Sui Price Loses 10% Following Milestone as First Blockchain to Embrace SCION

Key Takeaways:

• SUI token surged over 130% in the past month but decreased by 10% in the last 24 hours despite adopting SCION.
• SUI became the 20th largest coin by market capitalization after reaching a billion TVL.
• SCION safeguards Sui's blockchain validators and defends against Internet routing and DDoS attacks.

The Sui (SUI) token has surged over 130% in the past month, but it has decreased by up to 10% in the last 24 hours despite its recent announcement of being the first blockchain network to adopt SCOIN.

This adoption is intended to protect its validators from hijacking and DDoS attacks. However, this new infrastructure is currently in operation on Sui's testnet.

SUI Token Leads Top Market Losers

When examining the top and worst performers among the leading altcoins, SUI seems to be leading the losers with about 10% over the last day. It is followed by Wormhole (W), Ethena (ENA), and Conflux (CFX), which have also lost 7.22%, 5.82%, and 3.62% of their prices, respectively, since yesterday.

The recent decline in SUI's price should not be surprising. It has been making headlines as one of the consistently top performers after the Sui layer-1 blockchain reached a total value locked (TVL) of $1 billion. This remarkable increase propelled SUI to the 20th largest coin by market capitalization.

As a result, we might anticipate some correction before the next price rally. As previously reported by Hedge With Crypto, a crypto analyst shared a chart indicating that SUI's price movement resembled the early pattern of Solana (SOL), suggesting a potential bottoming process with a wave 1-2 structure.

The Sui Network Becomes First L1 Blockchain to Run SCION

The slight decrease in the price of the SUI token today occurred despite it becoming the first Layer-1 project to run SCION, a more robust alternative to the routing and forwarding protocols in today's Internet. This implementation seeks to enhance Sui's security and resilience.

According to the statement, SCION will safeguard Sui network validators and offer a comprehensive defense against Internet routing and DDoS attacks, which have caused significant downtime on many other blockchain networks.

🛡️Sui has become the first Layer-1 project to run SCION (now in Testnet), a stronger alternative to the routing and forwarding protocols in today's Internet, improving Sui's security and resilience.

🔒SCION protects Sui validators against many attacks that are possible on the…

— Sui (@SuiNetwork) October 3, 2024

The team stated,

“It enables validators to maintain consensus during attacks, improving epoch rewards, and benefits full nodes with better state sync, avoiding bottlenecks and retry delays.”

SCION (Scalability, Control, and Isolation on Next-generation networks) is a future internet architecture designed to enhance data transmission security and efficiency. 

SCION tackles current issues in inter-domain routing security and offers methods for establishing secure data pathways, ensuring reliable packet delivery and high availability. Its structure allows users to select network paths, empowering them to opt for secure connections.

Furthermore, establishing the SCION infrastructure required cooperation with Anapaya Systems. Anapaya Systems was responsible for developing the router software and other essential tools for implementing the Sui SCION network. This collaboration also involved partners such as Cyberlink, InterCloud, Martincoit Networks, and Karrier One.

Advancement in Blockchain Security

This marks a significant advancement in the blockchain and cryptocurrency spaces, particularly in light of the rising number of hacks, attacks, and vulnerabilities that pose substantial risks, potentially involving multiple billions of dollars.

Related: Bitcoin Exchange WazirX Suffers $235 Million Loss in Wallet Hack.

For example, in 2018, hackers rerouted DNS traffic and directed visitors of MyEtherWallet to their servers, resulting in the theft of over $17 million in Ethereum (ETH). As noted, the attackers targeted AWS's Route 53 service, one of the world's largest DNS services.

Similarly, in 2022, an attack on KLAYswap was successful despite KLAYswap adhering to security best practices. The attacker bypassed advanced security protocols DNSSEC and TLS by simply rerouting traffic.

Therefore, the implementation of SCION equips Sui with unique resilience against network hijacking attacks. The capability to transition from one network to another leads to increased resilience in consensus participation, enhanced state sync availability, and robustness in the face of IP DDoS attacks.