What Is Sui?

Sui is a layer-1 blockchain platform designed to be fast, affordable, and open to anyone, created by Mysten Labs, a team of former engineers from Meta's Diem blockchain project. Sui is also the name of the platform's native cryptocurrency.

Sui aims to solve some common problems in blockchain technology, such as slow transaction speeds and high costs, while also being user-friendly for both developers and everyday users. It is also designed to be scalable, secure, and private.

Some of the technical features that make Sui different from other blockchains include:

An object-centric design, where digital assets are treated like unique objects, making it easier to build apps with more complex interactions.

Programmable Transaction Blocks (PTBs), which allow developers to bundle multiple actions into a single transaction block, giving more flexibility when building apps.

Horizontal scaling, which means Sui can handle more transactions as more users join the network without compromising security or decentralization.

The Move programming language, which is designed for managing digital assets securely and helps developers create safe and efficient applications.

In terms of user experience, Sui is designed to make blockchain more accessible with tools like:

zkLogin, which lets people create wallets using their existing accounts from services like Google or Apple, removing the need for seed phrases.

Sponsored transactions, where developers can cover the cost of transaction fees for their users, making it easier for people to interact with apps without needing to hold the blockchain’s native token.

Dynamic fields, which allow developers to add or remove custom fields to digital objects, making them more adaptable and enabling more complex applications.

The SUI token has several use cases within the ecosystem, including:

For gas fees: Like Ethereum and other blockchains, Sui charges gas fees for transactions. These fees are paid in SUI tokens and are designed to be low and consistent.

For storage fund: Part of the gas fees go into a fund to cover the costs of long-term data storage. This helps keep the network sustainable and fair for all users.

For staking and governance: Users can stake SUI tokens to support network security and earn rewards. Token holders also get to vote on key decisions about the platform’s future.

The total supply of SUI tokens is capped at 10 billion units. As of December 30, 2024, SUI has a market cap of roughly $11.79 billion and is ranked among the top 30 cryptocurrencies by market capitalization.

Sui's technology opens the door to many practical applications across different industries, a few examples include:

Gaming: Sui enables developers to create in-game items that players can truly own, trade, or use in multiple games, making games more engaging and presenting new revenue opportunities for creators.

Decentralized finance (DeFi): With low transaction fees and quick processing times, Sui is a strong fit for financial apps like lending, borrowing, and trading, helping improve liquidity and market efficiency.

Commerce: Companies can use Sui to add digital assets to their products, which can create interactive experiences for customers and build brand loyalty.

Advanced cryptography is used throughout Sui to ensure data stays secure and transactions are tamper-proof, including zero-knowledge proofs (ZKPs), which allow transactions to be verified without sharing sensitive information.

zkLogin leverages ZKPs to let users log in with existing credentials while keeping their personal data private.

Sui provides plenty of resources to help developers build and grow within its ecosystem, a few examples include:

Developer Portal: A central hub with guides, tools, and software development kits (SDKs) to make building on Sui easier.

Grants and funding: Sui offers financial support for projects that contribute to its ecosystem, encouraging developers to innovate and create new apps.

Community engagement: Developers can connect with the Sui team and other builders through forums, office hours, and community events.