The live price of Sui is - per (SUI / USD) with a current market cap of $12.83B USD. 24-hour trading volume is - USD. SUI to USD price is updated in real-time. Sui is -% in the last 24 hours with a circulating supply of 3.34B.
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Sui, also known as Sui Network, is the first Layer 1 blockchain designed from scratch to enable developers to build new experiences for a billion new Web3 users. Sui is horizontally scalable and can support a variety of DApp development at high speed and low cost. Sui pioneered a universal blockchain, bringing users high throughput, ultra-fast settlement speed, rich on-chain assets, and a user-friendly Web3 experience. Sui is a leap forward in blockchain technology, designed from the ground up to meet the needs of all stakeholders in cryptocurrency.
The Sui blockchain network is powered by the native token SUI. Sui uses the Move programming language and is a permissionless platform designed for smart contracts. SUI token holders can participate in network governance, use tokens to pay gas fees, and participate in staking activities.
Sui was launched by Mysten Labs in May 2023. The network is designed for smart contracts and uses a unique delegated proof of stake (DPoS) system to execute parallel transactions. The system is designed to increase transaction confirmation speed, enhance security, and minimize transaction costs.
In May this year, the Sui project made its mainnet debut and attracted much attention from the outside world. It is worth noting that several development members have previously participated in the Meta project. Sui has received more than $300 million in funding rounds.
The Sui Foundation recently established a $51.3 million fund to advance DeFi projects. The investment is intended to assist DeFi developers and further develop DeepBook, Sui's on-chain order book platform that aims to benchmark Nasdaq and achieve instant trading.
Of the total $10 billion in SUI tokens, approximately 1,165,931,966 are currently in circulation. The price of SUI is updated in real time on the Binance platform.
Role:
Users: Use the Sui platform to conduct transactions to create, modify and transfer digital assets or interact with complex applications based on smart contracts, interoperability, and composability;
SUI token holders: can choose to delegate their tokens to validators and participate in the Proof of Stake mechanism (POS). SUI owners also have the right to participate in Sui governance;
Validators: Process and execute transactions on the Sui public chain.
Five core components:
SUI tokens are the native assets of the Sui platform.
Gas fees are charged for all network operations to reward participants in the Proof of Stake mechanism and prevent spam and denial of service attacks.
Sui's storage fund is used to transfer stake rewards across time and compensate future validators for the storage costs of previously stored on-chain data.
The Proof of Stake mechanism PoS is used to select, incentivize and reward the honest behavior of Sui platform operators (i.e. validators and SUI delegators).
On-chain voting is used for governance and protocol upgrades.
Financing
Mysten Labs announced in December 2021 that it had completed a $36 million Series A financing round, led by a16z, with participation from Coinbase Ventures, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, Lux Capital and others.
It is seeking to raise at least $200 million in Series B financing at a valuation of $2 billion. This round of financing was led by FTX Ventures. The project has currently received $140 million in funding support in this round of financing.
Sui is a low-level blockchain and smart contract platform designed to enable fast transactions of digital assets, making them private, secure and accessible to everyone. Sui is built on a new programming language based on Move, using a novel parallel execution and commitment scheme to achieve high transaction throughput and low latency.
Sui was founded by a team of former meta engineers: Evan Cheng; Adeniyi Abiodun; Sam Blackshear; George Danezis; Kostas Chalkias.
Before founding Mysten Labs (the company behind the Sui blockchain), the five worked in the Novi division. Mysten Labs has received support from well-known crypto venture capital funds such as a16z. Among them, a16z invested $36 million in it in its Series A financing in December 2021. The subsequent $300 million Series B financing announced brought the company's valuation to $2 billion. Funds holding shares in Mysten Labs include: Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O'leary Ventures.
Of the total $10 billion of SUI tokens, approximately 1,165,931,966 are currently in circulation.
Sui uses a Byzantine Fault Tolerant Proof of Stake (PoS) consensus mechanism. Coupled with its innovative scaling solution, the blockchain can handle transaction speeds of up to 100,000 transactions per second.
Sui aims to outperform other first-layer blockchains by adopting a different consensus and transaction processing mechanism. Sui's goal is not to scale vertically, but to scale horizontally immediately, in order to achieve the high throughput promised by blockchain.
Sui believes that many transactions have no relationship with each other. Therefore, each node does not need to verify all individual transactions, but only needs to verify the data related to them. This is what Sui calls an "object-centric model", in which blockchain data focuses on objects rather than accounts. This approach abstracts the traditional blockchain model into a stream of unrelated transactions that nodes can verify individually.
First, the sender broadcasts all transactions that have been checked by relevant validators. If a majority agrees, the transaction is sent back to the sender, who then broadcasts the results to all validators. The relevant ownership models are: owned by an address (for example: a token or NFT), owned by an object (an NFT that is part of another NFT), and shared (such as an AMM pool).
This architecture allows Sui to target verticals such as NFTs, gaming, messaging services, social networks, and decentralized identity platforms.
You can buy SUI directly on Binance using a credit or debit card.
The Sui to other currencies exchange rate?
