Unveiling the Potential of SUI: The Next Frontier in Cryptocurrency
In the ever-evolving landscape of public blockchains, innovation is seen as the driving force propelling the entire ecosystem forward. In this fiercely competitive field, the new SUI chain has emerged successfully, symbolizing hope and potential. SUI is not just a new public chain; it represents a force of innovation aimed at being the most accessible smart contract platform, enabling developers to create outstanding user experiences in Web3.
What is Sui?
Sui is a new Layer1 blockchain that addresses three core issues in the blockchain space: scalability, secure programming, and Gas fees. Sui's programming language, Sui Move, provides security measures to prevent common hacker attacks and vulnerabilities while offering a better developer experience. With its powerful innovative technology and forward-thinking approach, Sui has garnered significant attention even before the mainnet launch.
With the mainnet launch, 2023 proved to be a groundbreaking year for Sui, testing its innovative technology to the fullest. As a native public chain of the Move language, Sui carries many expectations. Drawing from the experiences of numerous early public chains, Sui has tackled issues such as low throughput and high Gas fees seen in previous public chains, introducing a new paradigm. Sui offers users low Gas fees while meeting high-performance demands.
In February 2024, Sui's TVL on-chain surpassed 500 million US dollars, securing its position among the top ten DeFi projects and the top five most active chains. Furthermore, Ondo's announcement of integrating its native stablecoin USDY into the Sui ecosystem has further enhanced Sui's widespread influence, igniting excitement among users for Sui's developments in 2024.
Technical Advantages of Sui
Sui is committed to driving the diversified development of DApps, offering excellent performance, rapid transaction processing speed, and significant cost advantages.
Here are some key technical advantages of Sui:
Object-Centric Data Model: In Sui, all transactions take objects as inputs, generating new or modified objects as outputs, with each object containing the hash value of the last transaction that produced it. This model allows Sui to parallelly process object interactions on a large scale, providing a unique path for scalability where capacity increases as network validators add more machines to their nodes.
Programming Language Sui Move: After Sui Move source code is compiled into bytecode, a static analysis tool called Move Bytecode Verifier ensures that the bytecode follows Sui's rules for type, memory, and resource safety. This verification ensures that objects cannot be created, copied, or inadvertently destroyed by code outside their defined modules.
Dual Consensus Mechanism: Sui categorizes transactions into complex and simple types for processing, achieving breakthroughs in scalability.
Sui Token SUI
The token economic system of the Sui ecosystem is built around five core pillars: SUI token, transaction fees, Sui storage fund, Proof of Stake (PoS) mechanism, and on-chain governance voting. The total supply of SUI is 10 billion tokens, with 48% allocated to ecosystem reserves, 20% to private investors, 20% to the team, 9% to the foundation, and 3% to Binance Launchpool. Currently, the circulation is mainly within the ecosystem, foundation, and Launchpool, with a circulation rate of 11%.
Primary use cases of the SUI token include:
Gas Fees: Charging Gas fees for all network operations to reward participants in the Proof of Stake mechanism and prevent spam and denial-of-service attacks;
Storage Fund: Used for cross-time transfers of stake rewards and compensating the storage costs of on-chain data stored by future validators;
Proof of Stake: Employed to select, incentivize, and reward Sui validators and honest behavior of SUI holders related to their stake;
On-chain Voting: Utilized for governance and protocol upgrades.
As of April 2nd, the price of SUI is $1.913, with a market capitalization of approximately $19.1 billion.
Building for the Future: Sui
According to CoinEx market data, on March 21st, Sui ecosystem tokens experienced a general upward trend, with SUI briefly surpassing $1.94 USDT, marking a more than 20% increase within the day and currently priced at $1.69 USDT; CETUS briefly reaching $1.5 USDT, surging over 40% within the day and now priced at $0.142 USDT; NAVX momentarily surpassing $0.13 USDT, showing over a 17% increase within the day and currently priced at $0.12 USDT. Aside from the outstanding performance of tokens, in recent months, according to DefiLlama data, the TVL of the Sui ecosystem has continuously surged, making it one of the fastest-growing public chains in terms of TVL. As of April 2nd, its 24-hour trading volume has soared to $56.83 million, surpassing that of Fantom and Tron ecosystems, highlighting the increasing interest from users and developers in the Sui ecosystem.
Sui not only offers the advantages of Web3 but also the user-friendliness of Web2, serving as a fast, secure, and low-fee scalable public chain. This year, amidst a surge in on-chain transactions, Sui has demonstrated exceptional resilience, maintaining stable Gas fees while rapidly scaling towards 6000 TPS, showcasing its impressive network throughput capabilities. With more developers discovering the strengths of Sui, the possibilities for Sui's future are limitless.
Currently, the CoinEx Wallet supports SUI asset management. Download and experience it here:
https://wallet.coinex.com/download
【More Information】
Sui Official Website: https://sui.io/
Sui Documentation: https://docs.sui.io/
Purchase SUI: https://www.coinex.com/en/exchange/SUI-USDT
SUI Asset Management: https://wallet.coinex.com/download
