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What is Sui (SUI)?

Sui basic info

Name:Sui
Ticker:
Introduction:

What is Sui?

Sui is a Layer 1 blockchain with its mainnet going live in May 2023. Sui revolutionizes how digital assets should be owned, transferred, and utilized. Developed with a radical new architectural approach, it addresses the limitations of first-generation blockchains by offering fast, private, secure, and accessible digital asset management. It is built on a unique object-centric model using the Move programming language, and boasts of features like parallel execution, sub-second finality, and a rich on-chain asset environment.

Sui is a groundbreaking advancement in blockchain technology, developed by Mysten Labs. The team behind Mysten Labs includes former executives and lead architects from Meta's Novi Research, who were instrumental in the creation of the Diem blockchain and Move programming language.

Resources

Official Documents: https://docs.sui.io/

Official Website: https://sui.io/

How Does Sui Work?

The Sui Network is engineered for high efficiency, featuring proactive communication between requesters (users initiating transactions) and validators (nodes that validate transactions). It attains near-instant transaction finality by leveraging a design that enables parallel processing of non-overlapping states.

In the Sui architecture, "objects" play a pivotal role. Created and managed using the Move programming language, these objects are given a unique ID and stored in the blockchain's distributed ledger. Validators process transactions involving these objects in parallel, thereby increasing throughput. If an object is shared between multiple transactions, Sui employs Bullshark, a high-throughput, DAG-based consensus protocol, to handle the shared resources efficiently.

What is Sui Token (SUI)?

Sui Token (SUI) is the native cryptocurrency of the Sui network. As a utility token, it is used to perform transactions, initiate smart contracts, and interact with various applications on the platform. By September 2022, Mysten Labs had successfully raised $300 million in a Series B funding round, indicating significant interest and investment in the SUI token and the Sui network as a whole.

Which Factors Affect Sui Token (SUI) Price?

Several factors contribute to the volatility of SUI Token's price:

- Market Sentiment: Investor interest can significantly impact the value of SUI. A large funding round or partnerships can boost confidence.

- Adoption Rates: As more users and developers build on the Sui platform, demand for the token could rise, positively affecting its price.

- Technological Developments: Upgrades or setbacks in Sui’s consensus algorithms, like the switch from Tusk to Bullshark, can influence investor perception and thus, price.

- Macroeconomic Factors: Like any other asset, SUI’s price is also affected by broader economic conditions, including regulatory news and market volatility.

- Competition: Being called the "Solana-Killer," how Sui performs in comparison to its competitors like Solana, Ethereum, and others could also affect its price.

Sui's Impact on Finance

Sui is poised to redefine the financial landscape with its ground-breaking architecture that emphasizes scalability, efficiency, interoperability, and security. By offering features like horizontal scaling and parallel transaction processing, Sui enables a level of throughput capable of supporting a global financial network, democratizing access to financial services. The platform's unique sparse replay and object-centric design allow for the streamlined querying of data and seamless interaction between different financial assets, eliminating the need for costly middlemen.

Conclusion

In conclusion, Sui is a next-generation blockchain that promises fast, secure, and efficient digital asset management. Developed by industry veterans at Mysten Labs, the platform leverages innovative features like parallel execution and sub-second finality. With significant financial backing and a utility token gaining interest, Sui is well-positioned to disrupt traditional finance by eliminating middlemen and democratizing access to financial services. It stands as a promising leader in the evolving blockchain landscape.

Related Articles about SUI

Announcing Sui (SUI) Listing on Bitget: A New Era of Object-Centric Blockchain

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Current price:
All-time high:$3.94
All-time low:$0.1000

SUI supply and tokenomics

Circulating supply:-- SUI
Total supply:-- SUI
Max supply:0 SUI
Market cap:--
Fully diluted market cap:--
Token allocation:
Community Reserve
50.00%
Early Contributors
20.00%
Investors
14.00%
Mysten Labs Treasury
10.00%
Community Access Program and App Testers
6.00%
Tokenomics:

Uniqueness

Through features such as horizontal scaling, composability, sparse replay, and on-chain storage, Sui’s architecture solves pain points common to first generation blockchains.

Horizontal Scaling

On the Sui network, each group of transactions process in parallel, as opposed to the bottlenecking that occurs in some earlier blockchains due to any lack of distinction between the various objects, resources, accounts, and other components.

Composability

In Sui, unlike most other blockchains, one can directly pass an asset (such as an NFT), directly into a function argument. Sui’s object-centric approach also allows for more esoteric data structures, and the ability to store assets inside such data structures, or in an asset itself.

