Exciting Developments Surrounding Sui in 2024 🚀
Sui is making waves in the crypto landscape. The latest highlight is its integration with the Phantom wallet, a notable move in the blockchain arena.
Understanding Sui’s Emergence 🌟
Sui stands out as an innovative DeFi project, functioning as a layer-1 blockchain. Its primary appeal lies in enabling rapid and cost-effective transactions.
What sets it apart is its low latency, aiming for almost instantaneous transaction completion. This attribute has made it particularly popular for decentralized finance (DeFi) and gaming finance (GameFi) applications.
The smart contracts on Sui utilize Rust, a programming language renowned for its efficiency and speed, similar to Solana’s approach.
In many ways, Sui’s rise reflects the early days of Solana, despite not yet achieving the same level of prominence as its competitor. Launched in May of the previous year, Sui initially struggled until the crypto market’s resurgence in October 2023, which initiated a shift in its trajectory.
Prior to the bullish trend at the end of 2023, Sui had not seen remarkable growth, and its associated native cryptocurrency even experienced a decline. However, as the market recovered, Sui’s total value locked (TVL) surged impressively.
By November, Sui’s TVL had crossed the $100 million threshold, followed by an increase to over $500 million by February of this year. The upward momentum continued, reaching $700 million in May and $800 million by September. Remarkably, it surpassed the billion-dollar mark in October.
The so-called “Trump trade” propelled Sui’s TVL to an impressive $1.7 billion in a matter of weeks, securing its position as the sixth most significant layer-1 blockchain globally, outpacing established networks such as Avalanche, Cardano, and Cronos.
Sui’s Integration with Phantom Wallet 🔗
In a significant update, Phantom announced the addition of the Sui blockchain to its wallet services.
Phantom Wallet is a popular non-custodial multichain wallet that supports a variety of cryptocurrencies, including Ethereum, Bitcoin, and Solana.
With seven million active users each month and over 560 million on-chain transactions since the start of the year, Phantom serves as a reliable platform for cryptocurrency management.
Sui Foundation representatives emphasized that this integration marks a critical advancement for Sui’s ecosystem. It offers Sui users a secure and effective solution for asset management through a browser extension compatible with Chrome, Firefox, Edge, and Brave, as well as mobile applications for both iOS and Android.
It’s likely that this integration will encourage greater adoption and utilization of the Sui blockchain in the coming months.
Sui’s Market Trends 📈
Currently, the price trends for Sui’s native cryptocurrency have demonstrated remarkable growth. Its entry into the cryptocurrency market occurred in May of last year, during which it fell to its lowest price point of $0.36 on October 19, 2023.
Fortunately, by the end of October, the price recovered to $0.46, escalating to $0.7 in November. The first major surge happened between January and February of this year, when the cryptocurrency broke the $1.8 barrier, achieving a new all-time high.
However, after that peak, the price faced a downturn, dropping to $0.6 by August. A rapid recovery was noticed toward the end of August, closing near $1, and the price climbed above $2 by September and October, creating additional all-time highs.
Following the “Trump trade,” Sui’s price increased from $1.8 on November 5 to reach $3.8 mid-month. Recently, the altseason has pushed the price to an astonishing $4.4, marking a 125% increase from the pre-election value.
Projections for Sui after the Phantom Wallet Inclusion 🔮
Despite the typical volatility in cryptocurrency markets, Sui appears to maintain a bright future ahead. Its potential largely hinges on its growing role in the DeFi sector, where speed and affordability are crucial.
In comparison, leading layer-1 chains, such as Ethereum, while popular, do not guarantee the same level of transaction speed and economy, despite benefits from their layer-2 solutions.
Tron and BNB, both having distinct advantages in speed, struggle to match Solana’s efficiency, placing them at a competitive disadvantage against Sui.
Therefore, Solana remains the primary competitor to Sui in the race for DeFi excellence. Currently, they coexist alongside Ethereum, which dominates the space. Still, Sui’s capabilities suggest it could emerge as a strong contender, with the potential to surpass Tron and BNB.
While Tron and BNB have their niches, they are not direct competitors to Sui or Solana. Ethereum continues to evolve independently, setting a high bar for other chains to meet. The competition among leading layer-1 blockchains will likely revolve around transaction speed and affordability, featuring Solana, Sui, and prominent layer-2 solutions.
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