Ethereum
“Ethereum Killer” SUI Launches Today, What You Need to Know
Today is the big day, the long-awaited launch of the next SUI “Ethereum killer” takes place at 8:15 a.m. EST (12:15 p.m. UTC). From a purely technical perspective, SUI does some things differently compared to Ethereum, and expectations are therefore high. In addition to the bankrupt FTX exchange, the project has many notable backers, including Circle, Binance Labs, and Electric Capital.
The designated proof-of-stake (dPoS) blockchain has a completely new architecture that is supposed to outperform even the “high-speed” Solana blockchain. Many Sui developers have already worked on the Diem project, launched by Meta (Facebook), which was abandoned some time ago due to regulatory constraints.
The developers behind Sui, Mysten Labs, are one of two Diem spin-offs, the second being none other than Aptos, which celebrated its mainnet launch last October. Former Meta employees founded Mysten Labs in 2021 to develop Sui.
Why Sui is hot
One of the features that sets the Sui blockchain apart is its enormous data processing speed, which no other layer 1 blockchain can match. In testing, Sui has already taken it to over 300,000 transactions per second (tps). This far exceeds even Solana (65,000 TPS). Likewise, Sui has a big advantage in terms of speed of transaction confirmation.
While Solana needs around 20 seconds, Sui’s is only 450 milliseconds. In terms of scalability, Mysten Labs says the system design is designed to allow for horizontal scalability, which is not capped.
Besides Sui’s high throughput and low latency, the project also has a third advantage: the ability to process arbitrary amounts of data on-chain. To do this, SUI uses a storage fund that redistributes fees from past transactions to future validators.
In other words, users pay upfront fees for computing and storage. When on-chain storage requirements are high, validators receive additional rewards to offset their costs. Conversely, when storage requirements are low.
These three benefits aim to take blockchain technology use cases to the next level.
Tokenomics
While IOUs were already trading on smaller exchanges before the blockchain’s official launch at 8:00 a.m. EST (2:00 p.m. CET), well-known crypto exchanges such as Binance, OKX, KuCoin and ByBit announced the listing of the new token as soon as liquidity needs are met.
Binance, for example, said it plans to start trading SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB at 8:15 a.m. EST.
SUI’s token supply is capped at 10 billion tokens. As declared According to the Sui Foundation, a portion of the total supply is expected to be liquid when mainnet launches today. The remaining tokens will be transferred or distributed as future stock rewards in the coming years.
In the Sui economy, the token has four purposes. It can be used to participate in the proof-of-stake mechanism. It is the asset needed to pay gas fees to carry out transactions and other operations.
Additionally, the token is an asset that supports the entire economy through its value. Ultimately, the token plays an important role in governance because it provides the right to participate in on-chain voting.
Featured image from PixelPlex