30X Altcoin GEM? SUI Network Deep Dive

Finally, the day has arrived. Sui mainnet launched, one of the most anticipated mainnet launches of 2023. Sui has been one of the hottest topics in the crypto space for the last couple of months. So, Sui has the momentum going.

To our dismay, it did not do an airdrop, but SUI Network will perform well. Maybe up to 30x? And here are 6 reasons why I think so!

#1 Team and Backers

Mysten Labs is the company behind the Sui network. The core team consists of 13 people. However, there are 5 founders.

  1. Evan Cheng.
  2. Sam Blackshear.
  3. Adeniyi Abiodun.
  4. George Danezis. 
  5. Kostas Chalkias.  

Their most recent experience is their involvement in Diem. That was a digital currency for Meta (Facebook). However, when Meta stopped the project, the Sui network was born. During their time at Meta, they developed the Move programming language. I get back to this important aspect later. So, for starters, we already have a solid team.

Besides the team, they also have a strong community. Although, this community was upset that there was no airdrop. To be fair, Sui always insisted that there would be no airdrop.

On the other hand, their backers are also impressive. For example:

  • $36 million Series A investment fund from a16z, as lead investor.
  • $300 million Series B investment fund from FTX. Yes, I know, but it didn’t hurt them as much as you would expect.
  • Other backers are, for instance:
    • Binance Labs.
    • Accel Partners.
    • Benchmark Capital.

These are some serious names. So, let’s move on to my next point. How fast is Sui?

#2 Fast Transactions

We all know how annoying it can be if you need to wait for a transaction to confirm. Bitcoin can take up to an hour. Ethereum can also have its moments. However, Sui offers 120,000 TPS or transactions per second. In their testnet, they reached 297,000 TPS.

Their time to finality was ~480 milliseconds. That’s the time between submitting a transaction and when it’s approved. This is because of the ‘parallel transactions‘ feature. In other words, traditional blockchains execute transactions one by one. However, Sui allows users to execute various transactions at the same time. 

On top of that, Sui also scales horizontally. This means that validators can keep adding computers. More computers mean more computational power. Thus, allowing even more parallel transactions. Can you see how that improves transaction speed?

#3 Cheap Transactions

The next feature is about low-cost transactions. Now, there are plenty of other blockchains that offer cheap transactions. However, Sui has an interesting feature and option here.

In other blockchains, transaction costs can change. Occasionally, they’re low, sometimes they’re higher. Does Ethereum ring a bell? They still have high transaction costs. The other day it went up to $60. It all depends on network demand.

Anyway, Sui has epochs that last 24 hours. The end of each epoch can rearrange validators and their voting power. But another important thing is that during each epoch, gas prices remain stable. Besides being stable, they are also low. The testnet showed us this already.

This allows for better planning of gas fees pricing. As a result, users have a more profound understanding of what their costs will be. Did you use Sui’s testnet? How did you like it?

#4 Sui’s Ecosystem

The Sui network already has a massive testnet ecosystem. Hundreds of projects are roaring to get a piece of the mainnet action. Areas that you can expect, are, for instance:

  • DeFi – SuiSwap, Araya Finance, MovEx
  • NFTsSui Punks, Hanako, Fuddies
  • Name Services – Sui Name Service
  • Launchpads – Clutchy, Tocen, Starspace, Meadow.
  • Wallets – Sui Wallet, Suiet, Martian, Glass, Ethos, Fewcha.
  • GameFi  –  Plasmaverse, Gamio, Trial Extreme.
  • Infrastructure – MetaOracle, SupraOracles.
  • BridgesAxelar, Wormhole, OmniBTC.

It promises to be exciting. New chains need projects to gain traction. Sui seems to have plenty of that. In contrast to Sui, plenty of these projects may have airdrops. So, stay alert!

A note of warning though, with new projects there will also be new scamming or rugging attempts. Be careful out there. DYOR, it always was and remains important.

#5 Move Programming Language

Sui and Aptos both use the Move programming language. However, they each use different Move versions. Sui’s version also differs from the Core Move version. The idea for Move is to become the “JavaScript of web3”. 

Now, Aptos and a few other chains use the Diem based Move. But Sui rewrote Move. This made it easier to write specific smart contracts. For example, for NFTs. The original Move and Diem date back to before there were NFTs. Move brings greater safety and security. Especially for an easy transition from Web2 to Web3.

#6 Better User Experience

DeFi and TradFi primitives on-chain produce high-end UX (user experience). Easy-to-use projects will have high numbers of users. Above all, Sui is targeting Web3 users. This means, among others, that devs can offer:

  • Upgradeable NFTs. This results in them being more valuable.
  • DeFi and TradFi primitives on-chain.
  • Tokenizing assets. This is a current hot topic for blockchains. Think of the current RWA narrative or real-world asset tokenization.
  • Offer reward and loyalty programs.
  • Build complex games.
  • Social media networks with decentralized blockchain technology.

We, as users, can enjoy easy-to-use interaction with these Dapps. This will attract both devs and their apps and users to the chain. More users mean more success. In the end, this will result in a higher price for the SUI token.

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