Sui – SUI
Put your snorkels on, we’re diving into the Sui Blockchain!
This is a Project Review on SUI.
Sui is a Layer 1 blockchain that launched this May 2023 and runs on the Delegated Proof-of-Stake (DPoS) consensus mechanism. The mission is simple, provide everyone with secure, private and fast digital asset ownership!
With so many amazing Layer 1’s already in existence, what makes the Sui network so special?
Sui uses unique methods and technologies to increase security, reduce latency, and enhance transactional speed! How you may ask?
Firstly, at the core of the network is the consensus mechanism and as we mentioned it runs on DPoS. Sui insists their method of scaling horizontally allows for scalability in all sectors such as transactions, storage, dApp deployment and more.
Simply put, Validators can increase computing power (GPU) when needed and then reduce it when not much is required. Generally, most blockchains scale vertically and therefore Validators can not freely increase/decrease GPU power.
Developers have never had it so easy. Sui’s native programming language called, Move provides developers with unique and simple features that make their lives much easier. With Sui’s help, Move could become more desired than the OG, Solidity.
Sui aims to transform every industry with its ultra-fast and scalable network. The plan is to build and attract the largest creators, companies and protocols to the Sui network, whether they’re Social Media platforms, DeFi products, games or NFT artists!
Currently, there are over 69 projects within the ecosystem and it hasn’t even been out for a whole quarter yet! Without a doubt, Sui is one of the fastest-growing blockchain’s out there and developers from competitor networks are now jumping ship…
Let us pick out some top-tier protocols within the ecosystem:
Labelled a super app, BlueMove powers a DEX, NFT Launchpad, and NFT MarketPlace all in one place. Whether you’re on desktop or mobile, both offer a seamless experience.
Website – https://sui.directory/project/bluemove/
First Person Shooter games are extremely popular in the world of gaming and for the first time ever on the Sui Blockchain, we will get to play Haven’s Compass which offers a tactical, warfare experience! Both single-player and multiplayer will be playable at launch!
Not your average Decentralised Exchange, KriyaDEX is a derivatives exchange that boasts fast transactions with the ability to leverage trades with over 20x leverage on certain assets! Could this be the next GMX?
Website – https://sui.directory/project/kriyadex/
A DeFi enthusiast’s dream. Users can borrow, lend and trade with leverage while earning juicy rewards! Think Aave, but with extra abilities…
For those who are wondering, we have listed Decentralised Exchanges (DEXs) and Wallets lower in the article, under the ‘How to buy $SUI’ section (Option 2).
I am interested to see whether or not Sui decides to become EVM-compatible. Personally, I believe it would be a great idea. Even though developers might love Sui, users may still prefer EVM networks, but a simple integration could change that for many!
The native currency of the network is the $SUI token. Currently, it has four main utilities. $SUI is used to pay transactional fees, interact with any smart contracts, participate in Governance and stake your tokens to Validators, which helps to secure the network!
At first glance, the tokenomics may not look very appetising, but at least I took a good look. Here are the current tokenomics:
Total & Max Supply: 10 Billion $SUI
Circulating Supply: 582,598,087.9 (5.83%)
Most of us are asking about the other 94%+ of the tokens. Well, the team has been very transparent about the management of the token supply. Sui has a ‘Token Unlock Schedule’ of which by April 2030, the circulating supply would reach roughly 45-48%, roughly 4.5-4.8 Billion tokens.
It is crucial that the Sui blockchain adopts a larger user base if they wish to have a healthy circulation and price ratio. It is very possible, but it is something to definitely keep an eye on. These tokenomics should not throw you off, the blockchain is solid and the team behind it is incredible.
$SUI is not yet available on Ethereum or any EVM-compatible networks. You can buy, swap and trade $SUI on 99% of centralised exchanges and can also be held, bought or sold on decentralised exchanges within native Sui Wallets.
There are two main ways to buy $SUI, but you will always go through a centralised exchange (CEX) or FIAT Off-Ramp. Here are the options:
Finding $SUI on CEXs is easy. We recommend using one of these centralised exchanges when buying or trading the $SUI token. Here is a list of CEXs with a few delicious promotions:
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor/Ledger):
If you are buying $SUI through your DeFi wallet, we have compiled a small list of Decentralised Exchanges (DEXs) for you to swap or trade assets that are available on the network.
There are many decentralised exchanges in the ecosystem, but these are the two DEXs I thought I would pick out. You can check out the directory for more options.
At the time of writing, $SUI is priced at $0.78 with a market cap of over $472M. $SUI has reached an ATH of $1.72 but hasn’t been around long enough to experience a bull market, where it could easily exceed its current price and previous ATH. Only time will tell.
In conclusion, after deep diving into the Sui network, I am very impressed, to say the least, and it looks like a serious SOL Killer! There seems to be a lot of development on the network, but in all honesty, I think Sui would be so much better and more popular if they integrated the Ethereum Virtual Machine (EVM) in order to gain a larger user base.
Network Twitter – @SuiNetwork
Foundation Twitter – @SuiFoundation
Network Website – https://sui.io/
Ecosystem Directory – https://sui.directory/
That’s it! Thanks for reading! Have a look at our Guides section for more!
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