SuiNetwork, a decentralized Layer 1 blockchain, is making waves with its promise of fast and cheap transactions. Developed by Mysten Labs, Sui is designed to make Web3 secure and reliable for everyone.
The team behind Mysten Labs includes several former members of Meta’s Novi digital wallet program, with Even Cheng serving as CEO. Backed by major venture capital firms like Binance Labs, a16z, and NCSoft, Mysten Labs raised $300 million in a funding round for Sui’s development in September 2022.
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Sui launched its incentivized testnet in August 2022, followed by the mainnet going live in May 2023. The blockchain aims to integrate the best features of Bitcoin and Ethereum while addressing their limitations by offering reduced latency, instant transaction finality, and increased transaction speed. This results in a fast, private, and seamless DeFi experience.
$Sui stands out with several unique features:
– Zklogin: Simplifies access to on-chain assets and engagement with Sui Dapps.
– Move Programming Language: Provides unparalleled creativity, security, and scalability.
– $Sui Gas Pricing: Ensures low and predictable transaction fees, preventing malicious attacks.
SUI Boasts With A Massive Total Value Locked Of $490 Million
These features make $Sui an ideal platform for various Dapps and GameFi projects. Currently, Sui boasts a Total Value Locked (TVL) of $490.05 million, according to Defillama, and is trading at $0.71 with a market cap of $1.8 billion and a Fully Diluted Valuation (FDV) of $7.16 billion.
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Numerous innovative projects are being built on Sui, including:
– DEXes: Cetus (@CetusProtocol), Deepbook (@DeepBookonSui)
– NFT Marketplaces: Hyperspace (@HyperspaceSui), Tradeport (@tradeportxyz), BlueMove (@BlueMove_OA)
– Wallets: Sui wallet by Mysten Labs (@Mysten_Labs), Surf wallet (@surf_wallet), Ethos wallet (@EthosWalletXYZ)
– Lending and Borrowing: Navi Protocol (@navi_protocol), Suilend (@suilendprotocol), Scallop (@Scallop_io)
– SocialFi: FUD (@fudthepug)
– NFT Collections: Fuddies (@FuddiesNFT), Cosmocadia (@Cosmocadia), Gommies (@GommiesNFT)
– Aggregators: Hop aggregator (@HopAggregator)
– GameFi: Cosmocadia (@Cosmocadia), Space Mavericks (@space_mavericks)
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With a strong ecosystem and a vision to overcome blockchain limitations, SuiNetwork is poised to be a significant player in the world of decentralized finance.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.