What is Sui? Information about SUI Token

What is Sui?

Sui is a blockchain project developed using the Move programming language, which was created by the team behind Diem, the stablecoin project formerly associated with Meta. Sui aims to address the multi-dimensional scalability challenges of traditional blockchains by optimizing resource usage and enhancing transaction throughput.

Sui is often compared to Aptos, another blockchain project that also uses Move and gained significant attention due to a large community airdrop. Notably, even during the challenging market conditions of 2022, Sui successfully raised over $336 million from major investment funds.

How Sui Operates

A transaction flow on the Sui blockchain involves seven steps, each corresponding to a specific task performed by different components:

1. Creating and Confirming the Transaction: The user creates a transaction and confirms it using their private key. The transaction is then passed to the next step for authenticity verification.
2. Submitting to Validators: The transaction is sent to validators (full nodes), where they check for validity, safety, and confirmation.
3. Gathering Feedback: The user collects feedback from other validator groups (which hold two-thirds of the stake on Sui) to generate a valid transaction certificate between the user, the confirming validator, and other validators.
4. Submitting the Certificate: The user sends this certificate to all validators for storage and verification.
5. Validator Verification and Execution: Validators check the certificate and perform their assigned tasks.
6. Transaction Confirmation: After confirmation, the user collects feedback as proof of transaction completion.
7. Checkpoint Creation: Sui forms checkpoints for every consensus commitment and manages protocol reconfiguration.

Key Features of Sui Network

Low and Stable Gas Fees

While many blockchains have highly volatile gas fees that create obstacles for users, Sui takes a different approach. Sui divides operations into 24-hour epochs, and validators vote on a single gas fee for each epoch. This helps maintain stability and optimizes the transaction experience.

Narwhal & Tusk Consensus Mechanism

Sui employs the Narwhal & Tusk consensus mechanism to ensure safety and efficiency. Narwhal preserves data availability, while Tusk organizes and orders transactions, protecting the blockchain from validator risks.

Scalability

Instead of processing data within a single block like other blockchains, Sui processes data in parallel, organizing it into independent objects through the Byzantine Fault-Tolerant (BFT) and Byzantine Consistent Broadcast (BCB) mechanisms.

Move Programming Language

Sui inherits and builds upon the Move programming language from Diem, avoiding the limitations of Solidity. Move allows users to have full control over their assets by defining them as customizable objects.

Team

Sui’s development team, Mysten Labs, mostly consists of members who previously worked together on Meta’s (Facebook’s) Diem Blockchain project. After Diem’s discontinuation, they branched out to build Aptos and Sui. Key members include:

• Evan Cheng: Co-Founder & CEO, formerly Director of Engineering at Facebook.
• Adeniyi Abiodun: Co-Founder & CPO, with extensive software engineering experience.
• Sam Blackshear: Co-Founder & CTO, formerly with Facebook and Novi.
• George Danezis: Co-Founder & Chief Scientist, an expert in Computer Security and Cryptography.

Investors

Sui has attracted $336 million through two successful funding rounds:

• December 6, 2021: In the Series A round, Mysten Labs raised $36 million, led by A16Z, with participation from funds like Standard Crypto, Slow Ventures, Coinbase Ventures, Electric Capital, Lightspeed Venture Partners, and others.
• September 8, 2022: Mysten Labs secured an additional $300 million in a funding round led by FTX Ventures, with participation from Binance Labs, A16Z, Jump Crypto, Lightspeed Venture Partners, and Coinbase Ventures.

After FTX’s collapse and bankruptcy, Mysten Labs repurchased $96 million worth of SUI from FTX Ventures. Although the specific source of funds for this deal is unclear, Mysten Labs successfully raised $50 million through an ICO upon SUI’s launch.

Sui Ecosystem

The Sui ecosystem has developed comprehensively, featuring key components such as:

• AMM/DEX: Cetus, Kriya DEX, FlowX Finance, DeepBook, Turbos, BlueMove DEX, Anime Swap, Interrest Protocol.
• Lending & Borrowing: Navi Protocol, Scallop, Suilend.
• Liquid Staking: Haedal Protocol.
• Stablecoin: Bucket Protocol, Poseidollar.
• Derivatives: Bluefin, Typus Finance, ABEx Finance.
• Yield Farming: Sparkling Finance, Strater, Mole, Sui Pearl, Kai Finance.
• Wallets: In addition to the Sui wallet developed by Mysten Labs, there are other wallets like Ethos Wallet, Martian, Suiet, and more.
• GameFi and NFT: Fuddies, DeSuiLabs, Egg, Cosmocadia, SuiFrens, etc.
• Marketplaces: Clutchy, Tradeport, HybperSpace.

What is SUI Token?

Now that we’ve explored what Sui is, let’s dive into the project’s token – SUI.

Basic Information

• Token Name: Sui
• Token Symbol: SUI
• Blockchain: Sui
• Smart Contract: 0x2::sui::SUI
• Total Supply: 10,000,000,000 SUI
• Max Supply: 10,000,000,000 SUI
• Circulating Supply: 2,596,086,127 SUI (as of August 9, 2024)

SUI Token Allocation

• Sui Foundation: 50%
• Community Access Program: 6%
• Investors: 14%
• Mysten Labs Treasury: 10%
• Early Contributors: 20%

SUI Token Release Schedule

SUI is not highly inflationary, with fewer than 5 billion tokens unlocked by 2030.

Use Cases of SUI Token

• Transaction Fees: SUI is used to pay transaction fees on the network.
• Staking: SUI participates in securing and reaching consensus on the network through staking.
• Governance: SUI holders can take part in governance decisions for the Sui Network.

Where to Trade SUI Tokens?

Currently, SUI Tokens can be traded on platforms like Binance, OKX, Bybit, and others.

Trade Sui on Binance Here!!!

Roadmap

Overall, Sui continues to focus on technological enhancements and ecosystem growth.

Most recently, Sui caught the attention of Grayscale, leading to the creation of an investment fund specifically for Sui.

Related: Grayscale Introduces Investment Funds for Bittensor and Sui

Similar Projects

Sui is a Layer 1 solution similar to Aptos and Solana.

Project Information Channels

• Website : https://sui.io/
• Twitter : https://x.com/SuiNetwork 
• Discord : https://discord.com/invite/sui

Conclusion

This article has provided a comprehensive overview of what Sui is and details about the SUI Token. If you have any questions, feel free to leave them in the comments section!