As the competition for dominance among established cryptocurrencies continues, a new wave of digital assets has emerged in the crypto sphere. One of these new currencies is SUI, whose network went live on Wednesday.
About SUI
The founders of SUI come from Mysten Labs, and like Aptos, its founders stem from Facebook’s crypto project. SUI operates on a delegated proof-of-stake (dPoS) blockchain, utilizing the Move programming language. Its network has 2,122 nodes and 100 total validators. Validation is provided via a Byzantine Consistent Broadcast.
According to the Sui network documentation, “Sui is a distributed ledger that stores a collection of programmable objects, each with a globally unique ID. Every object is owned by a single address, and each address can own an arbitrary number of objects. The ledger is updated via a transaction sent by a particular address. A transaction can create, destroy, and write objects, as well as transfer them to other addresses.”
Backlash and Criticism
Before and after the mainnet launch, the project encountered backlash when a few early adopters were left out of the early adopter token allocation. This led to criticism from Arthur0x, the founder of Defiance Capital. He commented on the situation, saying, “People ask why [venture capitalists] keep funding new pre-mainnet Layer 1 protocols at billion dollar valuation but as long as hyped L1 can keep getting away by launching at $10b+ FDV even amidst a challenging market this trend will continue.” Arthur0x went on by stating: “Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain.”
Market Performance
Upon its market debut, SUI surged to an all-time high of $2.16 per coin, but has since dropped by 37%, currently trading between $1.27 and $1.36 per unit. However, at its current price of $1.36 per unit, the crypto asset is up 16% from its all-time low. As of Friday, May 5, 2023, SUI’s market valuation stands at $709 million, with $511 million in 24-hour global trade volume. Over the past 24 hours, the network has processed 2,373,134 transactions, with 239,888 unique addresses holding SUI. Out of the vast array of listed crypto assets, SUI currently ranks as the 70th largest market capitalization.
As SUI joins the competition in the crypto world, its unique features and market performance will continue to be evaluated and scrutinized. While it has faced backlash and criticism, it still holds a significant market valuation and a growing number of unique addresses holding the currency. Only time will tell if SUI can establish itself as a significant player in the world of digital assets.
Leave a Reply