Buy Sui

Sui is a high-performance Layer-1 blockchain designed for fast, low-cost transactions and scalable apps, and SUI is the cryptocurrency that powers it. It is a relatively new blockchain built with a focus on speed and the ability to handle many transactions at once.

It helps to clarify two closely related names. Sui is the blockchain network, while SUI is its native cryptocurrency. People often use the same word for both, but you buy and hold SUI, while Sui is the underlying network.

Like other smart contract platforms, Sui lets developers build decentralised applications across areas such as decentralised finance (DeFi), gaming and digital collectibles. What sets it apart is its design: Sui can process many transactions in parallel rather than one after another, which is intended to make it fast and scalable while keeping fees low.

What is Sui used for?

Sui is used to run decentralised applications and to move value quickly across its network. SUI is the asset used to pay fees, secure the network through staking, and interact with apps built on Sui.

SUI is used to:

• pay transaction fees, often called gas, on the Sui network
• stake and help secure the network, with the chance to earn rewards
• take part in governance and interact with apps built on Sui

Sui runs on a delegated Proof of Stake system. Instead of mining, holders can stake their SUI, or delegate it to validators, to help secure the network and earn rewards. This approach is designed to be fast and energy-efficient.

Sui has a fixed maximum supply of 10 billion SUI. Not all of these tokens are in circulation yet, as some are released gradually over time according to the network's schedule. Because the supply is capped, no SUI can be created beyond that limit.

The history of Sui

Sui launched its main network in May 2023. It was built by Mysten Labs, a company founded by engineers who previously worked at Meta on its Diem blockchain project and Novi wallet.

Drawing on that experience, the team built Sui using a programming language called Move, which is designed to make applications safer and more efficient. You can find out more on the official Sui website.

What is the Move programming language?

Move is a programming language used to build smart contracts and applications on Sui. It was originally developed for Meta's Diem project and is designed to make smart contracts safer and harder to exploit. Move treats digital assets as distinct objects with clear rules about how they can be owned and moved, which helps reduce common bugs and security risks that can affect other blockchains.

Sui has grown quickly and attracted attention for its focus on speed, scalability and ease of use for developers. People buy SUI for many reasons, including using Sui applications, staking, paying network fees, or gaining exposure to the Sui ecosystem.