SUI is one of the best-performing cryptocurrencies of 2024 and it has a strong potential to be a market leader in the upcoming bull season. This Layer-1 Crypto has quickly climbed its way into the top 20 cryptocurrencies by market cap and is showing signs of having much more room to grow when compared with other tokens in the top 20.
It might just be a matter of time before SUI is recognized as a top 10 cryptocurrency worldwide.
But what exactly is SUI all about and how is this very young token able to gain so much traction and attention from individuals and institutions in so little time? Let’s dive deep into current and future developments on this project that make it the next potential 100X coin that everyone is looking for.
What is SUI All About?
SUI is a Fast and Scalable L1 Blockchain developed by Mysten Labs, a Web3 company where many executives have accumulated a wealth of experience from very successful Web2 companies like Oracle, VMWare, Apple, Microsoft, and even Meta.
SUI was designed to solve two of the blockchain’s biggest issues: Speed and Scalability, and this chain is able to smash unprecedented targets on those two metrics. SUI boasts of a whopping 297,000 Transactions Per Second Throughput and a Time-to-Finality of about 480 milliseconds.
This would inherently make SUI the fastest chain out there, topping others like Solana, Aptos, and even Arbitrum which are also incredibly fast and cheap to use. But while all that is great, Speed and Scalability aren’t anything new in the crypto space as there are many chains that offer adequate amounts of that. So, what exactly is the reason why SUI is currently leading the markets and is its price rally going to continue?
USDC Now Supported on SUI Blockchain
On the 8th of October, Circle, the developers of USDC, announced the support of its native stablecoin on the SUI Blockchain. Now, USDC is the 2nd largest stablecoin that helps millions of people with crypto payments and commerce. So having this asset natively supported on SUI was definitely a big deal.
Previously, USDC was only supported on SUI in a bridged form from the Ethereum blockchain through Wormhole. While this version of the stablecoin worked ideally, it’s also prone to disaster especially since Wormhole is no stranger to hacks and exploits.
But with native USDC being supported, a whole new world of secure use cases can be explored on the SUI chain. Dollar-backed financial products in DeFi, Gaming, DePIN, and more can now be explored extensively, allowing already existing dApps to expand rapidly, offering better yield and passive income to investors.
Developers can also freely build innovative dApps on sui leveraging a truly stable currency that is built to last. Businesses and institutions can also access on and off-ramps for USDC on sui making it easier to onboard to the chain. Plus, with centralized exchanges rolling out support for USDC on sui, it’s inevitable to see an influx of liquidity into this chain soon and this has contributed to the massive growth of sui.
Ease of Onboarding into SUI
SUI is very intentional about making crypto onboarding as seamless as possible which is yet another reason why this chain is receiving so much attention.
Google Trends reveal that countries like Nigeria and Brazil where the fiat currency is suffering heavily from inflation are actively searching out sui and the sui chain is well positioned to make onboarding of such people into crypto seamless.
Instead of spending hours or days learning how to create a wallet, how to protect your keys, understand the blockchain and all those technical concepts, SUI uses one of its products called ZKlogin to allow anyone access countless on-chain dApps by simply logging in with a Web2 account like Google, Twitch, Facebook and more.
This greatly appeals to hundreds of thousands of non-native crypto users and can help them jump straight into the crypto action with little to no barriers, all powered by the sui chain.
The ‘Solana Killer’ Narrative
It’s not strange to find comparisons on social media between SUI and Solana. They are both really fast chains and both offer very low fees. But SUI is often referred to as a Solana Killer because of its performance relative to Solana, especially given how young the chain is.
Earlier in October, SUI surpassed Solana in daily transactions with a difference of more than 20M transactions indicating huge interest in the Sui ecosystem.
Then there’s the fact that Solana is the 5th most valued cryptocurrency with 73 billion dollars in market cap while sui is ranked 18th with only 5 billion dollars in market cap. This inherently presents an opportunity for investors who may be looking to jump into ‘The Next Solana’ as sui checks all the boxes making it a prime asset ripe for investment. Solana, while still a great chain is currently being viewed as peaked/ saturated while sui is viewed as still having a lot of room to grow and potentially outperform Solana.
This seemingly interesting opportunity has caused the price of the sui token to rally more than 300% in the last 3 months as Investors pile into this asset in anticipation of great rewards and this may just continue as the word continues to get further spread alongside the anticipation for a bull season in Q4 of 2024 and Q1 of 2025.
Conclusion
Now, just how far can SUI go? Many are speculating that sui may enter the same price discovery rally in 2025 just like Solana in 2021 and this may give room for exponential growth of the chain to unprecedented prices.
But that’s just speculation, but what is evident right now is that with all the strategic partnerships being made and the interest from institutions, SUI is well-positioned to shine brightly in the next bull season.
