To learn more about Sui Network, check out our deep dive on Sui.
What Is Sui (SUI)?
Sui is a groundbreaking layer-1 blockchain platform designed to support the needs of global adoption by offering a secure, powerful, and scalable development platform. At its core, Sui leverages a novel object-centric data model and the secure Move programming language to address inefficiencies prevalent in existing blockchain architectures.
On top of strong technical foundations, Sui prioritizes user experience by eliminating barriers commonly associated with blockchain interactions. Through innovations like zkLogin, sponsored transactions, and programmable transaction blocks, Sui creates a higher standard for user experience within Web3 by ensuring applications are accessible and user-friendly.
Who Are the Founders of Sui?
Mysten Labs, the original contributor to Sui, was founded by former lead architects of Meta’s blockchain research team:
Evan Cheng, CEO of Mysten Labs, has an extensive background in platform development, with more than 24 years building developer-facing technology and leading engineering teams at companies such as Apple and Facebook.
Adeniyi Abiodun, CPO of Mysten Labs, has led engineering and product teams across Big Tech companies including Oracle, VMware and Facebook. He has led product teams within the blockchain industry for over 10 years.
Sam Blackshear, CTO of Mysten Labs, is a researcher and engineer specializing in programming language design, program verification, and developer tools. He is the creator of the Move smart contract language.
George Danezis, Chief Scientist of Mysten Labs, is a Professor of Security and Privacy Engineering at University College London with over 20 years of experience working on peer-to-peer system security and privacy.
Kostas Chalkias - Chief Cryptographer of Mysten Labs, has over 10 years of experience in lead cryptographer roles in many big tech companies, including Meta and R3.
What Makes Sui Unique?
Sui’s innovative architecture offers low-latency transactions with stable transaction fees, high throughput through horizontal scaling and parallelized execution, and empowers developers with powerful capabilities and tools to craft the next generation of Web3 applications.
At the heart of Sui's uniqueness lies its object-oriented design, offering a new way of developing on blockchain. Offering powerful capabilities in a way that ensures deep composability with important developer and user safety measures. As everything on Sui is an object, the ability to define object types allow developers to create objects tailored to their application needs with inherent network-wide compatibility. This changes how assets and protocols can work together to create greater products with broad composability.
Dramatic improvements to crucial network processes, such as transaction processing, are enabled by the use of objects on Sui. By having explicitly defined transaction dependencies transactions on Sui are able to be executed in parallel. Along with this, Sui has unique consensus requirements that allow specific transactions to actually bypass consensus and be completed significantly faster. Many transactions are finalized and settled in less than half a second all while maintaining high throughput and stable transaction fees.
Application builders benefit from Sui’s focus to provide solutions that overcome common barriers in Web3 adoptions. This is accomplished through tools natively available for all developers such as zkLogin and sponsored transactions addressing barriers such as wallet onboarding and transaction fees, respectively.
Finally, Move on Sui has been tailored to Sui’s object-oriented data model creating a development platform that combines a new yet intuitive platform with a powerful and secure programming language. This allows both developers and users to rest easier knowing that the additional safety measures required by Move on Sui help to mitigate, if not entirely eliminate, the most common exploits in other smart contract developing languages.
With Sui Wallet and zkLogin, you can onboard Sui immediately! zkLogin allows you to create and manage Sui accounts with a simple web login like Google. Using zero-knowledge cryptography, zkLogin brings the convenience of using a familiar web account to all the benefits around security and ownership that blockchain technology provides. Download Sui Wallet and get started today.
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DeFi Projects on SUI:
- Turbos Finance - concentrated liquidity, hyper-efficient decentralized exchange allowing users to trade assets at great prices and earn rewards by providing liquidity.
- BlueFin - decentralized derivatives exchange that offers high performance, low costs, and a Web2-like user experience.
- Aftermath - an all-in-one platform for trading, liquid staking, and earning yield that is fast, inexpensive, and fully transparent.
- Kriya - a vertically-integrated range of DeFi products meant to aggregate liquidity, enhance capital efficiency, and offer tools specifically for institutions and whales.
- Sudo Finance - real world asset & derivatives exchange protocol allowing high leverage trading with zero slippage.
- NAVI - borrow and lending protocol on Sui, enabling users to participate as liquidity providers and borrowers with powerful features such as automatic leverage vaults.
- Cetus Protocol - a decentralized exchange and concentrated liquidity protocol built on the Sui utilizing a flexible underlying liquidity network to make trading easier for any user.
NFTs on Sui:
- NFT marketplace providing access to Sui assets include Hyperspace and Tradeport, among others.
Check out Aptos (APT) — a blockchain built on the Move language too.
Read more on the “Aptos and Sui: The New Kids on the Block” report.
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How Many Sui (SUI) Coins Are There in Circulation?
The SUI token has a total supply capped at 10,000,000,000 (ten billion tokens) and is primarily used to secure the network and act as a unit of account and payment within the network.
The SUI token currently serves three primary purposes on Sui:
- Proof-of-stake participation - Sui uses a delegated proof-of-stake mechanism to select, incentivize, and reward honest behavior by Sui validators and the SUI token owners that stake with them.
- Gas fee payments - SUI tokens are used to pay for gas fees required to execute transactions and store data onchain.
- Utility across applications - SUI is a versatile and liquid asset that can be used for various applications within Sui’s ecosystem, such as decentralized exchanges, lending and borrowing applications, games, and much more.
- Governance - The SUI token will play a crucial role in future governance of Sui by granting holders the right to participate in onchain voting on important issues, such as protocol upgrades and changes to the platform.
Additionally, the Sui storage fund is used to shift stake rewards across time and compensate future validators for storage costs of previously stored onchain data. This tokenomic design creates a mechanism for users to store data onchain indefinitely while compensating current and future validators fairly for storage, ensuring long-term sustainability.
How Is the Sui Network Secured?
Sui uses a delegated proof of stake (PoS) mechanism to secure the network from sybil attacks, where validators and delegators take on acts similarly to other dPoS mechanisms.
The unique element of Sui’s network level architecture is the protocols leading to consensus. Narwhal is the protocol developed to create and efficiently manage a mempool for a directed acyclic graph (DAG), which Sui uses. Bullshark, the consensus protocol, then pulls transactions from the Narwhal mempool to validate and finalize transactions. As mentioned above, certain transactions can actually by-pass the consensus mechanism and follow the Byzentine Consistent Broadcast mechanism to achieve finality in less than half a second with true settlement guarantees.
This network design has shown to reach transaction speeds of over 297,000 transactions per second in a testing environment.
Where Can You Buy Sui (SUI)?
SUI can be purchased on numerous centralized exchanges, including Binance, Coinbase, KuCoin, Bybit, Kraken, Bitfinex and more.
What is SuiNS?
As a name service platform, SuiNS assigns identifiers on Sui, such as alice.sui. These identifiers, referred to as names, are linked to Sui accounts, streamlining transactions by directing them to the associated Sui account. This simplifies the process of specifying Sui accounts for users, enhancing their overall experience.
SuiNS names are represented as NFTs and stored in the user's wallet, ensuring that ownership benefits, inherent to Sui objects, extend to SuiNS names as well. Moreover, SuiNS offers additional personalization options by allowing users to associate avatars with their names. These avatars, also NFTs, leverage Sui's support for composable objects, offering users a multitude of possibilities for their graphical representations. In addition to avatars, SuiNS supports IPFS websites, enabling users to create either straightforward informational pages or intricate, dynamic sites.