Delivering the benefits of Web3 with the ease of Web2
With its innovative approach to transaction processing, Sui Network is set to redefine the Web3 industry. This Layer-1 blockchain sets itself apart by allowing parallel processing of transactions and horizontal scaling. Join us in this guide as we delve into the basics of the project, exploring its main features, its native token, and the main dapps running on top of Sui blockchain.
Table of Content
- What is Sui blockchain?
- Sui Network coin, explained
- What is Sui wallet and how to use it?
- List of Sui Network wallets
- How do I create a Sui wallet? Step-by-step process
- Sui Network airdrop: Is it legit?
- What are the best Sui Network dapps?
- Top Sui Network Games you cannot miss
- Discover entire ecosystems with DappRadar’s Chain Rankings
What is Sui blockchain?
Sui Network is a Layer-1 blockchain that excels in providing faster deployment of smart contracts and high transaction speed.
The main goal of the platform is to simplify and improve the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the industry.
To carry out its purpose and improve the DeFi sector, Sui’s blockchain uses Move, a programming language derived from Rust and considered “the most powerful smart contract programming language.”
Sui’s validators perform similar functions to miners on other blockchains, but are notable for their ability to process transactions in parallel, with the goal of improving throughput, reducing latency and increasing scalability.
In addition, Sui’s horizontal scaling allows it to handle growing demand without limits, keeping operating costs per transaction low. Let’s see how it works.
How does Sui blockchain work?
Sui blockchain is different from other blockchains because it uses a unique way to handle transactions.
In traditional blockchains, transactions are added one after the other, which can make things slow as more transactions are added. This is called vertical scaling.
Sui does things differently. It doesn’t make every transaction go through all the computers in the network. Instead, it only looks at the relevant part of the data it needs to check.
Here’s how transactions work in Sui:
- The person sending money (or doing something) sends their transaction to all the computers that validate transactions (validators).
- Validators check if the transaction is valid and vote on it based on how much they’re involved in the network.
- The person sending the transaction collects votes from most validators and sends a certificate back to the validators.
This helps Sui to process many transactions really fast, even exceeding more than 100,000 per second.
Who is behind Sui crypto, and what is the project’s roadmap?
The team behind Sui Network includes Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, who are former Meta engineers.
They founded Mysten Labs to create Sui Network. Sui’s testnet launched in August 2022, and the mainnet went live on 3 May 2023.
The project has received investments from important venture capital firms like Andreessen Horowitz (a16z), FTX Ventures, and others, totaling $300 million in Series B funding.
A separate part of the project is its independent organization, The Sui Foundation. Among the functions of this organization has been the search for partners, among which are large crypto exchanges such as Kucoin, OKX, and Bybit.
The goal of these partnerships is to promote token sales and onboard more users to web3 through Sui Network.
What are the main use cases for Sui Network?
Sui Network opens the door to a multitude of use cases in a variety of industries. Let’s take a look at how it’s changing each ecosystem:
Transforming gaming experiences
Sui Network revolutionizes the gaming industry by enabling expressive smart contracts that give players true ownership of game assets, offering unlimited possibilities for both developers and players.
Enabling faster and more secure finances
Sui’s blockchain serves as a cornerstone for near-instantaneous settlement in peer-to-peer payments and asset transfers, laying the foundation for the development of fast, secure and accessible financial services.
Decentralizing social interactions
The construction of decentralized social networks in Sui Network allows users to own their media, posts and interactions, while ensuring their verifiability.
One such example is Polymedia Chat, which provides a censorship-resistant platform for on-chain conversations, fostering authentic interactions without centralized censorship concerns.
Unlocking Digital Collectibles with NFT Projects
While the current number of NFT projects on Sui Network may be limited, their quality and quantity are poised for substantial growth, offering an ever-expanding realm of digital collectibles and creative possibilities.
Sui Network coin, explained
The Sui Network token, known as SUI coin, plays a pivotal role within the Sui Network ecosystem.
