Sui Will Unlock 64,190,000 SUI Tokens on April 1st

Sui is a first-tier blockchain designed to address certain challenges associated with Web3.

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The Sui Network is preparing to release a significant batch of 64,190,000 SUI tokens on April 1st, as part of its ongoing token unlock schedule.

According to data from TokenUnlocks, this tranche will add around 2.03% to the current circulating supply of SUI tokens.

At present, there are approximately 3.17 billion SUI tokens in circulation.

Earlier this month, the Sui Foundation announced that it has fully unlocked its holdings of SUI tokens and has begun transferring them to community members.

The foundation’s final token unlock was on March 1.

The first-tier blockchain is designed to address some of the critical issues encountered by Web3 platforms.

One of the major innovations offered by Sui is the parallel transaction execution. Transactions on other smart contract platforms are executed one at a time, usually in the order they are received. This leads to longer processing times.

But the Sui blockchain accepts transactions in parallel and simple operations bypass consensus, allowing them to be completed almost instantaneously.

The Sui network supports smart contracts through the Sui Move language, which is an upgraded version of the Move language. Move is a programming language that is based on the popular Rust language and prioritises fast and secure transaction execution.

SUI is the native token of the Sui blockchain. It is used for staking and as payment for gas fees in the Sui PoS network.