Sui Blockchain is a permissionless Layer 1 blockchain designed to provide instant settlement and high throughput for next-gen, latency-sensitive decentralized applications (dApps). The blockchain utilizes a Proof of Stake (PoS) consensus mechanism and offers a developer-friendly platform to create innovative dApps.
Named after the element of water in Japanese philosophy, the Sui network offers a fluid, easily adaptable, and flexible ecosystem to power the web3 movement. The Sui platform is developed using Sui Move, derived from the core Move programming language for smart contracts.
Sui can be considered a potential “Ethereum killer,” offering higher throughput and efficiency than the Ethereum network. Its smart contract programming language, Move tackles several challenges developers have faced with Ethereum’s Solidity and lets developers build dApps across multiple blockchain networks.
SUI is the native token of the Sui blockchain. It is used to pay gas fees and can be staked to function as validators on the network who contribute to block production.
The Sui blockchain is a permissionless PoS network that supports smart contract functionality. It can be used to develop dApps that need instant settlements, high throughput, and low latency.
Unlike conventional blockchains that depend on one-time broadcasts, Sui's architecture allows requestors or proxies to actively engage with validators to complete transactions, achieving near-instant finality. Due to its low latency, Sui is vital in integrating transactions into games and other environments that demand real-time execution.
The Sui network lets developers create custom digital assets, including fungible and non-fungible tokens (NFTs). The blockchain aims to onboard the next billion users to web3, offering a secure and high-efficiency platform for supporting dApps across gaming, DeFi, NFTs, and other categories.
The Sui blockchain also supports interoperability, letting smart contracts and digital assets developed on its network interact across other networks. It does this all through the use of Sui Move, its smart contract programming language based on Move, which offers higher flexibility and scalability without compromising on security for developers.
The Sui network is the creation of Mysten Labs, a company founded by senior executives and lead architects who worked on the former Facebook Libra project, which was later rebranded to Meta’s Novi - a digital wallet project. Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias came together to leverage their expertise and create a new blockchain designed to be scalable from the ground up, tackling key challenges holding back widespread adoption of web3 technology.
Mysten Labs was established in 2021, and the company unveiled its project Sui in March 2022. The company had raised $36 million in Series A funding led by a16z in December 2021. Sui’s incentivized testnet was announced in June 2022 and launched in August.
In July 2022, the developers introduced enhancements to the Move VSCode plugin. A month later, the Sui Wallet - the official crypto wallet of the Sui blockchain was launched.
Following the launch of its incentivized testnet, Sui started the process for validator registration in August 2022. In September, Mysten Labs raised $300 million in Series B funding, with Binance Labs as one of the participants.
The SUI token may present an interesting investment opportunity, mainly if you believe in the potential of Web3 and scalable blockchain networks. This project aims to offer cutting-edge solutions that enhance the scalability of decentralized applications, making them more suitable for real-world use cases.
The growing widespread acceptance of Web3 technology may boost the need for solid ecosystems such as Sui, which could support the market price of SUI token. As more developers create dApps utilizing Sui’s layer-1 solutions, the demand for the $SUI token could rise, enhancing its value as an investment opportunity.
The Sui price may rise as developers introduce new enhancements and functionalities that make the blockchain more appealing to developers and users. This could boost on-chain activity and elevate the value of $SUI cryptocurrency.
Although it is impossible to offer an accurate SUI price prediction over any duration, numerous fundamental aspects can significantly influence the value of the $SUI crypto. Factors to keep an eye on encompass the extent of blockchain adoption by developers and users, forthcoming developments like network upgrades, investments, collaborations, and integrations, and the general sentiment within the cryptocurrency market.
The rising adoption of its ecosystem among dApp developers and users could also support the price of SUI crypto in the market. Such developments increase on-chain activity on the network and directly impact demand for the native token, boosting the SUI price statistics.
Investor confidence in the SUI crypto also rises when the token gets listed in more crypto exchanges and platforms. This increases liquidity and access to the token, supporting trading activity that can bolster the value of SUI.
$SUI is the native crypto asset of the Sui blockchain and has the following use cases:
SUI is used to pay gas fees when using the Sui blockchain to conduct transactions. It is also required as a payment method when interacting with dApps or executing smart contracts on the decentralized platform.
As the native token of a PoS blockchain, the SUI token can be staked to function as a validator within the Sui network. Users can stake SUI tokens to become validators who verify transactions and record them in new blocks on the blockchain. They will receive a reward in $SUI crypto for their contributions.
Trade Sui crypto against other digital assets on the KuCoin Spot Market to make the most of market volatility. You can buy or sell SUI or hold it long-term if you believe in the future potential of the Sui network. Remember to DYOR before placing trades in the market, as crypto assets are highly volatile and subject to market risks.
According to the developers, the SUI total supply has been fixed at 10 billion tokens. According to the Sui tokenomics, most of the token supply will be set aside for the Sui Foundation, independent of Mysten Labs - the blockchain’s creator.
The Sui Foundation will promote and support the long-term growth and success of the Sui blockchain. The foundation will leverage SUI tokens for this purpose by using them for projects that support the Sui ecosystem’s future development.
At launch, 50% of SUI tokens will be allocated to the Community Reserve to fund grants, validator subsidies, and R&D activities. 20% will go to Sui’s early adopters, 14% will be issued to the project’s investors, 10% will be assigned to Mysten Labs’ treasury, and 6% will be given to the Community Access Program and app testers for SUI airdrops.
Mysten Labs, the firm developing the Sui blockchain, has several established backers supporting the initiative. Some names include a16z, Coinbase Ventures, Binance Labs, Circle, Cypher Capital, and more. Some mainstream businesses that are backers of Mysten Labs include Franklin Templeton, Samsung Next, and Greenoaks.