Introduction
The crypto world has seen a lot of layer 1 cryptocurrencies come and go, with the likes of EOS, NEO, and TEZOS unable to achieve their purpose of creating “killing ETH”. The recent season has brought about the creation of new alternative layer 1s that could avoid such a fate, you guessed it, SUI.
The SUI blockchain was brought about by Mysten Labs, a software company. The project has a lot of talents creating a huge impact on the crypto space and the world in general. It is filled with the likes of Evan Chang (the CEO), Sam Blackshear (the CTO), Adeniyi Abiodun (CPO), and George Danezi (Chief scientist).
Funding
The project was able to raise high amounts of funding, bringing its total valuation up to $2Billion+. However, the funding rounds came from FTX CEO Sam Bankman-fried. This ultimately creates a backlash on the SUI project- we will discuss soon how the foundation resolves this issue.
SUI has backings from a lot of major investors comprising the likes of Binance Labs Coinbase ventures and Lightspeed.
Technology
The sui blockchain uses a unique model of processing transactions called horizontal scaling. This gives SUI the capacity to process multiple transactions at the same time, unlike other layer 1 that runs a linear model that gets problems like Ordering transactions.
The SUI protocol does not rely entirely on consensus except when it’s needed, thing gives SUI more uptime and more resistance to denial service attacks.
Ecosystem
The SUI ecosystem is one of the more interesting ones, even though it just launched its mainnet, it has already seen a high amount of growth.
Let’s look at some project launching or about to launch on the SUI blockchain including:
Thala labs – a borrow-to-mint project, that allows you to borrow against SUI to mint MOD- the native blockchain Thala LABS.
Tortuga: Pending launch on SUI, but launched already on APTOS blockchain. You should keep an eye out for this as they have no token yet at the time of writing this post.
Decentralized exchanges: Pontem network, Liquidswap, Movex, and Pancakeswap.
Tokenomics
Although the project was unable to deliver on its promise of an airdrop, it was still able to give out a fair amount of profit to those that participated in the token sale. The token quickly launched on many major exchanges like MEXC, Binance, Kucoin and on other smaller exchanges
Sui is the native token of the SUI blockchain. It is used for staking, governance, used as liquid asset, and more importantly for paying gas fees. It has a maximum supply of 10,000,000,000 (10 Billion tokens).
Personal Note From MEXC Team
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