SUI: An Overview

SUI: An Overview

July 03, 2024

Overview

SUI is a Layer-1 blockchain using Move by Mysten Labs, with DPoS for consensus. It supports smart contracts, gaming, DeFi, and social networking. SUI coin is its native utility token for fees and governance, with a TVL of $580m and a market cap of $2bn as of July 3, 2024.

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What is SUI? 

Sui is a Layer-1 blockchain platform developed by Mysten Labs. SUI uses the Move programming language, which Facebook originally developed for their Diem project.

How Does SUI Work? 

Sui uses Delegated Proof of Stake (DPoS) for consensus, where token holders elect validators to verify transactions and maintain the network. Sui's framework model separates data storage from computation, allowing parallel transaction processing for improved scalability.

Use Cases for Sui Network

Sui Network supports various industries including gaming, decentralized finance (DeFi), and social networking. It enables smart contracts, true ownership of digital assets, fast P2P payment transactions, and decentralized social networks.

SUI coin is the native utility coin of the Sui network. It's used for transaction fees, voting rights in platform governance, and network security through staking.

Important Key Metrics (as of July 3, 2024)

  • Total Value Locked (TVL): $580m

  • Total Circulating Market Cap: $2bn

  • Token Max Supply: 10bn $SUI

  • Token Circulating Supply: 2.5bn $SUI

Latest SUI News

Decentralized crypto exchange Bluefin has announced plans to launch its native token, $BLUE, on the Sui blockchain. The $BLUE token will serve as a governance token, enabling the community to propose and vote on critical protocol decisions. To ensure the security of the launch, all related smart contracts have been audited by TrailOfBits.

Disclaimer: The information provided in this research paper is for educational and informational purposes only. It does not constitute financial advice, investment guidance, or any solicitation to buy or sell financial instruments. The views expressed herein are those of the authors and do not necessarily reflect the opinions of Kollectiv.

2024