$SUI The price is breaking out and trading is currently surging. SUI is now one of the top 10 cryptocurrencies in the market by market capitalization. The price has maintained a considerable upward trend and the market is currently starting to return to the bullish range, triggering a strong rebound. The current price continues to rise from $4.78, and the net inflow is still increasing.
As SUI’s market popularity continues to grow, let’s briefly analyze SUI’s background and look forward to subsequent market trading trends.
1. Basic Information
Definition: SUI coin is the native token of Sui blockchain.
Release time: The mainnet will be officially launched on May 3, 2023.
Total supply: 10 billion.
Circulation: As of December 13, 2024, the circulating supply is 2.927 billion, accounting for 29.27%.
2. Technical Features
High Throughput: Sui Blockchain is capable of processing over 100,000 transactions per second, making it an ideal platform for high-throughput applications that can meet large-scale transaction needs, such as processing complex transactions from a large number of users simultaneously, quickly and efficiently without network congestion.
Low latency: The average block time is less than 1 second, transactions can be confirmed quickly, and users can complete transactions almost instantly, which greatly improves the transaction experience. It is especially suitable for application scenarios with high real-time requirements, such as online games, financial transactions and other fields.
Scalability: A novel approach to parallel transaction processing significantly improves scalability. As the network scale expands and the number of transactions increases, Sui can flexibly adapt and maintain stable performance, without system performance degradation due to a sharp increase in transaction volume.
Security: Use the Byzantine Fault Tolerance (BFT) consensus mechanism to ensure the security and reliability of the network, effectively prevent malicious attacks and data tampering, and protect users
3. Security of Assets and Transactions
Smart contract programming language: It uses the native programming language Move, which is derived from the Diem project and has powerful asset processing capabilities and access control mechanisms. It not only greatly simplifies the process of digital asset and transaction management, but also puts security first, allowing developers to write smart contracts more safely and efficiently.
IV. Application Scenarios
Pay transaction fees: When conducting transactions on the Sui blockchain, users need to use SUI coins to pay the corresponding fees. This is one of the most basic application scenarios of SUI coins, similar to the Gas fee in the Ethereum network.
Staking: SUI coin holders can stake their tokens to support the operation of the network and receive corresponding rewards, which helps maintain the security and stability of the network and also provides a way for holders to earn income.
Governance: SUI coin holders can participate in the governance of the Sui blockchain and decide the future development direction of the network through voting, such as major matters such as protocol modification and upgrade, so that community members can jointly participate in and promote the development of the network.
V. Ecological Development
Number of projects: As of the end of November 2023, 85 different projects have been bred in the Sui ecosystem, covering multiple fields such as games, decentralized exchanges, lending, etc., such as Sui8192, Arcade Champion, Run Legends in the game category; Cetus, Kriya Dex, FlowX Finance in the decentralized exchange category; Scallop Lend, Navi Protocol, Omni BTC in the lending category, etc.
Number of users: Since the launch of the Sui mainnet, it has attracted more than 5.72 million users, and its user loyalty incentive program has further promoted user engagement and growth.
Platform construction: On September 28, 2023, Sui launched a Web3 gaming platform called PlayBeyond, which integrates 18 different games. The platform is designed to be simple and easy to use, lowering the threshold for users to enter the Web3 world, allowing users to easily access Sui blockchain technology while enjoying the game.
6. Factors affecting market performance in the past month
Price trend: SUI coin has risen by nearly 37% in the past month, with the highest price reaching $4.75, showing a trend of rising first, then falling back, and then rising again.
Changes in trading volume: The sharp rise in the past month was accompanied by an increase in trading volume, indicating that the market is active and investors are paying more attention to it. Sui Network's DEX trading volume exceeded US$33 billion, a year-on-year increase of 1479%.
Technological development and project progress: As a first-layer blockchain platform, SUI's technological advantages, such as high throughput, low latency, and scalability, provide certain support for its value. In addition, the continued advancement of the project, such as the stable operation of the main network, the development and launch of new functions, etc., have enhanced investors' confidence and driven up prices.
Ecosystem construction: The SUI ecosystem continues to grow and develop, especially the active projects in the DeFi field, such as NAVI Protocol, Cetus, etc. The total locked value (TVL) continues to rise, increasing the demand for SUI coins and driving up their prices.