This digital asset serves various functions:
- Transaction Fees: SUI coin is utilized to pay transaction fees within the network. Whether you’re transferring assets, interacting with smart contracts, or participating in any on-chain activity, Sui coin acts as the medium of exchange to cover associated fees.
- Staking: Beyond transactional purposes, SUI coin often participates in network security and consensus through staking. Token holders can lock up their SUI coins to support the network’s operation and integrity. In return, they may receive rewards, further incentivizing participation and engagement.
- Governance: SUI coin holders may have the opportunity to participate in governance decisions. This means that they can have a say in the direction and development of the Sui Network. Governance decisions may include protocol upgrades, parameter adjustments, and other key network changes.
- Utility: Depending on the evolution of the Sui Network, SUI coin may find utility in various dapps, projects, and services built on the network. This can include anything from in-game purchases to accessing specific platform features.
- Investment: For some users, Sui coin may also serve as an investment asset. Its value can fluctuate in response to market dynamics, demand, and adoption of the Sui Network.
It’s important to note that the specific use cases and utilities of SUI coin may evolve over time as the network grows, and additional projects are developed within its ecosystem.
Sui Network coin tokenmics
The SUI token has a capped supply, and in the long term, there will be a total of 10 billion tokens in circulation.
When the Mainnet was launched, about 5% of all tokens were already in use, while the rest will be gradually released according to the following planned schedule illustrated below.
If you want to go deeper into the matter, you can visit their comprehensive guide about SUI tokenomics.
What kind of coin is Sui Network token?
Even if is often researched as SUI coin, the Sui Network cryptocurrency is a token. It is specifically designed as a utility token for use within the Sui Network ecosystem.
Even if It functions as a medium of exchange, like coins, it also provides access to various services and functionalities within the network, like tokens do.
Therefore, it is not a traditional coin like Bitcoin, but rather a token created for specific purposes within the Sui Network.
Where can you buy SUI coin?
Currently, you can buy SUI tokens on the vast majority of centralized exchanges (CEX) such as Coinbase, Binance, Kucoin, OKX, or Kraken, to name a few.
However, you can also exchange other tokens such as USDT or USDC stablecoins for SUI tokens. You can do this exchange on decentralized exchanges (DEX) such as Cetus, BlueMove or Flameswap.
What is the Sui wallet and how to use it?
A Sui Wallet is a digital tool designed to securely store, manage, and transact with Sui Network tokens and other compatible digital assets within the Sui Network ecosystem. It’s a software wallet, available on mobile devices and as a browser extension.
These wallets offer a user-friendly interface, robust security features, and essential functionalities to interact with the blockchain.
Does Sui have a mobile wallet?
Yes, Sui offers mobile wallet solutions to make it convenient for users to manage their Sui coin and interact with the network while on the go. These mobile wallets are available for iOS and Android.
Below you will find a list of the most used mobile and web wallets on the Sui blockchain.
List of Sui Network wallets
Sui Wallet acts as your portal to the Web3 world. Install the browser extension and start doing whatever you imagine on Sui Network: connect to dapps, sign human-readable transactions, transfer coins and non-fungible tokens, you name it.
Suiet Wallet presents itself as “the Sui wallet for everyone, built on Sui blockchain”. From creating and importing your wallet, to making transactions and managing your NFTs, Suiet helps you to manage everything on Sui Network.
Splash Wallet is a non-custodial mobile wallet designed for Sui. It includes an in-wallet dApp browser and a testnet faucet, making it convenient for users to access DeFi and gaming applications developed on the Sui platform.
Ethos wallet is constructing a virtual wallet infrastructure and developing an innovative wallet concept, serving as a central hub for web3 users to engage with dapps, starting on the Sui blockchain.
Keystone is the first hardware wallet supporting Sui ecosystem from the day one of its mainnet launch. It’s a 100% air-gapped QR code-based wallet designed to maximize attack cost, minimize trust, and prevent potential human errors.
If you want to try other wallets that are not listed here, take a look at Sui’s official wallet directory.
How do I create a Sui wallet? Step-by-step process
Creating a Sui Wallet is a straightforward process. Depending on the wallet you chose, the steps might change. However, here we share the general steps:
- Download an official Sui Wallet app from the previously shared list.
