The Sui Network has been on fire since September 2024. The $SUI token went from 80 cents to an ATH of $5.35 and sits currently at $4.18. That’s respectively a 6.68x and a 5.19x. Many experts expect a $25 price for $SUI this year. That’s another 6x from here.
So, what’s the current state of the Sui Network and its ecosystem? Let’s take a closer look.
Sui Is Live on Phantom
This week, the Sui Network went live on Solana’s Phantom Wallet. That’s a big deal, since it’s the first time that both networks are officially connected. Furthermore, Phantom has 15 million active monthly users. That’s massive.
Thanks to you, we’re home to the largest onchain userbase:
15M monthly active users 850M+ onchain transactions $20B+ in 2024 swapper volume 12 average app opens per day $25 billion in self-custody assets
This also brings all these native users to the Sui Network. New capital will flow into Sui’s ecosystem. For example, DeFi, NFTs, and memecoins. The latter seems to be the biggest beneficiary so far. Sui memecoins are currently up 30%. Over the last few days, we saw price increases range between 25% and 100% for Sui memecoins.
Next in line for Sui’s integration with Solana is the Backpack wallet and exchange.
Staking $SUI
Staking your $SUI is also a lucrative activity. The easiest way is to stake your $SUI straight in your Sui Wallet. However, you can also liquid-stake your $SUI. Various platforms in the Sui DeFi ecosystem offer this option. For example, Suilend, Aftermath Finance, or Headal.
Sui now ranks as the world’s third-largest proof-of-stake chain—backed by a staggering US$29 billion in staked assets.@SuiNetwork‘s Move language is designed around an object-centric model, allowing each transaction to declare which assets it will change, boosting parallel… pic.twitter.com/kTNofSTHMB
This means that you can stake your $SUI tokens twice. First the initial stake and after this, the liquid $SUI tokens. As a result, Sui has $29 billion in staked assets. That’s more than twice the circulating market cap of $SUI, which is currently $12.6 billion. However, the Staking Market Cap is higher, because you can stake your locked tokens.
According to Coinbase, validators are currently staking 77% of all circulating $SUI.
Sui Network and its team keep innovating and building all the time. One of their latest achievements is that you can now send $SUI via SMS. Kostas Chalkias announced that on his X timeline. He’s one of the co-founders of Sui.
The new feature allows you to send crypto assets ($SUI) as easily as sending a text message. There’s no more need for complicated crypto wallets. Anyone can send $SUI now directly from their phone. Paving the way for internet-less payments. This is a big step forward towards blockchain mass adaption.
Furthermore, Chalkias also announced a Hacker Team. This will bring even more innovation to Sui. He mentioned to expect some magic. Even better than the SMS internet-less payments, or Sui’s zkLogin. This allows you to use your Web2 credentials to log in to Sui’s Web3 dApps.
Sui and Mysten Labs are introducing an official brand new A* team: The Hacker Team, a special forces group innovating on the most cool ideas you’ve ever heard in crypto and in your life in general.
Expect some magic, even more unique than the SMS internet-less payments, zkLogin… pic.twitter.com/jGL2pypwH1
The Ika Network claims to be the fastest parallel MPC network around. Ika is also the Japanese word for squid. This makes the circle round, since Sui is Japanese for water. Sui is also known as the water chain.
But let’s first get back to MPC network, what does that mean? Well, that is a Multi-Party Computation network. This is a form of privacy where various parties each hold private data. They evaluate computation without revealing any of their private data.
BREAKING: $2.3T in assets can now be programmed on @SuiNetwork
what we’re shipping:
• sub-second MPC finality
• native BTC/ETH/SOL on Sui
• zero bridges needed
• infinite scalability
Ika uses this to make every chain a Sui chain. This means, among others,
Sub-second MPC finality. Transactions settle fast and privately.
Native $BTC/$ETH/$SOL on Sui.
No bridges are needed. You can just use any crypto asset.
Infinite scalability up to 10,000 TPS.
So, no more bridge hacks or waiting forever for your assets to arrive. Remember, finality is sub-second. This can be a big deal for Sui. It should give cross-chain DeFi on Sui a serious bump. Currently, there’s also a Galxe quest. Taking part may be useful towards a potential airdrop.
Walrus Protocol
Walrus is about on-line storage. According to Adeniyi Abiodun, a co-founder of Sui, Walrus is a bold and new approach to storing data at scale. It’s currently still in its testnet phase. However, its mainnet should go live during Q1 2025.
Mysten Labs, the team behind Sui, is also behind Walrus. It offers the first truly programmable on-chain storage. For more detailed information on Walrus, check our previous article.
Walrus mainnet and the $WAL token TGE are coming soon.
To sum up, Sui is brimming with news and updates. The current $SUI price is $4.16 with a $12.6 billion market cap. Out of the 10 billion max supply, 3 billion $SUI tokens circulate.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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15M monthly active users
850M+ onchain transactions
$20B+ in 2024 swapper volume
12 average app opens per day
$25 billion in self-custody assets
pic.twitter.com/QqjROVIPRj
https://t.co/sZJmsaE6fq pic.twitter.com/S2j4yrJ7nJ
