Sui is a new blockchain that launched its mainnet in early May 2023. It was a much anticipated launch as well. Will it outperform Aptos? Or will it be a Solana killer?
So, let’s take a deep dive into Sui and find out.
What Is Sui?
Sui is a new layer 1 blockchain. 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.
However, this chain is going in a different direction: Fast transactions and low gas fees for the gaming market and retail payments. During their testnet, Sui managed to reach 297,000 TPS, or ‘Transactions Per Second’. Unfortunately, the Sui Explorer shows us 160 TPS as its peak during the last 30 days.
Sui already has a large ecosystem. According to DeFillama, it currently has 8 dApps with a total TVL of $21.1 million. Cetus is the most important dApp now, with 69% of the total TVL.
How Does Sui Work?
Sui offers a unique way of processing transactions. Traditional chains process transactions one at a time. In contrast, Sui allows users to execute various transactions simultaneously. These are parallel transactions. The following picture shows how parallel transaction looks like.
Source: Sui YouTube channel
Furthermore, this chain can scale horizontally. In other words, each validator can keep adding more computers. This, in turn, gives more computational power. As a result, it allows for more parallel transactions. The chain has three core components:
- Objects – This is what Sui uses as a basic unit of storage. For instance, smart contracts are objects. They are also known as a Sui Move Package. These packages are immutable. On the other hand, there are also mutable data values.
- Transactions – Executing a transaction updates the ledger. They carry a variety of metadata. For example, a sender’s address, the gas price, or what epoch it’s in. An epoch in Sui lasts 24 hours. At the end of each epoch, the validator set changes.
- Validators – These run the Sui software. Either on one machine or a cluster of machines.
The following video shows how Sui differs compared to other blockchains.
Who Is in the Sui Team?
Mysten Labs’ core team has 13 people. This includes the 5 co-founders.
- Evan Cheng – CEO and also worked at Apple for 10 years.
- Sam Blackshear – CTO.
- Adeniyi Abiodun – CPO.
- George Danezis – Chief scientist.
- Kostas Chalkias – Chief cryptographer.
Their background is at Diem. Here they developed the Move programming language. It’s based on the Rust language. Move is more secure than, for example, Solidity. They also have an impressive set of financial backers. Their series A and B funding raised $336 million. Backers include:
- Andreessen Horowitz (a16z)
- Binance Labs.
- Coinbase Ventures.
- Jump Crypto.
Source: Sui Forums
What Is the SUI Token?
$SUI is the native token. The platform supports a Proof-of-Stake consensus mechanism. In other words, this means that you can stake your $SUI. Your reward is also in $SUI. Furthermore, you can use $SUI to pay for gas fees and use it for governance. Did you know that you can buy $SUI on Bybit?
There’s a max and total supply of 10 billion tokens. Currently, only 528 million tokens circulate. This will change come November this year. A high number of tokens will be released. Three times as many as circulate right now. So, expect a dump in price. Talking about price, the $SUI token didn’t perform that great since launch. The current price is $0.9921. It has a market cap of 521 million.
Many early participants of Sui’s testnet expected an airdrop. However, that airdrop never happened. But, in all fairness, Sui always said that there would be no airdrop. Instead, there was a Community Access Program. For example, you had to be in their Discord server before 1st February 2023. You could get up to 1,500 $SUI tokens at a price of $0.03 per token. That’s still a x33 at current prices. The picture below shows the $SUI release schedule.
Source: Binance Research
How Can You Store SUI?
The $SUI token is incompatible with the EVM. This means that you need a $SUI compatible wallet. There are many options out there, for instance,
- Sui Wallet – The official wallet by the Sui team
- Glass Wallet
- Ethos Wallet
We looked at the Sui blockchain, a new layer 1 project. For example, we looked at what is this new layer 1 chain and how it works. We also dived into its tokenomics and its current price. You also know now where to store it.
$SUI is available on a few 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.
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