In the cryptocurrency realm, new technologies and concepts emerge every day, and SUI, as an emerging blockchain platform, is quietly rising. While Ethereum and others face transaction congestion, high fees, and centralized risks, SUI claims to solve these issues with its unique technology. However, despite having certain advantages and rapid growth against strong competitors like Solana, Aptos, TON, and Ethereum, its market value remains low. What mysterious power does it possess? Can it truly break through and become the king of blockchain? All of this is full of uncertainty.
1. The original intention of SUI's establishment
In the innovative and challenging field of cryptocurrency, Sui is like a new star quietly accumulating energy. The Mysten Labs team, while deeply researching the applications and developments of blockchain technology, discovered many flaws in the concepts or asset tokenization of many blockchain projects on the market at that time.
For instance, during its development, although Ethereum pioneered smart contracts and decentralized applications, as it scaled, the issues of transaction congestion and high fees became increasingly serious. In this situation, ordinary users find it difficult to truly enjoy the convenience and efficiency brought by blockchain technology. Additionally, there are centralized risks in asset tokenization. In the NFT market, many creators heavily rely on centralized platforms like OpenSea to sell their works, and if the platform restricts creators' transactions for some reason, the creators will find themselves in a difficult situation. Therefore, Mysten Labs aims to create Sui to build a new type of blockchain platform that allows ordinary consumers to easily adopt blockchain technology while addressing existing asset tokenization and transaction efficiency issues.
2. The potential and current situation of SUI itself
In recent years, the SUI network has received widespread attention. From a technical perspective, its theoretical maximum transaction processing capability is 297,000 transactions per second, far exceeding Solana's 65,000, giving it a significant advantage in transaction processing efficiency. For example, when handling a large number of concurrent transactions, SUI can respond quickly without lag, which is crucial for high-frequency trading applications such as large financial trading platforms or popular games. From the perspective of ecosystem building, SUI has already established a fairly developed DeFi system, with projects like Cetus, Scallop Lend, Deepbook, NAVI Protocol, and Aftermath++ indicating that it is actively creating a complete ecological chain. Moreover, it has received substantial capital support, successfully raising $3 billion, with a valuation of $30 billion. Although its current market cap is only $9 billion, it has been favored by many investors.
3. The technical advantages of SUI
(1) Parallel transaction processing model
Sui's parallel transaction processing model is a major feature. Traditional blockchain systems mostly rely on serial transaction processing, like a group of people queuing to handle affairs one after another, which greatly limits overall throughput. In contrast, Sui can clearly define the dependencies between transactions. For instance, during large online promotional events, multiple transactions can be processed simultaneously. Based on early testing, running Sui nodes on a regular MacBook Pro can handle over 120,000 transactions per second.
(2) Move virtual machine (Move VM)
The Move virtual machine (Move VM) adopted by Sui is ingeniously crafted. Move originates from the Rust language and has memory safety features. For example, in terms of smart contract security vulnerabilities, Sui's customized improvements to Move perform better than existing smart contract languages like Solidity.
(3) Object-oriented storage model of Sui
The model is one of its major trump cards. The object-oriented design ensures that every object has a stable and globally unique ID. In the context of crypto gaming, the interaction of digital objects becomes more convenient, and this design is well-suited for handling dynamic NFTs and other complex relationships.
4. Problems and pain points solved by SUI
The asset tokenization model of early blockchains like Ethereum has centralized drawbacks. Take NFTs as an example; on Ethereum, creators often have to rely on centralized platforms like OpenSea. There is an example of a niche NFT artist who, after gaining some popularity for their works, suddenly received a notification from OpenSea about increasing transaction fees or restricting the display of their works, which significantly reduced their creative income. Sui's tokenization model changes this situation, making the process of asset tokenization more decentralized and secure.
5. The influence of SUI
Currently, SUI has gradually emerged. In the decentralized finance (DeFi) sector, its total locked value (TVL) has reached $1.182 billion. For example, one DeFi lending project attracted a large number of users shortly after choosing the Sui platform due to Sui's low transaction costs and high concurrent processing ability. In the gaming sector, many developers are also building innovative gaming projects on Sui, enabling a large number of players to interact online simultaneously without lag.
6. Analysis of SUI's competitors
(1) Solana
Solana is known for its high throughput and low transaction fees. It employs a unique Proof of History (PoH) consensus mechanism, combined with Proof of Stake (PoS), allowing for fast transaction confirmation speeds. However, SUI has already surpassed Solana in transaction processing capability. In terms of market value, since August, the SUI/SOL ratio has increased by 115%, while the SOL/ETH ratio has only increased by 6% during the same period. Nevertheless, Solana has established a mature user base and application ecosystem.
(2) Aptos
Aptos has its own characteristics in optimizing smart contracts and security while actively expanding its ecosystem. However, from the current perspectives of TVL, monthly fees, revenue, and DEX trading volume, SUI has seen over 100% growth in TVL in the past two months, with most indicators outperforming Aptos. Aptos currently has a market cap of $3 billion and is receiving market attention, while SUI's market cap is only $900 million, suggesting that it may be undervalued.
(3) TON
TON is derived from Meta's (formerly Facebook) Diem project and is defined as an ultra-fast L1 blockchain designed to accommodate billions of users. However, in competition with SUI, SUI has advantages in ecosystem maturity and development speed, with a more developed DeFi system that continues to attract projects and investors.
(4) ETH
As a pioneer in blockchain, Ethereum has a solid foundation in smart contract development and decentralized applications. However, it faces issues of transaction congestion and high fees, and SUI, with its high performance and low cost advantages, may attract users and projects that are leaving Ethereum, thereby challenging its market share.
7. The year 2025 belonging to SUI
Looking ahead to 2025, both Sui's market performance and technological upgrades are filled with endless possibilities. In terms of market performance, if the overall cryptocurrency market is in a bullish environment, Sui, leveraging its existing technological advantages and continuously growing ecosystem, is expected to break the $10 mark and even move towards $12. If it continues to maintain good momentum in technological applications and ecosystem expansion, it may attract more large financial institutions to participate in the DeFi sector. For example, some traditional banks may consider piloting new cross-border payment or asset securitization projects on Sui, as they are drawn to Sui's efficiency and low-cost advantages.
In summary, although SUI faces many strong competitors, its technical advantages, continuously developing ecosystem, and potential for value growth give it the potential to become an industry leader. Over time, especially in 2025 and beyond, it is very likely to truly become the king of the blockchain field.
