What’s SUI Network Token

Sui is a Layer 1 blockchain that aims to increase the speed and security of blockchain technology by reducing latency in smart contract execution. Sui is the future home of blockchain NFT games and was created by Mysten Labs, led by five former executives of Meta’s discontinued digital wallet program called Novi. The Sui blockchain has three core elements that allow it to process instant settlements at a low cost: Move language, parallel transaction execution, and the Sui Consensus Engine. The Move language is a programming language based on Rust that prevents double-spending and supports blockchain asset representations securely. Sui processes transactions in parallel, resulting in near-instant finality, and can handle up to 120,000 transactions per second. The Sui Consensus Engine uses Narwhal as a mempool and Bullshark as the primary consensus algorithm to read the arranged data.

SUI’s native token is called SUI coin. It is used as a medium of exchange and a store of value within the SUI ecosystem. SUI coin can be used to pay transaction fees, participate in governance decisions, and stake for rewards. The total supply of SUI coin is capped at 10 billion, with a circulating supply of approximately 3 billion as of April 2023.

Compared to other layer 1 blockchain platforms, SUI’s unique consensus mechanism and focus on security and scalability set it apart. While other platforms may use traditional PoS or other consensus mechanisms, SUI’s PoS mechanism incentivizes validators to maintain a consistent hash value, which helps to ensure network security and consistency.

Moreover, SUI’s focus on security and scalability makes it an attractive platform for developers looking to build blockchain-based solutions. SUI’s PoS mechanism, combined with its scalable infrastructure, enables fast and secure transactions, making it an ideal platform for applications such as DeFi, NFTs, and gaming. This is similar to other Layer 1 blockchain projects like Aptos which is used as a benchmark to other layer 1 projects.

APTOS VS SUI

Aptos has already optimized their current design, while Sui still has room for improvement. Additionally, Sui has an advantage because it uses a two-path approach to achieve byzantine agreement, which is a type of problem-solving method. Overall, Sui has a better chance of success due to its potential for improvement and its advantageous approach to problem-solving.

Check details of Aptos vs Sui

The network used to handle blocks is called the Sui network, and its issued token is $SUI.

Because SUI adopts the latest technology to create smart contracts and has raised $300 million in financing, it is considered a highly competitive blockchain project in 2023. The key point is that Ethereum is still the leader in altcoins and has shown impressive speed after the upgrade. Therefore, SUI still carries certain risks, with the biggest risk being the issuance during a bear market, which has a higher risk of getting trapped at high prices. Additionally, Ethereum’s biggest competition comes from BRC-20, which originates from the Bitcoin ecosystem. Therefore, the longer one holds SUI tokens, the higher the level of risk. Many users may sell SUI after the price rises, which could be one of the important reasons for SUI’s delayed token initial exchange offering (IEO).

Sui Token Airdrop

For newcomers, airdrops can avoid the aforementioned risks. However, the official SUI IEO this time does not include any airdrops, and users need to meet certain conditions on listed exchanges to purchase SUI tokens that have not entered formal trading. This has sparked strong criticism from the community. BingX has provided an airdrop reward for SUI, and users can click the participate button to join.

Sui Price prediction?

The estimated valuation of SUI token is 0.036, and the price before listing on exchanges is estimated to be around $0.3. The price at the start of official trading should be $1 or even higher. So, $3.00 is a price that represents a 100-fold increase in SUI token price, and there will be significant selling pressure at this level.

Moreover, in a bear market, it is unlikely for retail investors to hold on after a 100-fold price increase unless they are trapped at the high price of $3.00. Therefore, for short-term analysis, $3.00 will be the top for SUI, and $1.00 will be the bottom.

Currently, based on unofficial prices, the predictions are accurate.

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