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- The analyst lauds the Sui network’s performance, claiming it is six times faster than Solana (SOL).
- The network is reported to be highly scalable, processing 297k transactions per second to outshine Solana.
The cutting-edge solutions of layer 1 blockchain, SUI, offsetting the existing challenges of network congestion and slow adoption in the blockchain space, have been gaining traction in the past few weeks. Specifically, the SUI network processes a jaw-dropping number of 297,000 transactions per second [TPS] with a transaction finality of 390 milliseconds.
In perspective, an analyst compared Solana’s Jupiter and Sui’s KriyaDEX and observed that the latter’s 0.73-second score was six times faster than the former’s 4.45 seconds.
According to him, SUI’s incredible results are due to its dominance in the Decentralized Finance (DeFi) space. Per our research, it is currently among the top 13 highest-ranked DeFi by volume and is also categorized among the top non-EVM chains.
Outside this on-chain growth, the network has scored multiple high-profile collaborations with the likes of Byteplus and cloud behemoths. One of its notable achievements in recent times is the decision by Grayscale to launch an SUI fund, as we reported. Having observed the network for a while, Goldman Sachs executive Raoul Pal has disclosed that it is highly scalable. This implies that it can bridge the gap between Web2 and Web3 and onboard billions of users.
Making a huge presence in the gaming industry, SUI is currently building the first handheld device capable of running in both Web3 and Web2, PLAYTRON.
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.
SUI Price Analysis
Sui has surged more than 2x from its last week’s low, recording a 70% gain to trade at $0.97. In the week ending Monday, August 13, the asset recorded a gain of 148%.
The team has also started an occasional release of tokens, with 1.04 billion SUI tokens unlocked in May. This represents 10.4% of the maximum supply of 10 billion, which at that time was about 39% of the market cap. Also, 0.87%, 0.86%, and 0.84% of the maximum supply were released in June, July, and August, respectively. Throughout its vesting schedule, similar amounts have been scheduled for monthly release.
Commenting on these recent developments, Raoul Pal, founder of Real Vision and a member of the Sui Foundation, stated that Sui can outshine Solana.
Clearly, everyone is caught owning zero SUI while the price explodes. To prove itself worthy of the Next Big Thing, it needs to properly prove itself vs SOL by breaking the downtrend…. not there yet, and I’d be surprised if it did it immediately.
While agreeing with its great design, the founder of the crypto research platform Cyber Capital, Justin Bons, pointed out that Sui’s only issue is its tokenomics.
SUI has a great design, except for its token economics: SUI claims to have a capped supply of 10B, with 52% being “unallocated” till 2030. The problem is that over 8B SUI is being staked right now! Over 84% of the staked supply is held by founders! SUI is centralized.
