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SUI Blasts Past Solana: 6x Faster Transactions, Low Fees

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The SUI network is gaining traction for tackling some of the most persistent challenges in the blockchain industry: network congestion and slow adoption. Market experts have spotlighted the platform’s Layer 1 architecture that processed an impressive 297,000 transactions per second [TPS] while achieving transaction finality in just 390 milliseconds. “All this without hitting max throughput and exorbitant gas fees,” an expert wrote.

To put SUI’s speed in perspective, the expert analyzed swaps on Solana’s Jupiter and Sui’s KriyaDEX. It was found that the latter scored 0.73 seconds and was 6x faster in this test compared to Solana which took 4.45 seconds. These mind-boggling results contributed to the platform’s dominance in the DeFi realm. The network is among the top 13 highest DeFi volume, ranked three in TVL among non-EVM chains despite being just over one year old since its launch.

SUI
SUI Blasts Past Solana: 6x Faster Transactions, Low Fees 2

Beyond the robust performance, the Sui Network has forged strategic alliances in 2024. Some of the high-profile collaborations include Byteplus [affiliated with TikTok] and cloud behemoths: – Tencent Cloud – Alibaba Cloud. Even institutional players such as Grayscale have also entered the field and launched a dedicated SUI fund, reflecting its investment appeal.

SUI Token Ignites Altcoins Market

The layer-1 blockchain is also making rapid strides in the burgeoning gaming space by building PLAYTRON, the first handheld device capable of running in both Web3 and Web2. This ambitious initiative has put the platform at the forefront of the highly competitive gaming sector.

Sui Network is one of the must-watch blockchains with fast transactions, low costs, strong partnerships, and innovative ideas. Now as top 30 by market cap, SUI shows good long-term potential, especially given its recent price action.

Echoing similar sentiment, former Goldman Sachs executive Raoul Pal believes that the platform is highly scalable and has vouched for its potential to onboard billions of users and bridge the gap between Web2 and Web3.

Adding to the momentum is the project’s native token which recently exhibited signs of a potential breakout. Amidst the crypto market recovery, SUI rallied by over 30% in just 24 hours. The unprecedented surge has propelled its market cap to $2.181 billion, making it the 34th largest cryptocurrency, according to CoinMarketCap.

Sui Token Twist: OKX, Bybit, & Kucoin Offer Subscription Mechanism Instead Of Airdrop

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Three major cryptocurrency exchanges, OKX, Bybit, and Kucoin, made an exciting announcement earlier today. According to their official statements, they will soon be adding Sui Token to their list of supported cryptocurrencies. 

Instead of opting for an airdrop, these exchanges will implement a token launch subscription mechanism. The exchanges have already revealed the token sale details per the available information.

However, after some hours, it was revealed that in the sale event, a sum of 594 million tokens was made available for purchase. It included 450 million public offerings and 225 million OKX and Kucoin tokens each, priced at $0.1. 

Additionally, 144 million SUIs were whitelisted, with 25 million OKX and Kucoin tokens each, and 94 million Bybits were priced at $0.03. As a result of the sale, a total of $49.32 million was raised.

In September of last year, the Sui development team, Mysten Labs, completed $300 million in the financing, with FTX Ventures leading the investment, along with Coinbase, Jump, a16z, Binance, Circle, and others. 

FTX Ventures purchased 890 million SUI tokens during Mysten Labs’ B round of financing for $102 million at an average price of $0.114. However, Mysten Labs has now bought back the tokens for $96.3 million in cash.

At present, Sui’s website states that purchasing is restricted to non-American citizens, and regular users may only buy through a lottery system at an elevated cost. However, there is currently no news of Binance listing the product.

Details & Rules For SUI Token Subscription Mechanism

According to OKX’s latest blog post, on April 23, there will be a lottery to allocate tokens for the SUI sale on OKX Jumpstart. The sale includes 225 million SUI tokens priced at $0.1 each, with a limit of 10,000 SUI tokens per person. Payment is in OKB.

The price of OKB is used to calculate the exchange rate based on daily snapshots taken between April 15 and April 19 at 16:00 UTC.

The Sui Foundation is offering an extra sale exclusively for contributors to the Sui ecosystem who have been approved for a whitelist. Those who are approved can buy up to 1,500 SUI tokens from a pool of 25 million at a fixed price of $0.03 per token.

These tokens will be fully unlocked during the mainnet launch. Allowlisted users can also use OKB to purchase SUI during the event on OKX Jumpstart.

The distribution of SUI tokens, which have been rewarded, will occur in monthly installments over a period of 12 months. The unlocked tokens will be automatically deposited into the users’ funding accounts. 

To qualify for this, users need to pass the KYC2 verification process, and they cannot have multiple sub-accounts, as per the blog post.

Additionally, some countries and regions are not permitted to participate in this program. Furthermore, there is a maximum limit of 100 winning tickets (equivalent to 10,000 SUI) per user.

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