Exchange Sui (SUI)

SUI is a Layer 1 blockchain and smart contract platform that launched its mainnet in May 2023. It operates as a decentralized network similar to Ethereum and Bitcoin but utilizes a delegated proof-of-stake (DPoS) consensus mechanism. The platform's native token, SUI, holds multiple utilities within the ecosystem. Users can stake SUI for validation and delegation, pay gas fees, and participate in governance decisions.

The brainchild of Mysten Labs, the Sui network was conceived by a team of seasoned executives and lead architects who previously contributed to the Facebook Libra project, later rebranded as Meta's Novi digital wallet initiative. Evan Cheng, Sam Blackshear, Adeniyi Abiodun, George Danezis, and Kostas Chalkias pooled their expertise to develop a new blockchain solution aimed at addressing the scalability challenges hindering the widespread adoption of web3 technology.

Mysten Labs, established in 2021, unveiled the Sui project in March 2022, following a successful Series A funding round led by a16z, which raised $36 million in December 2021. Subsequently, Sui's incentivized testnet was announced in June 2022 and officially launched in August of the same year.

In July 2022, developers introduced enhancements to the Move VSCode plugin, followed by the launch of the Sui Wallet, the designated cryptocurrency wallet for the Sui blockchain, a month later.

With the rollout of its incentivized testnet, Sui commenced the validator registration process in August 2022. This momentum was further propelled in September when Mysten Labs secured $300 million in Series B funding, with participation from notable entities like Binance Labs.

What sets SUI apart is its innovative architecture, built from the ground up to enhance digital asset ownership in terms of speed, privacy, security, and accessibility. SUI utilizes the Move programming language, introducing an object-centric model that enables parallel execution, sub-second finality, and support for rich on-chain assets.

Key features of SUI's architecture include horizontal scaling, composability, sparse replay, and on-chain storage. Horizontal scaling allows groups of transactions to process in parallel, avoiding bottlenecks seen in earlier blockchains. Composability enables direct passing of assets, such as NFTs, into function arguments, fostering flexibility. Sparse replay addresses the issue of expensive on-chain data queries, enhancing the efficiency of tracking the evolution of on-chain objects. On-chain storage directly stores assets as objects on the SUI blockchain, reducing costs compared to traditional methods like Merkle tree indexing.

SUI's consensus algorithms, initially Tusk and Narwhal, were later replaced by Bullshark to address latency issues and ensure participation from validators with lower processing speeds. The blockchain aims to achieve transaction speeds exceeding 297,000 transactions per second through its multi-lane approach, allowing for massively parallel execution.

The Sui blockchain operates as a permissionless Proof-of-Stake (PoS) network, facilitating smart contract functionality. It caters to the needs of decentralized applications (dApps) requiring instant settlements, high throughput, and minimal latency.

Diverging from traditional blockchain models reliant on one-time broadcasts, Sui's architecture enables requestors or proxies to actively engage with validators for transaction completion, resulting in near-instant finality. Its low latency makes Sui crucial for integrating transactions into real-time environments like gaming.

Moreover, the Sui network empowers developers to craft custom digital assets, encompassing both fungible and non-fungible tokens (NFTs). Positioned to onboard the next wave of web3 users, Sui offers a secure and efficient platform for diverse dApps spanning gaming, DeFi, NFTs, and beyond.

Notably, Sui prioritizes interoperability, enabling smart contracts and digital assets developed on its network to seamlessly interact with other networks. This interoperability is facilitated through Sui Move, its smart contract programming language based on Move. Sui Move affords greater flexibility and scalability to developers while upholding stringent security standards.

SUI's tokenomics plays a crucial role in maintaining a balanced economic ecosystem. The SUI token serves various purposes, including transaction operations, staking, and governance participation. Gas fees are charged for network operations, acting as a deterrent against spam and rewarding participants in the proof-of-stake mechanism. The introduction of a storage fund aims to distribute stake rewards over time and compensate validators for the costs of storing data on-chain. On-chain voting mechanisms for governance and protocol upgrades ensure the sustainability and long-term growth of the SUI platform.

The SUI token has a total supply of 10 billion and as of January 31, 2024, the circulating supply is 1,100,947,215 SUI. The allocation of SUI tokens is divided as follows: the Sui Foundation holds 50% for ecosystem development, early contributors possess 20%, and the remaining 30% is owned by the community. As adoption grows, the constrained supply theoretically contributes to the upward trajectory of SUI's value.

SUI has integrated with Banxa, a crypto-compatible payments infrastructure provider, to enable seamless and cost-effective fiat on-ramps. Additionally, the Sui Wallet by Mysten Labs facilitates the purchase of SUI tokens through Banxa's fiat on-ramp solution and incorporates off-ramp solutions.

The Average Fees on the SUI Network

When a user engages with an application on the Sui network or seeks to trade a digital collectible, their wallet will prompt them to authorize the payment of the gas fee. This fee is determined by the current epoch's price and is expected to remain relatively stable compared to previous epochs. 

Sui provides builders with a range of fee collection methods, granting them the flexibility to customize revenue models according to the nature of their applications and the preferences of their target audience. Builders can opt for various approaches, such as enabling users to directly pay gas fees or considering alternative methods like advertising or subscription-based models. This flexibility empowers builders to find the right balance between ensuring sustainability for their projects and maintaining accessibility for users.

The SUI token wallets 

The SUI tokens can be stored in one of the following crypto wallets: Suite (the official wallet of the Sui network), Trust Wallet, OKX Wallet, Volt Wallet, Fox Wallet, Gem Wallet, Ethos Wallet, etc.