What is Sui Coin?
Sui Coin is the native token of the Sui network, an innovative layer 1 decentralized blockchain network compatible with smart contracts. Sui network enables users to make digital assets more accessible, fast to transect, and secure.
According to the documentation of the network, it aims to become #1 highly scalable blockchain network by offering users fast transactions at a minimal cost while supporting a wide range of dApps.
Unlike most of the decentralized projects available in the crypto industry, to achieve scalability, the Sui network utilizes parallel processing of transactions in real time, without compromising on protocol security.
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Who Created Sui Coin?
The platform is founded by a team of experts from Mysten Labs, which includes five members: Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. Sui network is not the only project they have worked on. This group has also worked as executives and lead architects at Meta’s Novi Research, where they were responsible for creating Diem Blockchain protocol and writing the Move programming language.
Technology Behind Sui Coin
Traditional Solidity has been widely used as a programming language model to write blockchain coding and build dApps. However, Sui network developers took a unique approach and built the platform bottom-up using a Move programming language, which enabled them to create parallel transaction execution mechanisms and object-centric models with sub-second finality and rich on-chain support.
How Sui Coin Enhances Security
The official site of the platform promotes the security of the network saying, “It is in our DNA.”
Well, these words aside, there is no doubt that developers behind Sui Coin and its blockchain have prioritized security in all aspects of building a safe platform to ensure that users’ funds are SAFU.
To ensure the safety of transactions on the Sui network, the platform uses Delegated Proof-of-Stake consensus mechanism with advanced security measures programmed in the Move programming language.
Additionally, it also undergoes regular, public, third-party audits of its smart contracts and other functionalities that can be accessed through its official site, adding more transparency to its business. Recently Zellic (A firm that audits security measures of projects across different blockchain networks) audited Sui Security Assessment’s code, which Sui successfully passed.
Sui Coin & Decentralization
Sui Coin is a completely decentralized cryptocurrency native to a blockchain network of same name. Along with delegated proof-of-stake consensus mechanism, as previously mentioned in the article, it also uses zero-knowledge proof, known as zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) which allows transaction executors to prove that initiated transaction are correct without disclosing information about the input, making it a privacy enabled blockchain network.
Key Features of Sui Coin
Fast and Scalable
Scalability with fast transaction validation speed at a minimal cost are some of the key advantages offered by Sui Blockchain.
Its ability to process transactions in a parallel environment, without compromising on security, enables Sui to minimize resource consumption and increase its throughput, making it a fast and scalable network.
Privacy and Security
Unlike traditional smart contracts-enabled networks, such as Ethereum and Cardano, Sui not only prioritizes security but also offers a high level of privacy to protect transaction details. The platform was able to achieve both privacy and security functionalities simultaneously, thanks to its technology, DPoS, and zk-SNARKs approaches, taken to protect its customers’ ownership over their assets.
Smart Contracts
It is a smart contracts-enabled platform that lets developers develop and deploy decentralized applications on its blockchain. Smart contracts on SUI are primarily written in Move programming language and can be used to define different operations of assets, including, but not limited to, their creation and transfer of ownership.
Low Transaction Fees
Compared to its alternatives, including Ethereum, it offers lower transaction fees thanks to its ability to validate large number of transactions at a fast rate. According to data publicly available on the web, Sui Blockchain Mainnet is capable of processing up to 120,000 transactions per second. In contrast, the Ethereum Blockchain is only capable of handling up to 28 transactions, as of 2023.
Global Accessibility
Thanks to the decentralized nature of the network, it can’t be censored by centralized authorities, meaning that Sui Blockchain can be accessed globally by anyone without any hurdles.
Benefits of Sui Coin
Speed and Efficiency
Speed and efficiency are two of the major factors contributing to the success of Sui Coin. As previously mentioned, the network is capable of handling over 120,000 transactions per second at minimal trading cost for each, making it the best choice not only for individuals but also for traditional financial institutions, such as banks, to process their customers’ withdrawals/deposits at fast speeds.
Lower Costs
Thanks to the network’s parallel transactions processing capability, SUI offers lower transaction cost compared to its alternatives.
Transparency
Transparency is another major benefit that adds value to the network in financial transactions. The network has its own public explorer called Suiscan, where anyone can track blockchain records, including validation time, cost, and date when a transaction was initiated, to successfully completed.
Reduced Dependency on Intermediaries
As we all know, our traditional financial infrastructure is dependent on intermediaries, including a government-owned centralized advanced banking system. But Sui Blockchain uses self-executed smart contracts, which reduced the dependency of intermediaries. Instead transactions are executed automatically once agreement has been reached.
Sui Coin Comparisons
Sui Coin vs Ethereum
Although both networks support smart contracts, they have differences in approach. While Sui Coin uses Rust and Move as primary languages Ethereum code is written in Solidity language.
Another key difference between the two is capability to process transactions. Sui Mainnet is capable of processing over 120,000 transactions, while Ethereum is only capable of handling around 28-30 transactions per second.
To read an Ethereum Analysis, click here
Sui Coin vs Solana
Solana is a blockchain network that was created with the aim to fix scalability issues faced by networks. However, if we compare the TPS statics that both networks are capable to process, Sui seems to outperform, as Solana has the potential to only process up to 50,000 transactions at its peak.
To read a Solana Analysis, click here
Sui Coin vs Polkadot
Polkadot and Sui Coin have a lot of similarities in their working mechanism, as both utilize a Proof-of-Stake consensus mechanism. However, because of Sui network’s low-latency transactions capability, thanks to its parallel transaction processing model, it offers a lot cheaper and faster transaction validation, in comparison to Polkadot.
