Latest news with #Sui
Forbes
6 hours ago
- Business
- Forbes
What Is Sui Crypto? A Beginner's Guide For Crypto Investors
Sui's unique object-based infrastructure and the Move programming language make it a go-to platform ... More for DeFi, gaming and NFTs. Sui is a Layer-1 blockchain designed to optimize speed, scalability and low transaction costs. Officially launched in 2023, Sui runs decentralized apps and play-to-earn games quickly and smoothly, giving users a streamlined experience. This guide explains what makes Sui unique, how it works and why it's gaining traction among crypto investors and developers. Mysten Labs, a team comprised of former Meta engineers, built Sui. The Layer-1 blockchain uses Move, a smart-contract programming language and unique object-based model, to process transactions in parallel. This leads to faster confirmation times and supports high-throughput applications like gaming, NFTs and DeFi. The network's native token, SUI, is used to pay transaction fees, secure the network through staking and vote on governance decisions. Developers and users are drawn to Sui's ability to run advanced, data-heavy apps quickly and smoothly, making it a promising platform for building next-generation decentralized apps. Sui was created by former Meta engineers who worked on the Diem blockchain project. Led by CEO Evan Cheng, the team built a faster, more efficient Layer-1 network and developed the Move programming language to simplify building decentralized apps. By treating each asset as a separate object, Sui speeds up transactions and avoids delays tied to account balances. This design makes it attractive to developers and institutions looking for performance and security. Unlike traditional blockchains, Sui runs on a unique architecture that allows it to process many transactions simultaneously rather than lining them up in a strict order. It does this by focusing on individual pieces of data, called objects, rather than entire accounts. Two transactions can be processed in parallel if they don't touch the same object. This makes Sui much faster and more scalable than blockchains that rely on every validator reviewing every transaction. Smart contracts on the network are written in Move, a programming language also developed by Meta. Move allows developers to define how assets are created, transferred, and updated as programmable objects. These objects operate independently, making it easier to process many transactions simultaneously. Validators, also known as authorities, manage the network using a system that ensures speed and security. SUI is Sui's native token. It is used to pay transaction fees, secure the network through staking and participate in governance. With a total capped supply of 10 billion tokens, SUI was designed to promote long-term economic sustainability, avoiding the rapid inflation or speculation in many other crypto projects. Importantly, no airdrops were offered at launch, prioritizing long-term stability over short-term hype. As a whole, the network operates on a delegated proof-of-stake model. Users can stake their SUI with validators to help secure the system and earn rewards, which are distributed every 24 hours, including gas fees and protocol subsidies. SUI holders also have governance rights, allowing them to vote on network upgrades and proposals. A unique storage fund collects user fees to cover long-term data costs, reward validators and reduce the circulating supply of SUI, giving the token deflationary traits. Validator rewards are based strictly on stake size, with staking pools using exchange rates to compound earnings over time automatically. Currently, Sui is working to implement 'SIP-39', which lowers the barrier to becoming a validator by focusing on voting power instead of a fixed token minimum. This opens the network to more participants and strengthens decentralization while maintaining economic security and validator accountability. Sui differentiates itself from other Layer-1 blockchains with high velocity, low fees, and an object-based data model that allows parallel transactions. Unlike Ethereum's account-based architecture, which processes transactions linearly and can become congested, Sui handles unrelated transactions independently. Because Sui uses the Move programming language instead of Solidity, it offers developers greater control over assets, although Move is still less widely adopted at this time. Compared to Solana, which is known for speed but has faced reliability issues and high validator hardware demands, Sui offers a more accessible and potentially more stable alternative. Unlike Cardano, which takes a slower, research-driven upgrade approach, Sui focuses on real-time performance and developer usability. These design choices position Sui as a competitive option for building scalable, next-generation applications. Due to its smaller validator set, Sui is less decentralized than networks like Ethereum or Cardano, but it is actively working to improve this. Initiatives like SIP-39, which base validator eligibility on voting power instead of fixed token amounts, aim to lower entry barriers and encourage broader