Sui /SUI

What Is Sui Network(SUI)?

Sui is a layer-1 smart contract platform operating on the Sui Network, with SUI as its native currency token. It utilizes a Delegated Proof-of-Stake (DPoS) consensus mechanism. The platform is designed to prioritize low-latency asset management for decentralized applications (DApps). The Sui Network enables efficient transaction settlement and smart contract execution at minimal costs.

SUI network uses the Move programming language,(a language developed by Facebook known for its flexibility, verifiability, bytecode interpreter, and verifier) to execute smart contracts and manage digital assets. 

The Sui Network was developed by Mysten Labs, a company founded by a team of former engineers from Meta's blockchain research group. It officially launched in May 2023. As of October 2024, Mysten Labs is led by CEO Evan Cheng.

SUI coin in the Sui network is used to pay gas fees for transactions in the network. Token holders can also stake their SUI coins to act as validators 

who helps in securing the network in return for rewards for their contribution.

Token holders also gain voting rights to the network’s upgrades and changes.

SUI storage fund is also designed to fairly distribute SUI coins to validators for costs associated with storing On-chain Data.

The primary goal of designing Sui is to provide a scalable and efficient platform for executing smart contracts with minimal latency, making it ideal for applications that require quick interactions and high transaction speed such as DeFi and gaming.

History Of SUI Network

The creation, establishment, and deployment of the SUI network was carried out by Mysten Labs. 

This undertaking was initiated in the year 2021 by a group of ex-Meta executives – namely Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, who were able to obtain materials thanks to their research work with the Diem Association (previously known as Libra) and Meta.

In the year 2019, Facebook embarked on creating a permission-based blockchain and a digital currency wallet to establish a worldwide payment system. However, the plan didn’t go ahead as the Diem Association was dissolved in January 2022, mainly due to legal issues, and its assets were liquidated. This dissolution for well-placed grounds for two different competing blockchains: Aptos and Sui. 

In line with the trends, in April 2023 SUI token was distributed to the public along with the launching of the Sui network on May 3, 2023, which opened up possibilities for developers to develop its infrastructure and also allowed the SUI token utility to the token holders for purposes like paying transaction fees and carrying out validating activities.

How Does The Sui Network Function?

The Sui Network utilizes parallelized transaction processing, thereby differentiating itself from standard chains. In regular blockchains where every transaction undergoes a ‘turn’ in succession (vertical scaling), Sui gathers the required data for a transaction and processes it separately from the others for fast and efficient transactions. 

Hence the architecture of Sui enables the processing of up to 297000 transactions per second (TPS) without fluctuations in fee rates.

The Sui Network can be viewed through an object-oriented perspective in which all assets available on the platform are considered as objects. It implies Sui enables developers to build applications and protocols that can function harmoniously over the entire network while creating a protection wall for both the developers and the users. This composability paves the way for the development of more intricate dApps.

Equally important is the Move programming language, which not only enhances the power of Sui’s object-based architecture but also elaborates on his construction. The Move programming language, built on Rust, makes Sui even more powerful by working perfectly with its object-based design enabling the user to develop smart contracts with high levels of assurance. 

The Move language is quite safety-oriented and comes along with intrinsic characteristics that help in mitigating risks associated with programming languages in blockchain that are typical.

SUI(SUI) Coin Price Performance

On April 20, 2023, SUI (SUI) was launched through ICO. By May 3, 2023, their Mainnet launched. Soon afte­r, big exchanges, including OKX, Kucoin, Bybit, and Binance, liste­d SUI. This made it easy for investors and trade­rs to access it.

 SUI tokens have a limit of 10 billion. Some­ of this supply turned liquid at the launch. The re­maining tokens will either be­ given out as future stake re­ward subsidies or they'll vest ove­r time. Each SUI token is highly divisible, allowing for precision in transactions and staking. 

What is the All-Time-High and All-Time-Low of SUI Token?

By 2024, the total number of SUI tokens out the­re is approximately 2.8 billion. They have­ a market cap of $9.6 billion. The All-Time High was $3.92 on Nove­mber 17, 2023. Meanwhile, its All-Time­ Low was $0.36 on October 19, 2023.

Where To Buy A Sui Token? 

As of 2024, the SUI token is available on 44+ exchanges. There are more than 20 CEX and more than 30 DEX exchanges offering various trading pairs. 

• CEX Platforms: 

The leading exchanges are also not limited to but include Coinbase Exchange, Binance, OKX, Gate.io, MEXC, DigiFinex, Kraken, WhiteBIT, Upbit, Bithumb etc.

• DEX Platforms: 

Some of the notable DEXs include Cetus, Turbos Finance, DeGate, and other Uniswap-type exchanges that have SUI pairs.

• Available in the US markets:

These include Coinbase Exchange, Binance US, Kraken, OKX and DeGate.

• Common Trading Pairs: 

The most frequently used SUI trading pairs are SUI/USDT, SUI/USD, SUI/BTC, SUI/ETH, SUI/TRY, SUI/KRW

Sui Supported Wallets?

A wallet is required to manage SUI tokens and NFTs, among other things, for a user to interact with Sui's Web3. Several wallets have become popular in use after the Mainnet launch. 

• Suiet provides its sleek browser extension for adding apps using the Suiet Wallet Kit which also functions as a wallet. 

• Sui Wallet, which Mysten Labs provide, is accessible using a browser or mobile device and allows users to use standard mnemonics or a 3rd party account using Google enablement called zkLogin. 

• Ethos Wallet integrates zkLogin and dApps through EthosConnect, with an added 2048 game on the chain known as 8192. 

• Surf Wallet is one of the mobile and browser wallets that is highly utilized due to its early zkLogin feature. 

• Nightly Wallet does transaction automation approvals and also has other features that are in beta.

 There are many third-party wallet choices available, and it would be good to look for wallets that offer information about their design, other options for logging in, and features instead of just a single interface.

SUI Coin Predictions For The Year 2025-2030

In the opinion of Coinpedia, the Sui price prediction in the upcoming years from 2025 to 2030, may go as follows:

• 2025: The Sui price will rise to a possible maximum of $3.56, a potential minimum of $1.21, and a mean price of $2.38.

• 2026: The price can hit the ceiling of $4.51 whereby the floor price would be $2.111 and the mean price is expected to be $3.31

• 2027: The maximum price forecasted for Sui is $5.88 while the minimum is $3.98 with an average of $4.43.

• 2028: The token might grow and achieve a maximum of $7.01, a minimum of $3.84, and an average price of $5.42.

• 2029: Sui might attain a peak price of $8.26 within the year a minimum price of $5.16 an average of $6.71.

• 2030: Sui may have a maximum value of $9.94 while the minimum will be $6.39 and the average price will be $8.16.