Translation: Blockchain in Vernacular
In the ever-changing world of cryptocurrencies, Sui stands out as one of the most promising projects of 2024. With its cutting-edge technology and rapid growth, Sui is becoming a strong competitor to established blockchains such as Solana and Ethereum. Its native token SUI has grown significantly. With a series of important developments, Sui has become a hot topic in the Layer 1 field. As of October 2024, Sui is receiving widespread attention as one of the most exciting projects in crypto due to its scalability, innovation, and ever-expanding ecosystem.
1. What is the uniqueness of Sui?
Sui's core innovation lies in its unique approach to parallel transaction processing, which sets it apart from other Layer 1 blockchains. While Solana uses optimistic parallel processing - processing transactions simultaneously, assuming that no conflicts will occur, Sui chooses deterministic parallel processing, which pre-arranges transactions to avoid conflicts. This approach enhances the predictability and scalability of the system, enabling Sui to process more than 10,000 transactions per second (TPS).
This scalability is particularly important, especially as decentralized applications (dApps) become increasingly popular, especially in areas such as DeFi and crypto gaming that require extremely high performance and reliability.
2. Key Milestones and Latest Progress
In 2024, several major advances have driven Sui’s rapid rise:
Grayscale's SUI Trust: Grayscale, the world's largest crypto asset management company, launched a trust fund specifically for Sui in August 2024, allowing qualified investors to invest in the token. This move attracted a large number of institutional investors, and more than $2.5 million has been invested in the trust fund. The support of heavyweight institutions like Grayscale has made Sui more legitimate and recognized among investors and the crypto community.
Sui enters Web3 and gaming: To seize the opportunity of combining blockchain and gaming, Sui launched SuiPlay0X1, a Web3 native handheld gaming device developed in partnership with Playtron. This move is similar to Solana’s foray into Web3 hardware, further consolidating Sui’s leading position in crypto gaming, which is expected to explode in the next few years.
Native USDC Integration: In September 2024, Circle introduced native USDC on the Sui blockchain, greatly enhancing its DeFi capabilities. The addition of USDC, one of the most stable cryptocurrencies, has pushed Sui’s total locked value (TVL) to over $1.12 billion, making it one of the top ten blockchains by TVL.
Cross-chain expansion to Ethereum: At the end of September, Sui launched a cross-chain bridge with Ethereum, supporting seamless transfers of ETH and WETH between the two blockchains. This move significantly improved Sui's interoperability and met the market's demand for efficient cross-chain bridges, surpassing the previous Wormhole solution.
3. What is Sui’s future development direction?
With these advances underway, Sui is well positioned for continued growth as it heads into 2025. Its superior scalability and innovative infrastructure make it a strong competitive force in the Layer 1 space. However, the cryptocurrency space is volatile, and Sui will need to continue to innovate to maintain its current momentum.
Sui has firmly established itself as one of the most noteworthy projects. Driven by institutional support, gaming, DeFi and cross-chain interoperability, Sui’s ecosystem is expanding rapidly and attracting the attention of developers and investors.
Sui’s rise in 2024 marks a major shift in the blockchain landscape. Its technological advancements, coupled with key partnerships and integrations, have positioned it at the forefront of a new generation of Layer 1 blockchains. As the market continues to evolve, Sui’s ability to scale and potential to attract new users will determine whether it can continue to challenge the dominance of established networks like Solana and Ethereum. But for now, at least, Sui is undoubtedly a project worth keeping a close eye on.
