What is Sui (SUI)?
Sui is a layer-1 blockchain developed by Mysten Labs, a company founded by former engineers from Meta's Diem project. Its mainnet and the SUI token launched in May 2023. Smart contracts on Sui are written in Move, a language originally created for Diem.
- Type
- Layer-1 smart contract platform coin
- Launched
- 2023
- Consensus
- Delegated Proof of Stake
- Max supply
- 10 billion SUI
- Swap network
- Sui
- Sector (Messari)
- Smart Contract Platform
How Sui works
Sui treats on-chain data as objects with clear owners, so transactions that touch only a user's own objects can be processed in parallel without global ordering. Shared objects go through Mysticeti, a delegated Proof of Stake consensus protocol, run by validators chosen according to the SUI staked with them each epoch.
What SUI is used for
SUI pays gas and storage fees on the network and can be delegated to validators to earn staking rewards and a say in validator selection. It also serves as the main base asset for trading, lending and gaming apps built on Sui.
SUI supply
Total supply is hard-capped at 10 billion SUI, with the portion not circulating at launch released over time on a published unlock schedule. Part of each fee goes into a storage fund that pays future validators for keeping data stored on-chain.
Before you swap SUI
SUI uses its own address format and wallets, so an Ethereum-style 0x address from another chain cannot receive it. Leave a small amount of SUI in your wallet to cover gas for later transactions on Sui.