SUI Price

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.