Sui Price Today

The current real-time Sui price is $4.71 . SUI price has grew by 23.1% in the last day and decreased by 0.15% in the last seven days. It’s important to note that the current Sui market capitalization is $13,799,703,293. The maximum supply is 10,000,000,000.00 SUI coins, with a circulating supply of 2,927,660,018.56. SUI is ranked #14 in terms of market cap.

The Basics of Sui

Sui is an innovative layer one blockchain created to be faster and more scalable than other smart contract-enabled networks. The core purpose of the network is to offer a more efficient platform for smart contract deployment. SUI is the native token of the Sui network. It’s used to pay transaction fees and can be staked to improve security. 

Sui was founded in 2023 by Mysten Labs, a company comprising several ex-Meta researchers, including Evan Cheng, Sam Blackshear, George Danezis, Kostas Chalkias, and Adeniyi Abiodun. 

Sui Mechanics – An Overview

Sui is a unique layer-one cryptocurrency project built on a proprietary network, unlike projects like Chainlink, which are built atop another project’s underlying architecture (in this case, Ethereum). The SUI token is used to pay transaction fees or transfer value across the network. Moreover, people can stake SUI to earn rewards. 

The project uses the custom Delegated Proof-of-Stake (DPoS) consensus mechanism, which operates differently from traditional Proof-of-Stake (PoS) projects like Ethereum. Sui’s system requires stakers to vote on which participants they want to produce the next block. Only validators that have been elected by voters can mint a block. 

One of the Sui network's most significant technological advantages is its parallel transaction processing system. The network allows multiple transactions to be processed concurrently by using more computing resources. As such, validators can delegate additional computing power on the fly when facing increased transaction loads, improving scalability. 

The Utility of Sui 

In contrast to projects like Cronos, which have centralized validators, the Sui network is entirely permissionless, meaning that anyone with the correct setup and quantity of SUI can participate. People who stake SUI directly on the network instead of using a dedicated crypto-staking platform can earn around 3% annually while improving Sui’s security. 

Compared to other networks, Sui is fast and has a high throughput. While projects like Toncoin can process around 175 Transactions Per Second (TPS), Sui can handle around 855. However, the project’s developers claim Sui could process upwards of 125,000 TPS without sacrificing decentralization or the network’s security. 

Sui has implemented the Move programming language, which was pioneered by the team responsible for Meta’s Diem cryptocurrency project. However, Sui has made a number of changes to Move to ensure it’s tailored to Sui. For example, an object-oriented storage system and a 32-byte address identifier. 

By staking SUI, users gain voting rights proportionate to their stake. Therefore, everyone who holds SUI tokens can have a say in the project’s future by voting on proposed upgrades/changes to the network. 

SUI Price History

The Sui mainnet launched in May 2023 after raising more than $300 million in funding rounds from companies like Coinbase Ventures and FTX Ventures. The project was first available to investors in May as an Initial Exchange Offering (IEO) for $0.03. However, SUI was publicly listed at $1.7176, or 5625.33% higher than its IEO price. 

Negative sentiment was circulating in the crypto market in the months following Sui’s launch. Combined with profit-taking from IEO investors, SUI crumbled, falling to around $1.10 two weeks after launch and then dropping further, hitting $0.6054 in mid-June. The remainder of the year was equally challenging for SUI, with the asset falling to a low of $0.3709 in October. 

The crypto market began to recover in 2024, and Sui network adoption increased, leading the asset to go on a parabolic rise, hitting $1.9077 by February and then cementing an all-time high of $2.1773 in March. The market has corrected following its surge, and there has been a lot of uncertainty, leading SUI to fall to $4.71 as of today.