participation. Sui is expected to support more decentralization and stronger on-chain governance as these features roll out. Sui is rapidly becoming the go-to platform for bitcoin-based assets and decentralized finance. OKX recently launched xBTC, a new type of bitcoin token, and chose Sui as one of the first blockchains to support it. bitcoin-backed assets make up over 10% of all the value locked in Sui, showing strong growth in this area. DeFi continues to excel on Sui by moving into real-world asset investing through a new Open Market Group partnership. This lets users create unique tokens called Soulbound Tokens, which give them access to RWAs like property or other assets that earn rewards. Sui is also making waves in gaming. For example, the game XOCIETY teamed up with Adidas to launch limited-edition NFT skins that players can use in the game or trade. Sui's future is bright as it continues to attract developers, institutions and ecosystem partners. Major initiatives like OKX's xBTC integration, the growth of Bitcoin-backed assets, and partnerships in RWA investing signal growing confidence in the network. Upcoming improvements to decentralization, such as the rollout of SIP-39, aim to make validator participation more accessible and strengthen the network's resilience. While the recent Cetus exchange hack raised concerns, Sui's rapid response demonstrated its ability to protect users. Validators and ecosystem partners froze $163 million of the $223 million stolen, showing effective crisis coordination and network control. Blockchain security firm Dedaub identified the bug and outlined fixes, helping bolster confidence in future safeguards. Despite the incident, it has led to renewed focus on improving security and transparency, positioning Sui to emerge stronger and more prepared for institutional growth ahead. Bottom Line Sui is quickly becoming a key player among emerging Layer-1 blockchains. Its unique object-based infrastructure and the Move programming language make it a go-to platform for DeFi, gaming, and NFTs. The ecosystem is expanding and fueled by RWA integrations and BTC-backed DeFi solutions. Despite challenges like the Cetus hack, Sui's swift and professional response highlighted its strong coordination and security focus. With upgrades like SIP-39 to improve decentralization and growing institutional partnerships, Sui is well-positioned as a serious contender in the next wave of blockchain innovation. What Is Sui? Sui is an accelerated, scalable Layer-1 blockchain that supports high-performance decentralized apps using an object-based model and the Move programming language. What Does SUI Stand For? SUI is the native token of the Sui blockchain. It is used to pay for transaction fees, participate in staking, and vote on governance decisions within the network. What Makes Sui Different From Other Blockchains? As previously mentioned, Sui uses an object-based data model and parallel transaction processing, allowing for faster performance and greater scalability than traditional blockchains. The Move programming language gives developers more control over digital assets and smart contracts. Can You Stake SUI Tokens? Yes, users can stake SUI tokens to earn rewards and support the network. Is Sui Suitable For NFT And Gaming Projects? Yes, Sui is well-suited for NFT and gaming projects because of its fast transaction speeds, low fees and object-based data model. These features enable dynamic NFTs and smooth in-game interactions, offering a better user experience for players and developers.
Yahoo
a day ago
- Business
- Yahoo
SUI Plunges 6% Overnight Before Buyers Step in at $3.40 Support
The cryptocurrency market faces headwinds as geopolitical tensions and security concerns weigh on investor sentiment. SUI's sharp overnight decline coincides with broader market uncertainty, though strong buyer interest emerged at support levels around $3.40-$3.42. Meanwhile, the Sui community has rallied behind Cetus Protocol's recovery efforts following its recent hack, with validators overwhelmingly approving a plan to return frozen funds to affected users. SUI-USD dropped precipitously from $3.59 to a low of $3.38 during the midnight hour with extraordinary volume (24.8M) - more than triple the average hourly trading activity. The overall range of $0.225 (6.25%) demonstrates substantial market uncertainty, with price finding support at $3.40-$3.42 on high volume, suggesting strong buyer interest at these levels. Following the sharp decline, SUI has established a recovery pattern, forming an ascending channel with resistance around $3.50, though momentum appears to be waning as evidenced by the recent rejection at $3.48 with increasing selling pressure. Price action formed a descending channel from $3.48 to a low of $3.42, with notable support emerging at $3.43. Volume spiked dramatically at 14:00, reaching 545,865 units—nearly 4x the hourly average—coinciding with a strong bounce from $3.43 to $3.44. The subsequent rejection at $3.44 and retracement to $3.43 suggests the formation of a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating market indecision following the earlier sharp decline.