- Install the wallet app on your device or access the web wallet.
- Follow the on-screen instructions to create a new wallet. This typically involves setting a secure password and write down the words from the seed phrase (recovery phrase).
- Securely store your both (password and seed phrase) in different safe locations. Do not share it with anyone and keep it offline.
- Once your wallet is created, you will be assigned a unique wallet address. This address can be used to receive SUI tokens.
- Start using your wallet to send, receive, and manage your SUI as needed.
Sui Network airdrop: Is it legit?
Despite the successful airdrops of many other projects, Sui has stated consistently that there are no plans for any SUI airdrops.
To the dismay of many community members, in April 2023, Sui’s team reconfirmed this by announcing the community access program.
With that said, if you come across any Sui Airdrop advertisements on the internet, be careful as it might be a scam.
However, do your own research and make sure first that the company has not changed its mind in this regard.
What are the best Sui Network dapps?
The Sui Network ecosystem continues to grow and the number of available dapps increases steadily over time.
Below we share some of the best Sui dapps.
Operating on both the Sui and Aptos blockchains, Cetus is an Automated Market Maker (AMM) and DEX that focuses on offering concentrated liquidity and efficient capital deployment for DeFi users.
It uses a concentrated liquidity algorithm to optimize trading conditions for both traders and liquidity providers.
Cubic is a comprehensive gaming ecosystem that includes a wide variety of games with a unified growth system. It also enables the management and trading of Web3 gaming assets while implementing a community-owned governance mechanism.
Apart from the above, Cubic serves as a game infrastructure and toolset, simplifying the game development process for studios.
HeroSwap is an instant, private, and anonymous cross-chain crypto swap platform. It supports Bitcoin, Ethereum, Solana, DeSo, USDC, USDT, and also SUI tokens.
This platform can be easily integrated into any cryptographic application with just one line of code, allowing you to earn 50% of the exchange fees.
Top Sui Network Games you cannot miss
In Sui Network ecosystem, gaming takes center stage. This platform offers game-changing entertainment powered by expressive smart contracts.
Mysten Labs has introduced a fresh web3 gaming platform for the Sui blockchain. Among its offerings, Play Beyond, caters directly to gamers and showcases currently available games on the Sui blockchain.
Let’s take a look at the best Sui Network games available on Play Beyond that any real gamer should try.
Stella Fantasy is a blockchain-based RPG set in the fantasy realm of Verania. Running in multiple blockchains included Sui Network, this free-to-play lets you collect, own, and trade multiple NFTs.
With a roster of more than 120 distinctive characters, each with their own special powers, players can embark on adventures, battle foes, and undertake quests in various ways.
Stella Fantasy also follows a play-to-earn model, enabling players to earn in-game tokens and NFT rewards.
Overworld is a free-to-play sandbox RPG available on multiple platforms.
It invites players to venture into a vast and stunning world, engage in battles, gather treasures, and construct their settlements. Interaction with other players is a key feature, including trading, crafting, and battling together.
With its emphasis on social engagement and player-generated content, Overworld offers the promise of an immersive and fulfilling gaming adventure.
Bushi is an action-packed, third-person shooter arena combat game built on the Sui blockchain.
This Web3 game transports players to a feudal Japanese setting, offering a high-speed combat experience. You have a range of characters to choose from, each with their own special abilities.
In this game, players can collect, own, and trade NFTs, which include characters, weapons, and skins. Additionally, players can earn rewards by participating in in-game events and tournaments.
- If you want to know more, make sure to check our guide about blockchain games on Sui Network.
Discover entire ecosystems with DappRadar’s Chain Rankings
While the Sui Network shows great potential, the blockchain world is full of exciting options waiting to be discovered. DappRadar is your go-to resource to find new projects and track their performance
We gather data from more than 58 different blockchains and over 15.5 thousand dapps. You can dive into the top projects, compare them, and conduct your own research to make informed decisions.
Stay ahead of the curve by visiting DappRadar’s Chain Rankings.