Coin Guide: Sui ($SUI)

The crypto industry is always in a state of constant innovation. That has given rise to a crop of exciting new projects looking to iterate and push the envelope for blockchain technology. 

One of those is Sui, one of the latest Layer-1 blockchain solutions setting new record highs this year. In this guide, we’ll take a deep dive into Sui, what it does, who are the team behind it, why it could be an industry gamechanger, and how to buy $SUI on Houdini Swap. 

What is Sui?

Launched in May 2023 by Mysten Labs, Sui is a Layer-1 blockchain platform designed for low-latency blockchain interactions. The protocol features instant transaction finality and supercharged throughput that could support up to 120,000 transactions per second. 

Sui’s focus on parallel transaction execution allows it to process almost twice the throughput of Solana, making Sui an ideal blockchain network for a variety of high-performance use cases. The platform focuses on well-rounded functionality, abstraction, scalability, speed, and affordability, as well as providing dynamic ownership of digital assets with customizable transfer policies for maximum control. 

The Sui network uses a byzantine fault-tolerant proof-of-stake (PoS) consensus mechanism to validate transactions as well as using Move as its smart contract programming language. Sui features parallel transaction execution, with the maximum scalability to support a vast ecosystem of decentralized applications, blockchain gaming, DeFi, and NFTs.

A brief history of Sui

Mysten Labs was founded in 2021 by a group of former Meta engineers connected to the Novi division of the tech giant. The team is composed of CEO Evan Cheng, CTO Sam Blackshear, and Chief Scientist Goerge Danezis. They were part of the team responsible for creating the Move programming language and Meta’s Diem blockchain project, leaving the social media giant to form Mysten Labs. 

Mysten Labs raised $36 million in a Series A funding round led by a16z in December 2021. In September 2022, the company secured another $300 million in a Series B funding round, with the defunct FTX Ventures contributing $140 million to the project. Other investors include Franklin Templeton, Cinbase, Circle, Binance, and Greenoaks, to name a few.

Sui was revealed in March 2022, launching its testnet and its official Sui Wallet in August, before launching its mainnet in April 2023. Since then, Sui has focused on building out the platform’s core infrastructure, scaling the network, and developing more features and tools to support its growth. 

What are the key features of Sui?

Sui distinguishes itself among other Layer-1 platforms with its innovative features as follows: 

• Gas-free transactions. Sui enhances the user interactions by enabling gasless transactions. In this model, decentralized apps on Sui settle gas fees on behalf of the user, making interaction with the Sui ecosystem significantly more accessible to a wider audience. 
• Parallel execution. Sui is capable of processing simultaneous transactions, significantly boosting throughput and allowing instant transaction finality.
• Delegated Proof-of-Stake (DPoS) consensus mechanism. Sui uses a DPoS consensus mechanism, which is more energy-efficient and faster than other consensus mechanisms. DPoS relies only on a limited number of delegates to validate transactions and create blocks, resulting in faster consensus and shorter transaction times.
• Object-oriented architecture. Sui uses the Rust-based Move programming language, which offers superior security and flexibility. This allows Sui to deliver a more flexible and efficient interaction with on-chain apps compared to other blockchains like Ethereum, which is account-centric. 
• Implementation of zero-knowledge proofs. Sui implements zero-knowledge proofs for optimal privacy and anonymity on-chain. Its architecture is adapted to address the growing privacy concerns surrounding Web3 with Sui’s ZK-enhanced system and OpenID integration. 

What are the use cases of Sui?

Sui is fast making waves in Web3 with its wide array of use cases as follows: 

• Blockchain gaming projects. Sui is banking on the lucrative gaming sector, becoming a major hub for blockchain and Web3 gaming early in its lifecycle. Thus far, Sui is home to a variety of gaming protocols ranging from play-to-earn and iGaming applications that support in-game economies with NFTs and digital assets.
• Decentralized finance (DeFi). Sui’s robust platform and superior throughput makes it an ideal platform for DeFi protocols to launch. The blockchain supports stablecoins, decentralized exchanges, lending and borrowing operations, as well as staking and yield farming through a variety of DeFi platforms. 
• Decentralized social networks. Sui enables the creation of censorship-resistant decentralized social media, which are social networks that aren’t under the purview of a singular entity. The blockchain also enables content creators to monetize their efforts through decentralized content marketplaces. 
• Supply chain management. Sui enables supply chain management, such as tracking and tracing products as they go through the supply chain, as well as issue digital certifications for products to ensure transparency and authenticity. 
• NFTs. Sui supports a growing NFT sector, featuring projects running the gamut from creative concepts like digital fashion, arts, and gaming applications.

How to store Sui tokens?

Several wallets have become the top choices for storing Sui tokens and interacting with its broader ecosystem. These wallets enable you to buy, sell, send, receive, and swap Sui and digital assets under the Sui ecosystem. The following leading wallets are available as browser extensions and/or mobile apps. 

• Sui Wallet. Sui Wallet is the official wallet developed by Mysten Labs. Sui Wallet is available as a browser extension or mobile wallet for both Android and iOS. 
• Suiet. Suiet is a Sui wallet available as a browser extension offering a sleek, aesthetic Sui-themed UI.
• Ethos Wallet. Ethos Wallet is a browser extension wallet featuring native zkLogin integration to allow users to create accounts with their Web2 credentials (such as Facebook or Google). 
• Surf Wallet. Surf Wallet offers both mobile and browser extension wallets, with its mobile app known as the most popular mobile wallet for the Sui ecosystem.

