Finally that day has come. The sui mainnet launch was one of the most anticipated mainnet launches of 2023. Sui has been one of the hottest topics in the altcoin space for the past few months. Now, though, Sui’s momentum continues. So, how will the performance of SUI be? Here are the reasons why analyst Camille Lemmens expects 30x bullish for SUI…
Analyst: Altcoin SUI could do 30x
Mysten Labs is the company behind Sui. The core team consists of 13 people. However, there are 5 founders. The most recent experience of these founders was their involvement in Diem. cryptocoin.com As we have also reported, Diem was a cryptocurrency planned to be created for Facebook. However, Sui was born when Meta stopped the project. During their time at Meta, they developed the Move programming language. They have a strong community as well as a team. Still, this community was upset that there was no airdrop. However, Sui always insisted that there would be no airdrops. On the other hand, his supporters are also impressive. For example:
- Received $36 million in mutual funds from chief investor a16z
- $300 million investment fund from FTX.
- Binance Labs, Accel Partners, Benchmark Capital also invested.
SUI provides fast and inexpensive transactions
We all know how annoying it can be to wait for a transaction to be confirmed. Transactions on the Bitcoin network can take up to an hour. Ethereum may also have some moments. However, Sui offers 120,000 TPS per second, i.e. transactions. They reached 297,000 TPS on testnets. Time to result was ~480 milliseconds. This was the time between sending a transaction and confirming it. This is because of the “parallel operations” feature. In other words, traditional blockchains process transactions one at a time. However, Sui allows users to perform several operations at the same time.
A year after Sui’s first performance demonstration, we want to share an update worth celebrating:
🤯Sui, with 100 globally distributed validators, achieved peak throughput of nearly 300K TPS
💥Sui’s time to finality is ~480 millisecondshttps://t.co/MXquQ6kbf9🧵Let’s dive in
— Sui (@SuiNetwork) April 27, 2023
On top of that, Sui can also scale horizontally. This means that validators can continue to add computers. More computers means more computing power. Thus, it allows even more parallel processing. The next feature concerns low-cost transactions. There are many other Blockchains that offer cheap transactions. But Sui has an interesting feature and option here.
8/ Gas fees on @SuiNetwork consist of two components: computation and storage.
Computational gas fees are determined by a gas-pricing mechanism.
Sui’s storage fund receives storage gas fees and a portion of the network’s staking rewards. pic.twitter.com/CClDlnlZ7e
— Messari (@MessariCrypto) May 2, 2023
Transaction costs on other Blockchains may vary. Sometimes it can be low, sometimes it can be higher. ETH for example. There are still high transaction costs. The gas fee went up to $60 the other day. It all depends on network demand. Sui, on the other hand, have periods that last 24 hours. At the end of each period, validators and voting powers can be rearranged. However, another important thing is that gas prices remain constant throughout each period. In addition to being stable, they are also low. The testnet has already shown us this.
SUI has huge altcoin ecosystem
Sui already has a huge testnet ecosystem. Hundreds of projects are waiting to get a piece of the mainnet. These projects stand out as follows:
- DeFi – SuiSwap, Araya Finance, MovEx
- NFTs – Sui Punks, Hanako, Fuddies
- Name Services – Sui Name Services
- Launchpads – Clutchy, Tocen, Starspace, Meadow.
- Wallets – Sui Wallet, Suiet, Martian, Glass, Ethos, Fewcha.
- GameFi – Plasmaverse, Gamio, Trial Extreme.
- Infrastructure – MetaOracle, SupraOracles.
- Bridges – Axelar, Wormhole, OmniBTC.
Most Anticipated DeFi Projects on Sui
Check out the top-tier DeFi Projects on @SuiNetwork ranking by Twitter Followers. 🌊
🥇 @suiswap_app
🥈 @CetusProtocol
🥉 @joinMovEX @umi_protocol @ArayaFinance@OmniBTC@bayswap@OnchainTrade@abelfinance@Turbos_finance#Sui #Airdrop pic.twitter.com/N9jClX8zWk— Sui Daily (@SuiDailyTK) April 9, 2023
What is the importance of the Move programming language?
Sui and Aptos both use the Move programming language. However, they each use different versions of Move. The version of Sui is also different from the Core Move version. The idea for Move is to be “web3’s JavaScript”. Aptos and a few other chains use Diem-based Move. But he rewrote Sui Move. This made it easier to write certain smart contracts. The original Move and Diem dates back to the time when NFTs didn’t exist. Move brings more safety and security. Especially important for an easy transition from Web2 to Web3
💻 The Diem team's Move programming language is one of the most exciting innovations in recent years, with enhanced features that:
– Ensures safety and security in smart contract development.
– Prevents common vulnerabilities and errors.
🧵#SuiFusion #Move #DEXAggregator pic.twitter.com/Sgj1GhwoQA— SUI Fusion 💧 (@SUI_Fusion) April 29, 2023
SUI offers a better user experience
DeFi and TradFi primitives produce high-end UX (user experience). Easy-to-use projects will have a high number of users. Above all, Sui targets Web3 users. This means, among others, that developers can offer:
- Upgradeable NFTs
- On-chain DeFi and TradFi primitives.
- Tokenization of assets.
- Rewards and loyalty programs.
- complex games
- Social media networks with decentralized Blockchain technology.
