Sui (SUI), launched in May 2023, is the native token of the Sui Layer 1 (L1) blockchain, a high-performance platform designed for global adoption in DeFi, gaming, and Web3 applications. Developed by Mysten Labs, Sui leverages a unique object-centric data model and the Move programming language to enable parallel transaction processing, near-instant finality, and low costs. SUI powers governance, staking, and transaction fees, with a storage fund ensuring validator sustainability. The ecosystem ranks #8 by total value locked (TVL) at $1.77 billion.

Key Features

  • Parallel Processing: Handles ~100,000 transactions per second (TPS) with sub-second finality, ideal for high-throughput use cases.
  • Object-Centric Model: Treats assets as unique objects with IDs, enabling faster, independent transaction execution.
  • User-Friendly UX: Features like zkLogin and sponsored transactions simplify onboarding via social IDs (e.g., Google).
  • Ecosystem: Supports DeFi (e.g., Cetus, Bluefin), gaming (e.g., Samurai Shodown NFTs), and BTCFi, with ~10% of TVL in wrapped BTC.

SUI Token

  • Purpose: Used for staking, governance, transaction fees, and storage fund contributions.
  • Supply: Circulating supply of ~3.4 billion SUI, with a max supply of 10 billion. []https://www.coingecko.com/en/coins/sui)(https://coinmarketcap.com/currencies/sui/)

Who Are the Founders of Sui?

Sui was developed by Mysten Labs, founded by former Meta engineers who worked on the Diem blockchain and Move language:

  • Sam Blackshear: Creator of Move, leading technical innovation.
  • Evan Cheng, Adeniyi Abiodun, George Danezis, Kostas Chalkias: Ex-Meta experts in blockchain and cryptography.

Mysten Labs raised $300 million in 2022 from VCs like Andreessen Horowitz and Coinbase Ventures, fueling Sui’s growth.

What Makes Sui Unique?

SUI and the Sui L1 stand out for their technical innovation and mass-adoption focus:

  • Mysticeti Consensus: Combines DAG-based and BFT mechanisms for high throughput and stability.
  • Move Language: Enhances security, mitigating smart contract vulnerabilities common in Solidity.
  • SuiNS: Simplifies addresses (e.g., alice.sui) as NFTs, improving UX and personalization.
  • BTCFi Integration: Supports wrapped BTC assets (wBTC, LBTC), driving ~10% of TVL and aligning with Bitcoin DeFi trends.

Sui’s $1B+ stablecoin liquidity and 14.6% QoQ DEX volume growth to $304.3M in Q1 2025 underscore its DeFi dominance.

SUI Network Upgrades (2025)

  • Sui Wallet zkLogin: Expanded social ID onboarding (Google, Discord), boosting user adoption.
  • Bluefin DEX Dominance: Post-Cetus hack, Bluefin captured ~50% of Sui’s DEX volume, enhancing liquidity.
  • Institutional Adoption: Partnerships with Fireblocks, 21Shares, and OKX (xBTC) strengthened enterprise and BTCFi use cases.

How Is SUI Secured?

SUI and the Sui L1 are secured through:

  • Delegated Proof-of-Stake: Validators and stakers secure the network, rewarded with SUI.
  • Mysticeti Consensus: Ensures stability and high throughput via parallel execution.
  • Move Language: Reduces smart contract exploits, enhancing security.
  • Storage Fund: Compensates validators for storing historical data, ensuring network longevity.

Conclusion

Sui (SUI) powers a high-performance L1 blockchain, excelling in DeFi, gaming, and BTCFi with its object-centric model and Move language. Its $1.77 billion TVL, institutional partnerships, and user-friendly UX position it as a Web3 leader.