Sparse Replay

Naturally, a blockchain provides a ledger of every single transaction. For a Sui-specific example, game builders don’t need to track transactions interacting with unrelated dApps. Because querying on-chain data can be expensive, products on Sui will be able to follow the evolution of the objects in this game, without digging out the data from the Merkle tree.

On-Chain Storage

Because assets are directly stored as objects on the Sui blockchain, they are never subject to Merkle tree indexing. Storing assets directly on-chain is used in tandem with conventional means, such as IPFS, to scale the problem of on-chain storage, as it is much cheaper to directly update assets on-chain.

Token utility

The Sui economy is characterized by three main sets of participants:

  • Users submit transactions to the Sui platform in order to create, mutate, and transfer digital assets or interact with more sophisticated applications enabled by smart contracts, interoperability, and composability.
  • SUI token holders bear the option of delegating their tokens to validators and participating in the proof-of-stake mechanism. SUI owners also hold the rights to participate in Sui’s governance.
  • Validators manage transaction processing and execution on the Sui platform.

The Sui economy has five core components:

  • The SUI token is the Sui platform’s native asset.
  • Gas fees are charged on all network operations and used to reward participants of the proof-of-stake mechanism and prevent spam and denial-of-service attacks.
  • Sui’s storage fund is used to shift stake rewards across time and compensate future validators for storage costs of previously stored on-chain data.
  • The proof-of-stake mechanism is used to select, incentivize, and reward honest behavior by the Sui platform’s operators — i.e. validators and the SUI delegators.
  • On-chain voting is used for governance and protocol upgrades.

Token governance

Protocol upgrades and other Sui governance changes are passed through on-chain voting proposals. The SUI token is useful in that it delivers token holders with the ability to participate in this process. Further details on Sui governance will be released over the upcoming weeks.

Links

Buy Sui for $1Buy SUI now

What is the development prospect and future value of SUI?

The market value of SUI currently stands at --, and its market ranking is #14. The value of SUI is widely recognized by the market. When the bull market comes, the market value of SUI will likely continue to increase.

Moreover, if SUI can play a greater role in practical applications, such as Sui builders fully leveraging the potential of SUI, partnering with more businesses, and increasing its user base, the long-term value of SUI will be significantly enhanced.

What will the price of SUI be in 2025?
Based on SUI's historical price performance prediction model, the price of SUI is projected to reach $4.61 in 2025.
What will the price of SUI be in 2030?
In 2030, the SUI price is expected to change by -12.00%. By the end of 2030, the SUI price is projected to reach $5.93, with a cumulative ROI of +58.37%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of SUI and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is SUI worth investing or holding? How to buy SUI from a crypto exchange?

If you want to buy SUI, the following information may be helpful for your investment decisions:
In the last 7 days, the price of SUI has fallen by undefined%, leading to negative returns for most SUI investors. The market is currently pessimistic about the price trend of SUI.
It is important to note that the current price of SUI has retreated by -8.03% from its all-time high. This coin is currently considered low-risk, and its price is likely to reach new all-time highs. However, be mindful of significant pullbacks if the trading volume is huge.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether SUI is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in SUI or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of SUI, if you want to buy or sell SUI, you can consider Bitget for your trading needs. The best place to buy SUI is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Sui has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Sui. Here's a step-by-step guide on how to buy Sui on Bitget.

How to get Sui through other methods?

Using cash to buy Sui is not the only way to obtain Sui. If you have the time to spare, you can get Sui for free.
Learn how to earn Sui for free through the Learn2Earn promotion.
Earn free Sui by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Sui airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Sui through Bitget Convert, Bitget Swap, or spot trading.

What is Sui used for and how to use Sui?

The use case of Sui may expand as the crypto market and the project itself develop. Currently, you can use SUI to achieve the following goals:
Arbitrage by trading SUI: Since SUI is a frequently traded cryptocurrency, the price of SUI is always fluctuating. Earn more SUI by buying low and selling high on the exchange. Bitget spot market provides a variety of SUI trading pairs to fully meet your needs.
Earn by staking SUI: You can also generate income through financial management methods such as staking SUI or lending SUI. Bitget Earn offers a variety of financial products designed to help you earn more income from your SUI.
Send or pay SUI: If you want to give SUI to your friends, a charity, or a fundraiser, or you want to pay someone with SUI, you can quickly and easily send SUI to the recipient through their payment address.
You can also go to the official website of the Sui project to learn more about the use cases of SUI. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

Sui Wiki

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SUI resources

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SUI
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1 SUI = 3.59 USD
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