Cardano founder Charles Hoskinson praised Sui's rapid growth and unique approach, positioning it as a growing competitor in the blockchain space.
#Cardano founder Charles Hoskinson recently praised #Sui Network's rapid progress and innovation in the #blockchain space. Hoskinson noted that George Danezis, co-founder of Mysten Labs, was involved in the creation of Sui and recognized its potential for significant success in the field.
Sui is a Tier 1 blockchain launched in 2023 with the goal of simplifying and improving web application development 3; through the use of the Move programming language, transactions can be processed in parallel, increasing efficiency and speed. This unique architecture has allowed Sui to gain momentum and is seen as a competitor to platforms such as Cardano and #Solana .
In recent weeks, Sui's own tokens have grown by 118%, with a market value of $5 billion, the number of active addresses has increased by 140% since August, and revenue has increased by 48% The DeFi ecosystem is growing, increasing the number of dApps and transaction volumes According to DefiLlama, Sui decentralized exchange Sui decentralized exchange has increased trading volume by 40%, reaching $872 million per week.
The total blockchain value (TVL) of the network is US$1.25 billion, putting Sui in the top 10 blockchains in terms of TVL. Analysts attribute this growth to speculation of new stable coins such as Mimcoin and Circle's USD coin, as well as institutional support from companies such as Grayscale, which recently launched a mutual fund dedicated to Sui. These factors suggest that Sui could become a serious competitor to Solana and Cardano in the smart contracts space.
The asset management firm VanEck highlighted Sui's unique object-based architecture, which it said offers higher transaction throughput and lower latency. The company categorizes Sui, along with Solana and Aptos, as a high-performance blockchain targeting Web2 developers due to its speed and efficiency.
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