Sui is a new blockchainย tech that launched its mainnet in early May 2023. It was a much anticipated launch asย well. Will it outperform Aptos? Or will it be a Solana (SOL) killer?
And, letโs take a deep dive into Sui and find out.
What Is Sui?
Sui is a new layer 1 blockchainย tech. The company behind this chain is Mysten Labs. Their team has a background at Diem. This is the now defunct digital payment system by Meta (Facebook). This is a similar background, as the Aptos founders have.
Nonetheless, this chain is going in a different direction: Fast transactions and low gas charges for the gaming market and retail payments. During their testnet, Sui managed to reach 297,000 TPS, or โTransactions Per Secondโ. Unfortunately, the Sui Explorer shows us 160 TPS as its peak during the last 30 days.
Sui already has a large ecologicalย system. Reportsย by DeFillama, it asย ofย now has 8 dApps with a total TVL of $21.1 Million. Cetus is the most important dApp now, with 69 percent of the total TVL.
How Does Sui Work?
Sui offers a unique way of processing transactions. Traditional chains process transactions one at a time. Onย theย otherย sideย , Sui allows users to execute numerous transactions simultaneously. These are parallel transactions. Theย next picture shows how parallel transaction looks like.
Source: Sui YouTube channel
Furthermore, this chain can scale horizontally. Toย putย itย anotherย way, each validator can keep adding more computers. This, asย aย result, gives more computational power. Inย doingย so, itย enablesย for more parallel transactions. The chain has 3 core components:
- Objects โ This is what Sui uses as a basic unit of storage. Forย example, smart contracts are objects. They are likewise known as a Sui Move Package. These packages are immutable. On the other hand, there are likewise mutable data values.
- Transactions โ Executing a transaction updates the ledger. They carry a variety of metadata. Forย instance, a senderโs address, the gas price, or what epoch itโs in. An epoch in Sui lasts 24 hours. At the end of each epoch, the validator set changes.
- Validators โ These run the Sui software. Either on one machine or a cluster of machines.
Theย next video shows how Sui differs compared to other blockchains.
Who Is in the Sui Team?
Mysten Labsโ core team has 13 people. This includes the 5 co-founders.
- Evan Cheng โ CEO and likewise worked at Apple for 10 years.
- Sam Blackshear โ CTO.ย
- Adeniyi Abiodun โ CPO.
- George Danezis โ Chief scientist.
- Kostas Chalkias โ Chief cryptographer.
Their background is at Diem. Here they developed the Move programming language. Itโs accordingย to the Rust language. Move is moreย safe than, forย instance, Solidity. They likewise have an impressive set of financial backers. Their series A and B financing raised $336 Million. Backers include:
- Andreessen Horowitz (a16z)
- Binanceย Cryptoย exchange Labs.
- Coinbaseย Cryptoย exchange Ventures.
- Jump Crypto.
Source: Sui Forums
What Is the SUI Token?
$SUI is the native cryptoย token. The platform supports a Proof-of-Stake consensus mechanism. Toย putย itย anotherย way, this impliesย that you can stake your $SUI.ย Your reward is likewise in $SUI. Furthermore, you can use $SUI to pay for gas charges and use it for governance. Did you know that you can buy $SUI on Bybit?
Thereย is a max and total supply of 10 Billion cryptoย tokens. Asย ofย now, only 528 Million cryptoย tokens circulate. This will change come November inย theย year. A high number of cryptoย tokens will be released. 3 times as numerous as circulate atย thisย time. And, expect a dump in price. Talking about price, the $SUI cryptoย token didnโt perform that great since launch. The current price is $0.9921. It has a marketย capitalization of 521 million.
Numerous early participants of Suiโs testnet expected an airdrop. Nonetheless, that airdrop never happened. Onย theย otherย hand, in all fairness, Sui always stated that there would be no airdrop. Instead, there was a Community Access Program. If you were on their Discord server before 1st February 2023. You could get up to 1,500 $SUI cryptoย tokens at a price of $0.03 per cryptoย token. Thatโs still a x33 at current prices. Theย image below shows the $SUI vesting and release schedule. Here is the SUI cryptoย token release schedule:
Source: Binanceย Cryptoย exchange Research
How Can You Store SUI?
The $SUI cryptoย token is incompatible with the EVM. Thisย implies that youย must a $SUI compatible wallet. There are numerous options out there, for instance,
- Sui Wallet โ The official wallet by the Sui team
- Suiet
- Fewcha
- Glass Wallet
- Martian
- Ethos Wallet
Conclusion
We looked at the Sui blockchainย tech, a new layer 1 project. Forย instance, we looked at what is this new layer 1 chain and how it works. We likewise dived into its tokenomics and its current price. You likewise know now where to store it.
$SUI is available on severalย exchanges, including Bybit. Did you know that Bybit is giving out up to $30,000 in bonuses & together with a brand-new iPhone 14? Just click this link to find out more. If you already have a Bybit account (created without affiliate link) you can still join by clicking this link.
