The Sui blockchain network is powered by its native token, SUI. As a permissionless platform designed for smart contracts, Sui employs the Move programming language. Holders of SUI tokens can engage in network governance, cover gas charges, and take part in staking activities. 

Introduced in May 2023 by Mysten Labs, Sui is designed for smart contracts and operates using a unique Delegated Proof-of-Stake (DPoS) system, facilitating concurrent transactions. This DPoS is designed to ensure swift transaction confirmation, heightened security, and minimal costs. 

The Sui project gained significant attention around its mainnet debut in May. Notably, several team members previously associated with Meta contributed to its development, and funding rounds garnered over $300 million. 

The Sui Foundation recently unveiled a $51.3 million fund to bolster its DeFi landscape. This investment aims to assist DeFi developers and further the development of DeepBook, their on-chain order book platform targeting Nasdaq's high-speed functionality. #SUI $SUI