How to store Sui using the Sui Wallet

Here’s how to store Sui using your preferred wallet: 

• Choose a Sui wallet. Choose any one of the leading Sui wallet providers. Sui Wallet, the official wallet developed by Mysten Labs, is the most widely-used Sui wallet that enables you to send, receive, and store $SUI tokens as well as interact directly with the Sui ecosystem through your browser.
• Install it. Most Sui wallets are available as browser extensions, while some offer mobile versions. If you’re using Chrome, simply go to the Chrome Web Store and search and install your desired Sui wallet. Likewise, several wallet providers offer mobile wallets on iOS and Android. Simply click the “Add to Chrome” button on the Chrome browser extension page to install your desired wallet, or go to the Apple or Play Store to download it on your mobile device.
• Create an account. Once you’ve installed your wallet as a browser extension or mobile wallet, the UI will prompt you to create a new wallet or import an existing wallet. You can either sign in with your existing account credentials from Web2 social platforms through zkLogin, or by creating a new password, which will generate a 12-word seed phrase. Save your password and 12-word seed phrase. If you lose the latter, you will lose access to your wallet with no recourse to recover.
• Use your wallet. From here, you can now deposit your Sui tokens or swap your existing crypto for Sui on Houdini Swap and send them to your Sui wallet address. You can also use your Sui wallet to interact with dapps. Each time you access a Sui dapp and interact with it, your wallet extension should launch and request approval for the transaction. You can also send tokens to another wallet using the recipient’s public key. Keep your assets safe—never share your passwords or seed phrases with anyone.

How to stake Sui?

Staking $SUI tokens is a great way to make your investments work for you. By staking, you delegate your $SUI tokens to a vetted validator, who then compensates you with passive income in the form of $SUI tokens for your role in helping secure the network.

Here’s how to stake Sui using the official Sui Wallet. 

• Access staking through your wallet. Open the Sui Wallet and select “Stake & Earn SUI.” 
• Select a validator. Choose your desired validator and click “Select Amount.”
• Stake your $SUI tokens. Indicate the amount of $SUI tokens you wish to stake, leaving enough SUI to cover any transaction fees. Confirm your selection by clicking on “Stake Now.”
• Review transaction details. Go over the transaction details and confirm the transaction to close the prompt. Once you’re finished, your rewards will start accumulating and displayed in your Sui Wallet balance. 

What dapps can you use with Sui?

Sui is among the fastest-growing Layer-1 blockchain platforms thanks to its sophisticated core infrastructure that allows developers to build new and infinitely more scalable new applications that push the boundaries of what is possible. Here are some of the most popular dapps on the Sui blockchain.

• OmniBTC. OmniBTC is a multi-chain financial platform enabling users to swap and lend Bitcoin across a variety of L1 platforms. Its cross-chain functionality allows users to swap tokens easily between multi-VM networks, and engage in DeFi such as lending, borrowing, and staking through the OmniBTC platform. 
• Umi Protocol. Umi Protocol is a decentralized exchange aggregator combining liquidity protocols within the Sui network. It is designed to provide Sui DeFi participants with sufficient liquidity, economic swaps, and best exchange rates for swapping and trading. 
• MovEX. MovEX is another decentralized exchange on Sui seeking to provide a seamless trading experience and ample liquidity through bringing the best of AMMs and order books.
• Scallop. Scallop is a DeFi protocol providing high-interest lending and low-fee borrowing services on the Sui network. The protocol offers a robust suite of financial and investment services designed to cater to the growing DeFi sector on Sui. 

What are the future prospects of Sui?

In closing, Sui is among the most promising Layer-1 blockchain protocols that has everything going for it to become one of the next leading L1 protocols from this point forward. Its fast, secure, user-friendly, and high-throughput blockchain enables Sui to push the boundaries of blockchain technology. Its unique consensus and transaction mechanism, as well as its object-oriented architecture, Move programming language, and native support for zero-knowledge proofs put it ahead of any legacy Layer-1 platform.

Sui is being tipped to become one of the newest blockchains that could open the door to the next evolution of blockchain and Web3 technology as we know it. The platform offers creators and developers the ideal foundation to create and curate superior digital experiences, particularly when it comes to the multibillion-dollar gaming and DeFi sectors.Sui’s remarkable growth since launching its mainnet in April 2023 is proof positive of its future potential—and its $5 billion market cap indicates that it still has plenty of legroom to turn in significant gains for prospective investors.

How to buy $SUI on Houdini Swap

Sui is available on the leading privacy-focused liquidity aggregator Houdini Swap. Houdini Swap enables users to buy, sell, swap, or bridge over 8 million crypto pairs at the highest possible privacy and the lowest possible fees on one intuitive platform. Here’s how to buy $SUI on Houdini Swap:

1. Navigate to the official Houdini Swap homepage. Go to the Houdini Swap website.
2. Select your desired crypto pair. Select the type of token to send (“from”) and the type of token you wish to receive (“to”). In this case, you’ll need to have existing crypto to swap from into Sui.
3. Indicate the amount of Sui tokens you wish to receive. Enter the amount of $SUI you wish to receive. The platform will pull rates from its exchange partners and automatically choose the one with the lowest fees.
4. Indicate the recipient’s wallet address. Enter the wallet address you wish to send $SUI to and ensure that the wallet address and network chosen are correct.
5. Confirm the transaction. Click on “Swap” to confirm your transactions. You may either connect your wallet to Houdini Swap or perform a swap without connecting your wallet. If you choose hte latter, send the specified amount of crypto you wish to swap to the Houdini Swap wallet address displayed.
6. Monitor the completion of the transaction. Standard swaps take up to 5 minutes to complete, while the private swap option may take up to 30 minutes to complete. Standard swaps are faster, offering a balance between speed and heightened privacy, while private swaps take a bit longer due to their even higher level of privacy afforded.

Sui ($SUI) is available on Houdini Swap.