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Cryptocurrency News Articles

Aptos (APT) or SUI: Which Crypto Could Make Millionaires?

Nov 02, 2024 at 02:15 am

In a video from FireHustle, the crypto analyst delves into the comparative strengths of two emerging blockchains: Aptos and Sui.

Aptos (APT) or SUI: Which Crypto Could Make Millionaires?

CryptoSlate analysis – Potential for Millionaires: Aptos (APT) or Sui (SUI)?

Which Layer 1 crypto could make millionaires in 2023? A crypto analyst known as FireHustle on YouTube recently shared his thoughts on two promising projects — Aptos (APT) and Sui (SUI).

Aptos (APT)

FireHustle kicked off the analysis by highlighting the strengths of Aptos, a new layer one blockchain that has garnered attention for its speed and focus on scalability, security, and ease of use.

The blockchain was developed by a team that previously worked on Meta’s Diem project. Aptos features a custom programming language called Move, which was initially developed for Diem.

Despite Diem facing regulatory challenges and ultimately failing to launch, the Move language has proven to be effective, especially in enhancing the security and performance of smart contracts.

According to the crypto analyst, Aptos is capable of processing over 160,000 transactions per second (TPS) under ideal conditions, thanks to its innovative parallel transaction processing system.

This approach contrasts with traditional blockchains like Ethereum, where transactions are executed sequentially. The network’s efficiency is further enhanced by features such as the Narwhal Mempool and Quorum Store, which expedite block sharing and confirmation.

Aptos operates on a proof-of-stake model, where validators are incentivized to secure the network by staking APT tokens. Currently, there are about 47 validators, and anyone can participate in staking by locking up a minimum of 11 APT, fostering a community-driven security model.

Examining the ecosystem, the analyst noted that Aptos boasts a Total Value Locked (TVL) of $700 million, indicating user confidence in the network. He observed a trend of growth in the TVL since the beginning of the year, suggesting increasing momentum for the project.

Partnerships with major tech companies like Google Cloud and Microsoft Azure also lend additional credibility and support for Aptos’s development.

Looking ahead, Aptos is poised for further growth, with plans to integrate stablecoins such as Tether and USDC into its ecosystem. However, concerns remain about the sustainability of its rapid expansion and the degree of decentralization in its governance, especially given the influence of venture capital firms.

Sui (SUI)

Transitioning to Sui, the analyst noted that this layer one blockchain is also gaining significant traction. Sui employs innovative technologies called Narwhal and Bullshark to enable quick and secure transaction processing, handling over 120,000 TPS—though still trailing Aptos in speed.

Like Aptos, Sui also utilizes the Move programming language, emphasizing efficient management of on-chain assets. With a maximum supply of 10 billion SUI tokens and approximately 860 million currently in circulation, Sui’s tokenomics support governance, staking, and transaction fees.

A notable feature of Sui is its introduction of gasless transactions, allowing developers to cover fees on behalf of users. This move is intended to enhance the platform’s appeal for a wider range of applications.

Sui’s TVL has surged to around $1 billion, driven by strong performance from leading DeFi protocols within its ecosystem. However, the platform has faced scrutiny due to allegations of insider trading, with claims of $400 million in SUI tokens being sold during a price increase.

The project has denied these allegations, highlighting a broader concern regarding the role of venture capitalists in both Sui and Aptos.

News source:captainaltcoin.com

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