What is Sui
Sui (pronounced “swee”) is the first permissionless Layer 1 blockchain designed from the ground up to enable creators and developers to build better Web3 experiences. Sui is horizontally scalable, supporting a wide range of application development with unrivaled speed and low cost.
Sui is currently the only foundational blockchain that can scale to support the growth of web3 while delivering industry-leading performance, cost-effectiveness, programmability, and usability. It aims to process transactions beyond the capabilities of established systems, both traditional and blockchain-based.
Who founded Sui
The project is the creation of Mysten Labs, a company founded by former Meta employees who worked on Project Libra, also known as Diem Network that never quite launched. Some of Diem's developers later moved on to work on Sui and Aptos. Although Sui and Mysten Labs are not based on Diem, they share common origins and have no relation to Aptos.
Mysten Labs / Sui co-founders include Evan Cheng (CEO), Adeniyi Abiodun (CPO), Sam Blackshear (CTO), George Danezis (Chief Scientist), and Kostas Chalkias (Chief Cryptographer). It is backed by prominent venture capitalist firms, including a16z, Jump Capital, Coinbase Ventures, Binance Labs, and more.
Features of Sui
- Unmatched scalability, instant settlement
- A safe smart contract language accessible to mainstream developers
- Ability to define rich and composable on-chain assets
- Better user experience for web3 apps
Sui offers scalability and unprecedented low latency for simple use cases by making most transactions processable in parallel. It scales the network throughput horizontally to meet the demands of applications, builders, and creators by adding more processing resources, and the option to increase throughput.
While most other blockchains enter into a total-ordered list to be verified and processed through global consensus, Sui uses an algorithm known as “Byzantine Consistent Broadcast” which operates parallel processing of simple transactions to reduce bottlenecks and maintain low latency and high throughput. The flexibility of its scalability characteristic is incomparable to other blockchains with rigid bottlenecks.
Move is a programming language developed at Facebook for writing safe smart contracts. It is a platform-agnostic language that enables shared libraries, tooling, and developer communities across blockchains.
Sui is written in Rust and supports smart contracts written in Sui Move, the native programming language for Sui. Sui Move is an asset-centric adaptation of the core Move language for the Sui blockchain, designed to create performant, secure, feature-rich applications.
Learn more: Sui Docs
Rich on-chain assets
Sui Network's scalability extends to storage, allowing developers to define complex on-chain assets with rich attributes, increasing composability and transparency for applications. Rich on-chain assets enable new applications and economies based on utility, such as dynamic NFTs that can be upgraded, bundled, and grouped in an application-specific manner, resulting in stronger in-game economies and more engaging feedback loops.
Better Web3 application and user experience
Sui aims to be the most accessible smart contract platform by empowering developers with tools to create great user experiences in web3. The Sui Development Kit (SDK) will enable developers to build incredible stuff without boundaries on the Sui blockchain.
Some examples that are possible now and over time include:
- On-chain DeFi and Traditional Finance (TradFi) primitives
- Reward and loyalty programs
- Complex games and business logic
- Asset tokenization services
- Decentralized social media networks
How does Sui work
Sui uses Delegated Proof-of-Stake for the broadest possible participation of token holders in network operations. The Sui Network economy has three main participants: users who submit transactions, SUI token holders who stake their funds to secure the network or use them to pay fees, and validators who manage transaction processing.
SUI holders can delegate their stakes to validators, combining voting power and earning some of the fees. The Sui network stays secure as long as two-thirds of the total stake belongs to honest parties.
Validators can increase their capacity by using intra-validator sharding. This lets nodes increase their resources on one machine or multiple machines, such as CPU, memory, and storage. The network works in 24-hour periods called epochs, where a group of validators manages each epoch and can differ for each epoch.
About Sui (SUI) Token
The SUI token is Sui’s native token with an uncapped maximum supply which burns on a unique deflationary emission rate. It is used in the following ways:
- Currency of fees
SUI acts as the native asset to facilitate on-chain transactions and payment for fees in order to execute transactions and other operations.
- Staking & rewards
SUI can be staked to help secure the network and earn rewards as incentives.
SUI also allows staked holders a right to participate in on-chain voting.
Learn more: Sui Tokenomics
Staking is locking up your SUI tokens to help validate blockchain transactions for network security. Locked tokens are not liquid and cannot be used for other purposes or transactions until they are unstaked or unbonded. Those who choose to stake can delegate their tokens to validators like Stakewithus and earn rewards as an incentive.
More Info: Sui Explorer
Things to note
The total supply is 10 billion tokens, with a share of one billion locked as stake reward subsidies that will be distributed from epoch 20, with 1,111,111 SUI distributed in each of the initial 90 epochs. Subsequently, the subsidy amount will fall by 10% and remain constant for the next 90 epochs. This will repeat until all subsidies are distributed. The remaining tokens will be unlocked periodically over the next 7 years.
- Minimum stake
There is a minimum amount of 1 SUI to stake.
Rewards are auto-compounded and staked balance will reflect that at the start of each epoch.
There is a 24-hour unbonding period, where stakers can choose to unbond all of their staked SUI tokens together with accrued staking rewards up till the previous epoch – doing so however forfeits the rewards for the current epoch.
Staking risks apply, which include slashing on rewards due to an overly low gas price quote on each epoch’s validator gas vote.
Staking is non-custodial, and you always hold control over your SUI. Validators do not have access to your delegated assets.
More Info: Staking Rewards - Sui
How to stake SUI
There are several ways to stake SOL tokens, primarily on a Web3 wallet, or directly with a validator or their platform.
Sui Wallet / Martian Wallet
- Set up Sui Wallet or Martian Wallet (if you do not have one). Ledger support is coming soon.
- Click “Stake & Earn SUI” or “Stake your SUI” respectively
- Select a validator (Stakewithus) to delegate tokens to
- Enter the desired amount of SUI to stake
- Confirm and approve the transaction
Staking on the Unagii App platform delegates tokens to our Stakewithus validator. Users will earn their share of their rewards based on the number of tokens staked.
- Connect wallet (Martian Wallet)
- Go to the Sui page
- Click “Stake”
- Enter the desired amount of SUI to stake
- Select gas option
- Confirm and approve the transaction
Note: A delegation commission fee is taken from the daily staking rewards.
Guide to Sui governance
Governance mechanisms are still in design and are to be confirmed. Eventually, Sui Network will use on-chain voting proposals to pass protocol upgrades and governance changes, with SUI token holders able to participate in the process by staking to a validator. This allows for decentralized community control over future network decisions.
The Sui ecosystem
The Sui ecosystem is growing rapidly with tons of projects in gaming, finance, social, and more. To facilitate greater discovery, understanding, and connection of projects built on Sui, the Sui Foundation launched the Sui Directory, which currently lists nearly 200 projects in its landscape.
Some ecosystem projects include:
- Smoove Finance
SMOOVE is a decentralized Liquid Staking Derivative (LSD) platform integrated with DeFi vaults.
Suiswap is a decentralized token trading platform and exchange that aims to provide a secure, fast, and agile trading environment for the Sui ecosystem.
Supported and built by the Sui Foundation and MovEX team, DeepBook is Sui’s native Central Limit Order Book (CLOB) and foundational liquidity layer. It is part of the Sui Protocol that can provide deep liquidity to all Defi protocols on Sui from day 1 with low latency and less gas cost.