not attributed to a specific call; movements without proven sender allocation are excluded.

The right-hand text is the system's own, verbatim — including every sentence about what the evidence does not establish.

04ONE READING, MANY PRODUCTS

One transaction. Six products.

At 22:51 UTC, one wallet closed a liquidity position and walked away with 612,062 SUI and 780,898 USDC — about $1.24M. The same reading of that one transaction is a different product to everyone who touches it:

What happened to my money?

Your position closed. 612,062 SUI and 780,898 USDC came back to your wallet, plus 10.12 CETUS in accumulated rewards. Gas cost 0.014864 SUI.

That is the company. Not six analytics products — one understanding, worn six ways.

05FIND YOUR SEAT

There's a version of this for your job.

06HOW IT KNOWS

It read the contracts first.
Then it read the chain.

Before it explained a single transaction, the system studied the deployed bytecode and wrote the manual nobody else ever wrote. A page, verbatim:

◆ written by the machine · no human edited this

DeepBook: DeepBook order-book account and owner maintenance

This revision is an owner-facing control surface for a DeepBook order-book account. It holds funds in a `BalanceManager`, obtains owner authorization from the transaction sender, routes trading and cancellation actions to a pool, and exposes a quote-only path plus a quote-side flash-loan lifecycle. The package is an adapter and account-management layer around the order-book venue, not the venue itself.

The owner deposit path accepts a typed coin, verifies that the sender owns the balance manager, converts the coin into the manager's typed balance, and records the deposit. The resulting value remains in manager custody until a later trade, settlement, or withdrawal uses it. The deposit event is emitted before the owner check in bytecode order, but transaction atomicity removes it if the check fails.

The withdrawal path uses the same owner proof and removes the manager's complete recorded balance for the requested asset, returning it as a coin and emitting a withdrawal event. This function does not choose an external recipient; the returned coin becomes a transaction result whose later handling determines who ultimately receives it. An ownership failure or balance-access failure leaves the manager unchanged.

0xcaf6ba059d539a97646d47f0b9ddf843e138d215e2a12ca1f4585d386f7aec3a

642 studies like this exist.* Nobody wrote a single page.

* one study per package revision the system has read, counted at source.

The most expensive AI in the world reads a contract once. A deterministic engine applies what it learned to every matching transaction — one paragraph, written once, explains 165,204 of them. The chain gets bigger. The cost doesn't.

07A WORLD FIRST

What does a blockchain do all day?

Nobody has ever been able to answer that — for any chain. Here is Sui's actual day, read operation by operation:

Machines managing orders
placing, cancelling, reconciling — all day long
50%
501,216
The chain telling itself what things cost
price feeds, pool regimes, market state
16%
161,282
One app's check-in button
a single campaign action, pressed by 88,169 addresses
9%
91,283
Routing and swapping value
multi-venue routes and configured strategies
8%
80,614
Opening and closing positions
liquidity, lending, vault deposits
3%
32,604
Games, storage, and the long tail
coin-flips, blob storage, off-ramps, minting, fees
2%
18,062
People simply moving money
transfers and wallet housekeeping
1%
11,943

Shares of all 1,000,000 transactions in the window, counted where the operation is asserted; the remainder of the window is browsable in the explorer.

Every activity chart ever published counted all of this as “usage.” Nobody could tell you 9% of it was one app's check-in button. We can.

08THE CAST

The chain has characters. Meet them.

Read every transaction, and addresses stop being hex. They become protagonists — with jobs, rhythms and reputations.

● The Book-Runner

One machine, nearly a fifth of the entire chain, rebuilding its order book around the clock. Every explorer can show you its ledger. This one can show you its job.

196,441 txs every ~0ms 0xcde6…0e04
● The Price-Keeper

It spends its whole life telling the chain what things cost — a fresh price roughly every second, and it never missed once.

47,626 txs every ~839ms 0x9df9…3285
● The Invisible Sponsor

It never sends a transaction of its own. It quietly pays the gas for tens of thousands of strangers — the onboarding budget of an entire app, visible as a single address.

92,973 txs 87,873 strangers paid for every ~204ms 0xe98a…e3ee
● The Patron

The opposite arrangement: one payer, one worker. It bankrolled a hundred thousand transactions for exactly one address — a funded machine with a dedicated treasurer.

112,412 txs 1 beneficiary every ~0ms 0x59e8…c610
● The Recorder

One transaction every sixty seconds, all day, without a single miss — the chain keeping its own diary, one entry per minute.

636 txs every ~60s 0x1896…cbe5
● The Whale

It appears exactly once in the entire window. One transaction, just over a million SUI, and gone. The shortest story on the chain is also its biggest SUI move.

1 tx 0xca8b…0dbd
● The Perfect Settler

Every forty seconds, a paired settlement, executed cleanly — hundreds of times in a row without one failure. Precision you can set a watch by.

930 txs every ~40s 0xf7a4…57fa
09FLUENT ISN'T TRUE

Any AI can narrate.
This one knows when to stop.

“This trader sold 510,410 DEEP for SUI at 0.02311 — a swap worth roughly $8,000.”

Plausible. Specific. Wrong — the order never traded.

A system that never says “I can't prove that” can't be trusted when it says anything else.

10WHERE THIS GOES

Every transaction. Every chain. Understood.

NOW

A million transactions, proven.

One continuous window of Sui, read end to end from its own bytecode. You just scrolled it.

LIVE

Understood the second it lands.

The same reading applied as blocks arrive. Alerts that fire on meaning, not on bytes.

BEFORE YOU SIGN

The wallet that reads first.

Every signature preceded by a sentence: what this will do, what it can move, what it has done the last ten thousand times.

BLOCK ONE

The chain's full memory.

Every transaction Sui has ever processed, back to genesis. Every account's complete story.

EVERY CHAIN

One reader, every ledger.

The method is chain-agnostic: bytecode in, understanding out. Chain two starts with everything chain one taught it.

AGENTS

The layer software reads through.

Most transactions will eventually be composed and signed by software — and software cannot read a chain either. Meaning before it acts; a receipt after. That is the layer we are building.

Twelve days for the first chain. There are hundreds.

The chain has been talking
this whole time.

A million transactions are open below — the whale, the player, the book, the machines. Go get lost in them.

one question, if you have thirty seconds

If we could only build one of these first — which one, and why?

Tell us we're wrong about something. That's worth more than a compliment.

bartosz@research.tech