Recently saw a nice project @AlkimiExchange.

I am interested in it mainly because the market it targets is not the cryptocurrency field, but the digital advertising market in the traditional sector.

It is important to know that global advertising spending reaches as high as 750 billion dollars, but 40%-50% of that cost is often consumed by the so-called "ad tech tax."

What Alkimi wants to do is very straightforward: move all these opaque processes onto the blockchain, allowing every bid and every fee to be publicly audited, and compress the "invisible tax" to 3%-8%.

Unlike most Web3 advertising projects that remain at the narrative level, Alkimi has already achieved a certain scale – as of 2025, the platform processes approximately 20 million ad impressions daily, with each fee, bid, and settlement clearly recorded on the blockchain.

And the team's positioning is very straightforward: "The first full-stack decentralized advertising platform powered by the Sui network."

This is not just a slogan, but also a strategic choice.

☀Rooted @SuiNetwork

Alkimi's financing journey is not particularly impressive. Since its launch in 2021, the total financing scale has only been around two to three million dollars. However, it is worth noting that it has attracted angel investors with a strong background in advertising technology, as well as strategic investments from the Sui Foundation.

The latter is not only a financial support but also a deep endorsement of technology and ecology. This "embracing the chain ecosystem" strategy has provided Alkimi with a longer runway in the new environment.

In the early days, it operated on the Constellation's DAG network; however, in 2025, they opted for a more thorough solution: migrating the entire stack to the Sui network.

💎 Settlement is completed by the Sui blockchain.
💎Data storage relies on the Walrus protocol
💎 Verify using Nautilus
💎 Crypto provided by Seal

The final result is that ad auctions can be completed within a <400 milliseconds confirmation time, with a throughput of up to 297,000 transactions per second. This means that the key metrics of Real-Time Bidding (RTB) for advertisements can finally run on-chain.

Moreover, they have launched Ads Explorer—a "blockchain browser" for advertising transactions. Advertisers can see the hash records of every expenditure and every auction. This level of transparency is almost unimaginable in the traditional advertising ecosystem.

☀Token and Value Capture

The Alkimi token has undergone a migration (ADS → ALKIMI 1:1 exchange), with a total supply of 1 billion. In the distribution model, 25% is allocated to the community, 15% for ecological development, and another 25% to old holders. This structure avoids infinite dilution.

The key lies in the value capture mechanism:

The protocol charges a fee of 3%-8% for each advertising transaction, which goes directly into the staking pool.
💎 If publishers want to immediately obtain cash flow from advertising revenue, they can advance through the AdFi liquidity pool, but must pay a fee of up to 15%, one-third of which will be used for market buybacks of tokens.

This makes the token not just a "governance chip", but a real **cash flow dividend right**.

From $46,000 in Q4 2023, to $260,000 in Q4 2024, and then to $510,000 in 2025, the revenue curve has shown an upward trend.

☀ Community and Market Feedback

At the community level, Alkimi has sparked considerable discussion due to its full-stack migration to Sui.

Most of the feedback is positive, considering that Sui's object-centric architecture is very suitable for displaying high-frequency, structured data such as advertising.

Of course, there are also doubts:

💎 Competitive Pressure: Established players like Verasity still have a first-mover advantage in technologies such as anti-fraud detection.
💎 Concentration Risk: Currently, the top 10 addresses hold 64% of the tokens, which is overly concentrated.
💎 Challenge Execution: The liquidity migration from ERC-20 to Sui still needs to observe whether the market can transition smoothly.

☀Written at the end

Alkimi Exchange is a typical "low-profile yet substantial" Web3 project. It has not taken an aggressive fundraising route but has instead progressed steadily, starting from the specific scenario of advertising auctions and transforming on-chain transparency into real value in cost reduction and efficiency enhancement.

It has proven that "Web3 advertising" is not just a gimmick, but a genuine business model that can generate revenue. The next question it needs to answer is: how to rapidly expand in a highly competitive market while maintaining transparency and efficiency, and building a larger network effect.

Perhaps one day in the future, when we see an advertisement on the screen, what is happening behind the scenes is a series of on-chain bidding, and we might even be able to verify it on the chain ourselves.

This is the future that Alkimi is trying to unlock.