If you regret missing the opportunity to invest early in bitcoin or other cryptocurrencies that have already skyrocketed in value, don’t worry.
SUI, a cryptocurrency that is just gaining popularity, could just be the next big thing to take the crypto market by storm*.
In this article, we'll break down what Sui cryptocurrency is and how it works in a way that's easy to understand. We'll also explore its different use cases, explain what makes it unique, and discuss whether it's worth adding to your portfolio.
*There are no guarantees of profit when investing in crypto. This article is for general information only and should not be relied upon as financial advice.
What is the Sui network?
Sui is a Layer 1 blockchain that was developed by Mysten Labs and which has a native cryptocurrency of the same name. It was launched on May 3, 2023 and has since been touted as the latest "Solana Killer" because of the advantages it claims to have over its rival, which includes:
- Faster transaction speeds: Sui boasts the ability to process more than 100,000 transactions per second, surpassing Solana's capacity of 50,000 transactions per second.
- Lower transaction fees: Sui transactions typically incur fees around $0.001, whereas Solana's fees can reach as high as $0.01.
- Enhanced security: Sui relies on Delegated Proof-of-Stake to determine the set of validators who process transactions.
All in all, Sui stands out from other Layer 1 chains by focusing on instant transaction finality, reduced latency in smart contract deployment, and faster transaction speeds. To achieve these goals, Sui utilizes Move, a native programming language based on Rust crypto programming. By leveraging Move's capabilities, Sui aims to simplify smart contract development for developers, enabling them to create innovative solutions and drive the advancement of the Decentralized Finance (DeFi) industry.
What is the SUI cryptocurrency?
Sui’s native cryptocurrency, known as SUI, facilitates the network’s proof-of-stake consensus mechanism, on-chain voting for upgrades to the blockchain and gas fees. Its key features are:
- Scalability: SUI is designed to be scalable, so it can handle a growing number of users and transactions.
- Security: SUI uses a Delegated Proof-of-Stake consensus mechanism, which is considered to be one of the most secure consensus mechanisms available.
- Simplicity: SUI is designed to be simple to use, both for developers and users. Eco-friendliness: Sui is designed to be more eco-friendly than other blockchains.
What's driving the bullish sentiment around SUI?
The rising popularity of SUI in the crypto market can be attributed to several key factors. Firstly, SUI has gained traction on major exchanges and can easily be purchased from Binance, Bybit, Coinbase and others.
In addition, many anticipate that Sui will disrupt Ethereum's dominance by catering to developers and providing a dynamic ecosystem for play-to-earn games, metaverse development, decentralized finance (DeFi), and more.
Finally, many are bullish on the project because it has attracted support from prominent players in the crypto investment field, including Andreessen Horowitz, Binance Labs, Franklin Templeton, Coinbase Ventures, and Circle Ventures.
As of August 18, 2023, SUI is priced at $0.529089, with a daily trading volume surpassing $82 million.
Don’t miss your chance to generate passive income on your SUI cryptocurrency
We're excited to announce that SUI holders will soon be able to stake their favorite cryptocurrency on the Bake mobile app and earn rewards. Stay tuned for more information in the coming weeks.
So, what are you waiting for? Download the Bake mobile app and take control of your financial destiny.
DISCLAIMER: Please note that the information on this blog and in any articles posted on this blog is for general information only and should not be relied upon as financial advice. Cake Pte. Ltd., Cake DeFi, UAB, and its affiliates (the “Cake Group”) are not licensed financial advisers. You may wish to approach your own independent financial advisor before making any decision to buy, sell or hold any product and/or digital assets mentioned in this blog.
Any views, opinions, references, assertions of fact and/or other statements are not necessarily the views held by the Cake Group. The Cake Group disclaims any liability whatsoever that may arise out of or in connection with such statements. Always do your own research before investing in any financial assets and consult a qualified financial advisor if necessary.