Sui is a high-performance Layer1 blockchain designed to serve high-performance decentralized applications. The network's operation and security are ensured by the Proof-of-Stake consensus algorithm. Mysten Labs developed the project in 2021. It was founded by a group of former employees of Novi Research, a Meta* unit responsible for creating the Diem blockchain and Move programming language. Evan Cheng, co-founder and CEO of Mysten Labs, previously served as Director of Research and Development at Novi Research.
Sui enables parallel transaction processing, allowing it to process up to 120,000 transactions per second on a MacBook Pro. Ethereum, for comparison, can process 7-15 transactions per second, while Visa can handle up to 24,000 transactions per second. The consensus mechanisms reduce the amount of communication required between validators to process transactions, allowing simple transfers to be confirmed almost instantly and complex transactions to be executed within 2-3 seconds.
The launch dates for the native blockchain coin are currently unknown, but the project team has already published details on the tokenomics of the project. The maximum supply will be 10 billion, with only a portion of the coins entering circulation when the Sui mainnet is launched. A significant portion will go to the Sui Foundation, while the remainder will be distributed among Mysten Labs employees, investors, validators, and the community.
The SUI token will be used for transaction fees, on-chain voting, validator payouts, staking, and potentially for airdrops. Mysten Labs has launched a basic infrastructure for interacting with the testnet, including the Sui Explorer block explorer and the Sui Wallet, which is available as a Google Chrome extension.
Mysten Labs has developed a framework for interacting with the test network, including the Sui Explorer blockchain browser and the Sui Wallet, which can be used as an extension for the Google Chrome browser. The wallet can be used to create new addresses, manage assets and work with decentralised applications.
In addition, other teams are developing Sui-based projects. These include the decentralised exchanges Suiswap and MovEx, the DeFi platforms Cetus, Porto Labs, Kxfinance, the Sui Name Service, the NFT marketplaces Sui Art and Sui Gallery, and the NFT collections Sui Punks, Sui Birds and Sui Droplets.