Sui

SUI Price

About Sui (SUI)

Sui is a Layer 1 blockchain designed for global adoption by providing a high-speed and secure environment for digital asset ownership.

• It utilizes the Move programming language to create a safe and scalable framework for developers.

• The platform uses an object-centric data model to enable parallel execution, a method that processes many transactions at the same time.

• It supports horizontal scaling, a process that adds more capacity as the network grows to keep fees stable and speed high.

What Is Sui?

Sui is a decentralized platform built to remove the technical barriers that prevent people from using Web3 applications. Value moves through the system via transaction fees and a staking mechanism that rewards participants for keeping the network secure. 

The SUI token is put to work through Proof of Stake, a system where users lock their tokens to support validators and earn rewards. As the ecosystem expands, a dedicated storage fund ensures that validators are fairly paid to keep data on the network indefinitely, allowing the system to scale sustainably.

What Makes Sui Unique

• Object-Oriented Design: Unlike traditional blockchains that track account balances, SUI tracks individual objects to allow for faster and more complex interactions.

• Advanced User Tools: Features like zkLogin, a method for easier account access, and sponsored transactions allow users to interact with apps without needing to manage complex wallets or fees immediately.

• High Throughput: The architecture is built for rapid transaction finalization, the point where a trade becomes permanent, ensuring near-instant results for users.

• Deep Composability: Developers can create tailored object types that work across the entire network, encouraging innovation in how assets and protocols collaborate.

What Can You Use SUI for?

• Network Security: Users can participate in Proof of Stake to secure the blockchain and receive rewards.

• Transaction Fees: The token is used to pay gas fees, the cost required to process data and execute trades on the network.

• On-chain Utility: It serves as a primary asset within decentralized exchanges, lending platforms, and digital games.

• Governance: Token holders can participate in governance, a process for voting on network rules and future protocol upgrades.

How Does Sui Work?

Sui functions by organizing data into independent objects rather than a single ledger of accounts. This structure allows the network to use parallel execution to handle multiple transactions simultaneously instead of waiting for one to finish before starting the next. 

It uses a specialized consensus mechanism to reach a quick agreement on the state of the network, which reduces delays. To handle long-term data storage, the system collects fees into a storage fund that distributes rewards to validators over time, ensuring the network remains stable as more data is added.

Team Info and Investors

Sui was developed by Mysten Labs, a team founded by former lead engineers from the Meta (Facebook) blockchain research division. The project has attracted significant institutional support from major venture capital firms, including Andreessen Horowitz (a16z), Coinbase Ventures, Circle Ventures, and YZi Labs.

Where can you buy Sui?

SUI tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Sui is Binance, where the most active trading pair SUI/USDT has a trading volume of $22,247,056.45 in the last 24 hours. Other popular options include Coinbase Exchange and OKX.

What is the daily trading volume of Sui (SUI)?

The trading volume of Sui (SUI) is $339,385,629.95 in the last 24 hours, representing a 13.70% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Sui (SUI)?

Sui (SUI) reached an all-time high of $5.35 and an all-time low of $0.3648. It’s now trading -83.40% below that peak and 143.90% above its lowest price.

What is the market cap of Sui (SUI)?

Market capitalization of Sui (SUI) is $3,518,928,675 and is ranked #31 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of SUI tokens (4 Billion tokens are tradable on the market today).

What is the fully diluted valuation of Sui (SUI)?

The fully diluted valuation (FDV) of Sui (SUI) is $8,901,043,472. This is a statistical representation of the maximum market cap, assuming the maximum number of 10 Billion SUI tokens are in circulation today. Depending on how the emission schedule of SUI tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of Sui compare against its peers?

With a price decline of -7.50% in the last 7 days, Sui (SUI) is underperforming the global cryptocurrency market which is down -3.40%, while underperforming when compared to similar Smart Contract Platform cryptocurrencies which are down -2.80%.