What Is Sui?

Sui is a high-performance layer-1 blockchain aiming to deliver unprecedented transaction speed and scalability. Designed to support the next generation of decentralized applications (DApps), Sui seeks to onboard “the next billion users in web3.” It positions itself as a direct competitor to established smart contract platforms like Ethereum.

The Mysten Labs Team, Investors and Roadmap

Sui was created by Mysten Labs, founded by ex-Meta engineers Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias. Backed by Andreessen Horowitz with $36 million in Series A funding and an additional $300 million Series B led by FTX Ventures, Mysten Labs has attracted support from Jump Crypto, Binance Labs, Coinbase Ventures, and other leading investors.

The Sui team launched an incentivized testnet in 2022 to gradually introduce and stress-test features. Its roadmap focuses on improving scalability, performance, and developer tools for long-term adoption.

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How Does Sui Work?

Unlike traditional blockchains, Sui employs transaction parallelization and an object-centric data model, allowing unrelated transactions to be validated independently. This significantly reduces latency and improves throughput.

Validators process transactions using a Byzantine fault-tolerant proof-of-stake consensus mechanism. By focusing on relevant data rather than sequentially validating all transactions, Sui can achieve over 100,000 transactions per second.

Ownership models include:

  • Owned by addresses (e.g., coins, NFTs)

  • Owned by objects (e.g., nested NFTs)

  • Shared objects (e.g., liquidity pools)

This architecture makes Sui ideal for NFTs, gaming, messaging apps, and social platforms that require near-instant execution.

The SUI Token and Airdrop

The SUI token powers the network, covering gas fees and contributing to the storage fund, which compensates future validators for maintaining historical on-chain data. Users effectively pay upfront for storage, aligning long-term incentives for network participants.

While no SUI airdrop has been announced yet, the incentivized testnets will reward active participants contributing to the network.

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How To Use the Sui Wallet

To create a Sui Wallet:

  1. Install the browser extension via “Add to Chrome.”

  2. Click “Get Started” and create a new wallet.

  3. Set and confirm a password, accept the Terms of Service.

  4. Save your recovery phrase securely.

  5. Open the wallet and start exploring Sui.

The Best DEX on Sui: Ocean DEX

Ocean DEX combines a central limit order book (CLOB) with an automated market maker (AMM), enabling real-time order matching and liquidity pool trading. This hybrid model supports professional trading strategies alongside typical DeFi use cases.

The Best Bridges on Sui

Axelar – A cross-chain protocol enabling seamless communication and asset transfers between Sui and other IBC-compatible blockchains.

Wormhole – A leading interoperability solution connecting Sui to 18 blockchains, including Ethereum and Solana.

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Top DApps on Sui

  • Ethos Wallet: A self-custodial web3 wallet with easy email registration and API integration.

  • SuiNS: A naming service translating alphanumeric wallet addresses into human-readable names, similar to ENS.

Web3 Gaming on Sui

  • Netmarble F&C: Known for games like Seven Knights 2 and A3: Still Alive.

  • Lucky Kat Studios: A Dutch studio developing metaverse-ready mobile games.

  • Gameplay Galaxy: Creators of Trial Extreme, a web3 extreme sports ecosystem.

  • Gaggle Studios: Developers of social multiplayer escape room games.

  • Talofa Games: Makers of Run Legends, a move-to-earn fitness battle game.

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