To read a Polkadot Analysis, click here
Sui Coin vs Aptos
Aptos is a newly launched smart contracts-enabled platform that focuses on scalability and interoperability. Interoperability is a plus point for Aptos, however, in terms of TPS handling, it can only process up to 10K as of now. While on the other hand, Sui network is capable of processing more than 120k transactions.
Trading Sui Coin on Bybit
The native token of Sui network is listed on multiple Exchanges, including Binance, Coinbase, and Bitfinex. However, we recommend you to trade it on Bybit because it offers low trading fees, and high liquidity, with multiple trading pairs including SUI/USDT and SUI/USDC.
Click here to read about How to Use Bybit
Future Potential of Sui Coin
Launched as a Bianance Launchpool project with a fixed maximum and total supply of 10,000,000,000 tokens, the future of Sui Coin seems bright. Based on the white paper published by the team behind the project, Sui Coin can be considered as a potentially good investment for the long term.
However, due to the decentralized nature of the project, and seeing as the project is new to the market, it is hard to fully speculate on its true future potential. There is still a lot needed to be done, in terms of mainstream marketing, community empowerment, and expanding network services.
Sui Coin Price Prediction for the Near Future
According to our chart analysis team at Coin-labs, Sui Coin is currently trading below the major resistance level of between $0.92 to $0.96, while RSI is around 64, indicating an overbought condition. Nevertheless, as it is a newly launched project and has a low market cap, there is a high probability that it might break this resistance level if buying pressure continues to grow. If that happens then Sui Coin will easily go as high as $1.20 in the near future.
Conclusion
Just like much other crypto in the market, Sui is a decentralized, permissionless, but privacy-oriented coin that enables users to safely transfer funds across the world. Some of the key advantages offered by it in financial transactions include fast validation time, low cost, and privacy.
Additionally, the network supports smart contracts and allows developers to develop and integrate dApps on its blockchain to facilitate and enhance the experience of users utilizing its services.
Acquiring Sui Coin is easy, as it is listed on all popular exchanges, including, but not limited to, Bybit, Coinbase, KuCoin and Binance. So based on your conveniences, choose the exchange you are most comfortable with and start accumulating any amount of tokens.
We Coin-Labs.com provides only objective information about Sui Coin.
Therefore, we are not responsible for the investment decision in Sui Coin and the resulting loss.
Sui Coin Basics
Here are some factors that investors should consider before investing in Sui Coin.
| Cryptocurrency Features | Sui Coin (SUI) |
|---|---|
| Publisher or Developers | Evan Cheng |
| Headquarters (Registration Number) | USA |
| Symbol | SUI |
| Platform | Sui blockchain network |
| Published Date (CMC Registration) | 2024-04-12 |
| Max Supply | 10,000,000,000 SUI |
Reliability Score of Sui Coin in 2024
These are indexes mesuring the investment reliability of Sui Coin conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 10 Exchanges |
| Number of Available Pairs Worldwide | 239 Pairs |
| Market Cap of the Cryptocurrency | 1,816,020,789 USD (Rank #44) |
The table above shows the result of investment suitability evaluation for Sui Coin.
Check out how we evaluate cryptocurrencies on the crypto rating description page.
Sui Coin Price
Here are the price and recent trading volume of Sui Coin. (Data of 2024-04-12 11:26:00)
| Price Items | Price and Trading Volume of Sui Coin |
|---|---|
| Sui Coin Price | 1.504 USD |
| Price Change 24h | -0.60% |
| Price Change 7d | -8.20% |
| Trading Volume 24h | 229,642,778 USD |
| Trading Volume Change 24h | -18.74% |
Cryptocurrency Metadata
You can check the development status and social media information of Sui Coin through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | https://sui.io/# |
| đź“– White Paper | https://docs.sui.io/ |
| 🛰️ Source Code (GitHub) | https://github.com/MystenLabs |
| đź?¦ Twitter | https://twitter.com/SuiNetwork |
| 🤖 Reddit | |
| 🎺 Message Board |
Where to Buy Sui Coin
Here are the top ten world crypto exchanges where traders can buy Sui Coin in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Listed | https://www.binance.com/en/trade/SUI_BTC |
| Coinbase | Listed | https://pro.coinbase.com/trade/SUI-USD |
| Kraken | Listed | https://trade.kraken.com/charts/KRAKEN:SUI-USD |
| KuCoin | Listed | https://www.kucoin.com/trade/SUI-USDT |
| Bitfinex | Listed | https://trading.bitfinex.com/t/SUI:USD?type=exchange |
| OKX | Listed | https://www.okx.com/trade-spot/sui-usdt |
| Huobi | Listed | https://www.huobi.com/en-us/trade/sui_usdt?type=spot |
| Bitstamp | Listed | https://www.bitstamp.net/markets/sui/usd/ |
| Bybit | Listed | https://www.bybit.com/trade/usdt/SUIUSDT |
| Gate.io | Listed | https://www.gate.io/trade/SUI_USDT |
Frequently Asked Questions
What is the current price of Sui Coin?
Sui Coin price today is 1.504 USD. Furthermore, the price of Sui Coin has fluctuated by -0.60% from 24 hours ago, and by -8.20% from a week ago.
Where is Sui Coin listed?
Currently, it is listed on a total of 10 among the world top 10 exchanges.
What is the market cap of Sui Coin now?
Currently, Sui Coin has a market cap of 1,816,020,789 USD, which is ranking 44 among cryptocurrencies worldwide.
How much is the trade volume of Sui Coin?
Currently, 1,295,901,469 SUI coins are circulating through 239 market pairs. As a result, in the last 24 hours, 229,642,778 USD of SUI coins were traded in the market.
