In the world of cryptocurrencies and blockchain, Sui refers to Sui Network or its native token of the same name. Sui is a layer 1 blockchain with a mainnet that will launch on May 3, 2023 (UTC) at 19:00. Since that day, the native token was launched on several cryptocurrency exchanges including Bybit and Kucoin.
However, even before the mainnet launch, Sui attracted the attention of many in the crypto community. Below, we take a closer look at what Sui is and why it stands out in the ever-growing world of blockchain and crypto tokens.
What is Suiwang?
Sui is a layer 1 blockchain, which means it provides the underlying infrastructure for transaction and identity verification systems in a manner similar to the Bitcoin or Ethereum networks. Layer 1 blockchains are the underlying architecture that powers tokens — or in some cases, the broader network of different tokens.
Sui differentiates itself from other Layer 1 chains by focusing on instant transaction accuracy, reduced smart contract deployment latency, and overall transaction speed. One of the ways it aims to achieve these goals is through Move, a native programming language based on the Rust Cryptographic Programming Language. Move hopes to make it easier for developers to improve smart contracts, thereby expanding the access and functionality of the Defi industry.
Sui’s validators are very similar to miners in other blockchain ecosystems. However, its verification system aims to set itself apart from the competition by offering parallel processing of transactions, which Sui developers believe will increase throughput, reduce latency, reduce latency, and improve scalability. Potential use cases for the parallel process authentication system include gaming, retail payments, and physical point-of-sale using Sui.
To be able to do this type of transaction processing, Sui is horizontally scalable, which means it has no upper limit to meet the needs of the application and can maintain low operational costs per transaction. Sui does not require global consensus on an ordered list of transactions, a major bottleneck area for many existing blockchains.
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Sui was developed by Mysten Labs, led by several ex-senior executives and architects from Novi, Meta’s now-defunct digital wallet project. It uses a delegated PoS consensus mechanism where a new pool of token holders select validators to stake tokens every 24 hours. During each of these time periods, or epochs, staked tokens are locked, but can be pulled or changed to new authorized validators when the epoch changes.
Before the mainnet launch, Sui’s developers announced that they had successfully secured $300 million in Series B funding to support development.
What are SUI tokens?
Sui’s native token, SUI, will facilitate the network’s PoS consensus mechanism, on-chain voting for blockchain upgrades, and gas fees. It will also allow Sui users to participate in the system’s DeFi activities.
The launch of the Sui mainnet today is accompanied by a SUI token sale, with 225 million tokens offered on each of the participating cryptocurrency exchanges. Each user is eligible to receive up to 10,000 SUI tokens at $0.1 per unit. Currently, U.S. residents are not eligible to participate in this sale.
Sui tokens will be distributed to community reserves for R&D, grants and grants, as well as early contributors to the project, application testers and other stakeholders. The hard cap of SUI is 10 billion tokens, 14% of which will be issued to investors at launch.
Why did Sui become the focus?
Just before Sui’s launch in May 2023, Binance exchange announced that it will offer SUI through Launchpool, a system that lets users contribute crypto assets to liquidity pools for rewards. The announcement drew increasing attention to Sui, including Tron founder Justin Sun. Sun deposited a large amount of $56 million in TUSD to Binance, which may have been used to farm SUI. This transaction has been flagged by the whale warning platform.
Binance CEO Changpeng Zhao echoed Sun’s move on Twitter, saying Launchpool was designed for retail users, not just whales. He warned that if Sun tried to collect SUI, Binance would take action against him. Sun responded that the margin is for the convenience of market-making between exchanges and does not participate in any promotional activities.
Subsequently, Sun said that a full refund had been arranged. Binance said it would reallocate the corresponding 279,000 SUI into its TUSD liquidity pool.
- Changpeng Zhao insists he will stop Justin Sun from planting SUI with $56.1 million in TUSD
- Binance Announces 33rd Project on Launchpool – SUI Token
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