t appears that DeFi enthusiasts are shifting over to the Sui network (SUI) where many new opportunities are arising. The Sui network may not have had the best start, but today, Sui is the talk of the town and the blockchain with the crown…
In this article, we will cover the following topics about the Sui Network (SUI):
- What is the Sui Network (SUI)?
- How Does the Sui Network Work?
- Sui Ecosystem
- Sui Token
- Sui Airdrops
Let us flow into the depths of the Sui Network, enjoy!
What is the Sui Network (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? Well, let’s take a closer look.
How Does the Sui Network Work?
The Sui network 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.
What is Horizontal scaling?
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 85 projects within the Sui ecosystem ranging from DEXs to NFT marketplaces! Without a doubt, Sui is one of the fastest-growing blockchain’s out there and developers and users from competitor networks are now jumping ship to see what all the fuss is about…
Let us pick out some popular protocols within the Sui 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.
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?
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. 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!
If you fancy diving further into the depths of the Sui ecosystem, you can check out this awesome thread created by Sjuul (AltCryptoGems) on X (Twitter) where he digs up six potential crypto gems!
Sui Network Token (SUI)
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!
Here are the current Tokenomics of the Sui Token (SUI):
Total & Max Supply: 10 Billion SUI
Circulating Supply: 582,598,087.9 (5.83%)
Many of us are asking about the other 94%+ of the tokens. Well, the team has been very transparent about managing 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.
The Sui blockchain must adopt a larger user base if it wishes to have a healthy circulation and price ratio. It is very possible and it appears to be happening, however, it is something to keep a close eye on. These tokenomics should not throw you off, the blockchain is solid and the team behind it is incredible.
Sui Network Airdrops
2024 appears to be the year of airdrops. The Sui network is currently a popular choice within the airdrop farming community. As a new network, there are new and tokenless protocols launching or being developed every second and therefore users take that as an opportunity or as an excuse, some would say.
While airdrops can be profitable, fun and exciting, it is always best to proceed with caution when farming for crypto airdrops. Nonetheless, the AltCryptoGems YouTube channel has a dedicated Crypto Airdrop Guides Playlist. Here it may be possible to find the airdrop tutorials you are looking for…
How To Buy SUI
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:
Option 1- Centralised Exchange
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:
- Binance - The most popular CEX in the world
- ByBit - EARN UP TO $30K in DEPOSIT BONUSES
- BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
- Coinbase - Spend $100 and Get $10 back!
- Crypto.com - Official Fifa 2022 World Cup Sponsor
Option 2 - DeFi Wallet & Decentralised Exchange
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor/Ledger):
- Sui Wallet - The leading extension wallet within the ecosystem, built by the Sui Team!
- Suiet Wallet - Another great native wallet
- Trezor (not currently compatible with the Sui blockchain)
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.
- OKX DEX - A multi-chain DEX that derives from the popular CEX, OKX
- MovEX - Possibly the most popular DEX within the ecosystem
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 $1.13 with a market cap of over $1.23B. 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, it appears to be very impressive, to say the least, and it looks like SUI has the potential to be a SOL Killer! There seems to be a lot of development on the network, but if they integrated the Ethereum Virtual Machine (EVM) it could help to swiftly grow their user base.
For further Technical Analysis (TA) on Sui (SUI), check out Sjuul's (AltCryptoGems) Thread and YouTube Video below!
Get the latest updates on the Sui Technical Analysis by watching this video and staying up to date with our YouTube Channel!
Official Sui Network Links
The content provided in this article is strictly intended for informational purposes. Nothing said in this article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.