INTRODUCTION
The crypto world has seen a lot of layer 1 cryptocurrencies come and gone, with the likes of EOS, NEO and TEZOS unable to achieve their purpose of creation “killing ETH”. the recent season has brought about the creation of new alternative layer 1s that could avoid such fate, you guessed it, SUI.
The SUI blockchain was brought about by Mysten labs a software company based in . The project is filled with a lot of talents that that have had an 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 has been able to raise high amounts in funding, bringing its total valuation up to $2Billion+, however, the funding rounds were led by FTX CEO Sam Bankman-fried-this led to a backlash on the SUI project- we will discuss soon how this issue was resolved by the foundation.
SUI is backed by a lot of major investors comprising of 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 run a linear model that get problems like Ordering transactions.
The SUI protocol does not rely entirely on consensus except when its needed, thing gives SUI more uptime and more resistant 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 include:
1. Thala labs — a borrow-to-mint project, that allows you to borrow against SUI to mint MOD- the native blockchain Thala LABS.
2. 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 as at the time of writing this post.
3. 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 Binance, kucoin and on other smaller exchanges
Sui is the native token of the SUI blockchain, that is used for staking, governance, used as a liquid asset and more importantly for paying gas fees. It has a maximum supply of 10,000,000,000 (10 Billion tokens).
LINKS
Official website: https://sui.io/
Twitter: https://twitter.com/SuiNetwork@SuiNetwork
Discord: https://discord.gg/sui
Coinmarketcap: https://coinmarketcap.com/currencies/sui/
