What Is SUI Coin?

Let's take a look at SUI, a coin that's getting a lot of attention lately. SUI is drawing even more interest because it was built by former Meta (Facebook) developers. In this post, I'll lay out everything about SUI: what the coin is, what makes the Sui blockchain special, how you can trade SUI, and what its future outlook looks like.

What Is SUI?

SUI is a Layer 1 blockchain. Simply put, it's a blockchain designed for fast transaction processing and excellent scalability. Compared to other blockchain platforms, it has almost no transaction latency, and it can handle a large influx of users without problems.

Sui is a platform created by developers who came out of Diem, the project Meta pushed forward and then abandoned(?). The company they founded after leaving is Mysten Labs, and that's where Sui was developed. So what makes the Sui blockchain special?

Features of the Sui Blockchain

Unlike existing blockchains, Sui uses a Byzantine broadcast protocol. That sounds a bit complicated, but don't worry. What it means is that it's a way to run the network faster and more scalably than typical Byzantine consensus algorithms.

• No transaction latency: Assets can be processed quickly, so wait times are on the short side compared to other blockchains.
• Parallel transaction processing: Multiple transactions can be processed at the same time, which gives the network high performance.
• Security: Thanks to the Byzantine broadcast protocol, it defends well against hacking and malicious attacks.

Of these, Sui's biggest feature is that it introduced parallel processing so that smart contracts can run quickly and efficiently. Simply put, it can carry out multiple tasks at the same time, which makes it dramatically faster than existing blockchains.

• SUI: Up to 297,000 transactions per second
• Ethereum: 7–15 transactions per second
• VISA: About 24,000 transactions per second

What Is the SUI Coin?

The base asset used on the Sui blockchain is the SUI coin. SUI is used for running the network, paying gas fees, participating in governance, and more.

1. Participating in Delegated Proof of Stake (DPoS): The Sui network runs on DPoS. Coin holders can take part in running the network by delegating their tokens to validators. Validators create blocks and verify transactions, and holders receive rewards in proportion to what they've delegated.
2. Paying gas fees: When you execute a transaction or store data, you have to pay gas fees in SUI. The more complex the transaction, the more gas is needed, and these fees are paid to validators.
3. Participating in governance: SUI holders can vote on important decisions such as network upgrades and policy changes. Simply put, you can take part in deciding Sui's future together.

How to Buy SUI and Where to Trade It

SUI was listed on a variety of exchanges when its mainnet launched in 2024. In Korea, it's listed on major exchanges like Upbit and Bithumb, so it's easy to buy, and overseas you can trade it on large exchanges like Binance and OKX.

Sui and the Move Programming Language

Sui uses a programming language called Move, and this sets it apart a bit from other blockchains. Move was first developed in Meta's Diem project, and it works by defining and managing assets as objects. The advantage of this approach is that asset ownership can be managed precisely.

DeFi Projects on Sui

Since the mainnet launch in 2023, several notable DeFi projects have appeared. Below are some of the popular DeFi projects in the Sui ecosystem.

1. NAVI: A Sui-based lending and borrowing protocol that lets you provide liquidity and take out loans.
2. Cetus: A Sui-based decentralized exchange (DEX).
3. Scallop: DeFi + DEX

Wrapping Up

The SUI blockchain boasts fast processing speed and excellent scalability, and it's establishing itself as a platform that also offers strong security. Going forward, the Sui blockchain is expected to draw even more attention, not just in DeFi but across many industries. In particular, Sui's unique parallel processing approach and Byzantine consensus structure are expected to provide an important foundation for the technical progress of blockchain in the future.