SUI is the primary currency of the Sui blockchain, serving various functions within its network. It is used for paying gas fees, executing transactions on the chain, and staking for network security. Additionally, SUI holders can participate in the project's governance, influencing its future direction.
The total supply of SUI is capped at 10 billion, with around 528 million tokens, or 5.28% of the total supply, currently in circulation in the market.
The Sui Foundation holds 50% of the total SUI supply. These funds are allocated towards various initiatives, including delegation programs, grant programs, research and development, and validator subsidies. Mysten Labs Treasury has been allocated 10% of the supply. Early contributors received 20%, 14% is earmarked for fundraising, and 6% is dedicated to a Community Access Program.
SUI is a layer 1 blockchain that was designed to address blockchain technology challenges such as scalability, instant transaction finality and user interaction. The team at Mysten Labs developed SUI to enable more scalable and user-friendly blockchain applications. Sui aims to increase its scalability without compromising on security by using a combination of the native programming language Move, parallel processing of transactions, and delegated proof-of-stake consensus mechanism.
Unlike traditional blockchain systems, which often struggle with network congestion and high transaction fees, SUI is built to be highly scalable. This scalability is achieved through consensus mechanisms and network design, allowing higher throughput and faster and more efficient transaction processing.
Another aspect of SUI is its focus on improving user interaction with blockchain technology. The developers behind SUI have put considerable effort into ensuring that the platform is accessible. This user-centric approach is evident in the platform's interface and the tools provided for developers, which aim to simplify the process of building and deploying dApps on the SUI blockchain.
Governance is an essential part of the SUI ecosystem. The platform adopts a decentralized governance model, allowing stakeholders to have a say in its development and management.
By providing a scalable, user-friendly platform for dApp development, SUI is well-positioned to contribute to the evolution of blockchain technology.
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