What is Sui? (SUI)

The history of Sui is a narrative of rapid technical evolution, originating from the research labs of one of the world’s largest tech giants. Developed by Mysten Labs, Sui was designed to solve the "blockchain trilemma" by reimagining how data is stored and processed.

Phase 1: The Meta & Diem Origins (2018 – 2021)

Summary: Sui’s foundation lies in the "Diem" (formerly Libra) project at Meta (Facebook). When the project was shuttered due to regulatory pressure, its lead architects set out to build a permissionless version of the technology they had spent years researching.

• Move Language Creation: Sam Blackshear and the team at Meta developed Move, a resource-oriented programming language designed specifically to prevent common smart contract bugs like reentrancy attacks.
• Foundation of Mysten Labs (Sept 2021): Former Meta executives Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias founded Mysten Labs to launch Sui.
• Series A Funding (Dec 2021): The team raised $36 million, led by Andreessen Horowitz (a16z), to begin the development of a high-throughput Layer 1.

Phase 2: Devnet and "The Big Raise" (2022)

Summary: This year focused on proving the "Object-Centric" model. Unlike Ethereum’s account-based system, Sui treats every asset as a standalone object, allowing for massive parallel processing.

• Devnet Launch (May 2022): The first public iteration of the network allowed developers to begin testing the parallel execution engine.
• Series B Funding (Sept 2022): Mysten Labs closed a massive $300 million round at a $2 billion valuation.
• Incentivized Testnet: Sui launched "Testnet Waves," rewarding validators and developers for stress-testing the consensus mechanisms (Narwhal and Bullshark).

Phase 3: Mainnet Launch & Ecosystem Explosion (2023)

Summary: Sui transitioned from an ambitious research project to a live global network. This phase was defined by record-breaking performance metrics and the introduction of user-friendly Web3 tools.

• Mainnet Launch (May 3, 2023): The Sui network officially went live.
• Transaction Record (July 2023): Sui processed over 65 million transactions in a single day, surpassing the daily records of almost every existing blockchain at the time.
• zkLogin Introduction: Sui launched zkLogin, allowing users to sign up for Web3 apps using familiar Google or Facebook credentials without managing complex seed phrases.
• DeepBook Launch: The first native liquidity layer (an on-chain central limit order book) was integrated directly into the protocol.

Phase 4: Scaling & Institutional Adoption (2024 – 2026)

Summary: Sui shifted its focus toward "BTCfi" (Bitcoin DeFi) and extreme performance upgrades, positioning itself as the primary competitor to Solana for high-frequency applications.

• The Mysticeti Upgrade (2024): A major consensus overhaul that reduced transaction finality to roughly 390 milliseconds, making it one of the fastest blockchains in existence.
• Institutional Growth (2025): Total Value Locked (TVL) surpassed $2 billion. Partnerships with firms like Franklin Templeton and the launch of the Grayscale Sui Trust signaled deep institutional interest.
• Mysticeti v2 & 2026 Resilience (Jan 2026): In early 2026, Sui successfully absorbed a $65 million token unlock without a price drop, largely attributed to the massive adoption of Walrus (Sui's decentralized storage protocol) and a booming Web3 gaming ecosystem with over 70 active titles.

Sui is a high-performance Layer-1 blockchain designed for scalability, speed, and user-centric decentralized applications. Its innovative tokenomics and architecture drive a robust DeFi ecosystem.

Introduction to Sui (2022–present)

Summary: Sui, developed by Mysten Labs, is a Layer-1 blockchain engineered for high throughput, low latency, and scalable decentralized applications.

• Sui is an advanced Layer-1 blockchain that focuses on instant settlement and high throughput, catering to both developers and end users.
• The protocol leverages a novel object-centric data model and Move programming language, promoting security and parallel execution.
• Sui's architecture is designed to minimize latency and maximize efficiency, making it ideal for DeFi, NFTs, gaming, and enterprise applications.
• For current Sui price and market data, visit the Crypto.com Sui price page.
• Official documentation and updates can be found on Sui's official website and Sui Docs.

Core Characteristics of Sui

Summary: Sui features high scalability, parallel transaction execution, and innovative security, enhancing user experience and network performance.

• Sui utilizes a horizontal scaling approach, enabling parallel execution of transactions for superior performance.
• Its architecture separates consensus for simple and complex transactions, reducing bottlenecks and supporting thousands of transactions per second.
• Sui integrates robust security measures, including formal verification and an object-based data model, minimizing attack vectors.
• The network supports seamless developer onboarding with Move, a safe and flexible smart contract language.
• Sui’s ecosystem supports a variety of applications, including DeFi, NFTs, and gaming, fostering rapid ecosystem growth.

Sui Tokenomics

Summary: The SUI token is the native asset used for transactions, staking, governance, and incentivizing ecosystem growth on the Sui blockchain.

• SUI tokens are used for transaction fees, staking to secure the network, and participating in on-chain governance.
• The initial supply of SUI is capped, with a portion allocated to community, development, investors, and the Sui Foundation.
• Stakers and validators receive SUI rewards, incentivizing network participation and decentralization.
• Recent developments include the launch of the native stablecoin USDsui, which enhances liquidity and DeFi utility within the ecosystem (Sui USDsui Announcement).
• Innovative financial products, such as spot and leveraged SUI ETFs, have increased institutional and retail access to SUI (Bitwise SUI ETF filing).

Recent Developments and Performance (2025–2026)

Summary: Sui has seen strong market performance, ecosystem expansion, and notable events, underscoring its position among leading blockchains.

• SUI has consistently outperformed major cryptocurrencies, with strong price rallies and growing trading volumes (SUI Price Performance).
• The launch of USDsui and the introduction of SUI ETFs highlight increasing adoption and institutional interest.
• The network experienced a notable 6-hour outage in January 2026, promptly resolved by core developers, demonstrating resilience and active maintenance.
• Industry leaders, such as former CFTC commissioner Brian Quintenz, have joined SUI-related projects, enhancing credibility and treasury strategy.
• Sui continues to attract DeFi protocols, NFT projects, and enterprise applications, positioning itself as a top-performing Layer-1 blockchain.