SUI’s breakthrough

Activity on the Layer 1 blockchain “SUI ” network has increased dramatically in recent days, with the price of the native token SUI exceeding $2, approaching an all-time high.

The price of SUI increased by more than 15% in 7 days, and the monthly growth rate was 140%.

What is SUI?

Sui is a next-generation layer-1 blockchain developed by former Meta members, with a mainnet launch in April 2023. It is particularly expected to be used in DeFi and gaming, and is praised for providing high scalability and security.

Supporting this price increase, the number of daily transactions on Sui jumped more than 10x between October 3rd and 5th, with the number of transactions on the Solana network at 3,541 (out of 10,000,000).

Additionally, the custodial assets (TVL) on the Sui network surged 60% in the past month to over $1 billion. Currently, Sui ranks in the top 7 DeFi (decentralized finance) in terms of TVL.

On the technical side, a large-scale consensus upgrade “Mysticeti” was introduced on the mainnet in August. Mysticeti significantly improves transaction speed and efficiency by providing final transaction confirmation within 390 milliseconds. Recently, it has processed more than 1,000 items per second for three consecutive days.

Sui's native token SUI will be used for network security (validator and delegator staking), participation in governance voting and payment of gas fees. In Japan, it is handled by crypto asset (virtual currency) exchanges such as BitTrade.

What supports SUI's progress?

In the gaming sector, in September, Mysten Labs, which is responsible for the core development of the Sui blockchain, began pre-selling the industry's first portable game console "SuiPlay0x1" that supports Web3 games. The game console is expected to be shipped in the first half of 2025, and received more than 1,000 reservations on the first day alone.

SuiPlay0x1 is expected to be the DePin (distributed physical network) product after the Solana Saga smartphone.

Additionally, in the same month, Misten Lab announced its decentralized storage and data availability protocol, Walrus, at the Sui Builder House event in Singapore.

Rich investment opportunities

In September, Circle, which issues the major stablecoin USDC, began issuing USDC on the SUI network and launched the USDC Cross-Chain Transfer Protocol (CCTP).

In August, the US asset management company Grayscale announced the establishment of "Grayscale SUI Trust", an investment trust company that includes SUI. It provides investment opportunities for institutional investors.

In addition, crypto asset (virtual currency) exchange Bybit announced on the 7th that it will support SUI on its Launchpool platform. The main project of SUI ecosystem, "NAVI Protocol", was launched, and SUI token pool staking was introduced. SUI mining pool will be the second mining pool after Mantle (MNT) ecosystem.

The growth of meme coins on the Sui network has also had an impact on the market.

The largest meme coin by market value, HIPPO, has risen 165% in the past week. In addition, another meme coin, aaa cat (AAA), has surged 370%.

HIPPO is a fan token for MOODENG, a newborn hippopotamus at Khao Kheow Zoo in Bangkok, Thailand. The development team of HIPPO has officially entered into a charity partnership with the park, donating 5 million Thai baht (about 22 million yen).