Yahoo
a day ago
- Business
- Yahoo
SUI Plunges 9% Amid Flash Crash and Extraordinary Selling Volume
SUI plummeted 9.25% from $3.72 to $3.38, with heaviest selling during midnight hours UTC on volume 78% higher than daily average The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally. While Bitcoin has shown resilience above critical resistance zones, SUI has faced downward pressure despite strong fundamentals. The Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) has created uncertainty, though the Sui community appears poised to approve a recovery plan with 71% of validators already voting "yes" to return the frozen funds. SUI-USD dropped from a high of $3.728 to a low of $3.383, representing a 9.25% correction. Strongest selling pressure occurred during the midnight hour (00:00) with 4.0% price drop on 78% higher-than-average volume. Strong resistance established at $3.55 level. Recovery attempts visible at $3.42 support with above-average volume during 01:00-02:00 period. Lower highs forming a descending trendline, indicating continued bearish pressure. Flash crash occurred between 09:37-09:38, with price plummeting from $3.45 to $3.40. Extraordinary volume of 4.3 million units recorded during the flash crash. V-shaped reversal pattern formed, reclaiming approximately 60% of losses. Price stabilization around $3.43-$3.44 range. Key support at $3.40 showing substantial buying interest across multiple timeframes. New resistance formed at $3.45-$3.46, creating a consolidation range. Diminishing selling pressure suggests potential near-term stabilization.
Yahoo
a day ago
- Business
- Yahoo
SUI Price Prediction - What could affect SUI's future price?
Sui price prediction remains mixed as bearish pressure from a major exploit recovery and upcoming token unlocks weighs on sentiment, while bullish momentum builds from ecosystem expansion and growing institutional adoption. - Cetus DEX exploit ($223M stolen) weighs on sentiment but community recovery efforts mitigate damage - June token unlocks ($206M) risk increasing selling pressure - Technical indicators show weakening momentum near key $3.40 support. - BTCFi growth and ETF filings signal long-term institutional interest Sui faces sector-wide headwinds with crypto's Fear & Greed Index at 61 (Greed) and altcoins underperforming Bitcoin. However, its BTCFi sector now holds $300M in BTC, positioning Sui as a Bitcoin DeFi hub. Competitors like Solana and Aptos also face June unlocks, creating sector-wide liquidity tests. The May 22 Cetus Protocol exploit temporarily crushed SUI's price (-8%) and ecosystem tokens, but 90% validator approval for frozen asset recovery demonstrates crisis-response capability that could rebuild trust. MACD: Bearish crossover with histogram at -0.0798 RSI: Neutral at 47.09 (14-day) but below equilibrium Key Levels: Immediate support at $3.40 (200-day SMA + Fibonacci 61.8%). Break below risks test of $3.14 swing low Volume: 19% spike during May 30 flash crash shows vulnerability to whale moves The descending channel from May highs suggests resistance at $3.72-$3.88 needs to break for bullish reversal. June 2 Token Unlock: 58.35M SUI ($206M) enters circulation - equivalent to 1.75% of market cap ETF Developments: 21Shares/Nasdaq ETF filing under SEC review until Jan 2026 Mysticeti v2 Upgrade: Faster transaction finality could boost DeFi activity post-recovery Institutional Partnerships: Microsoft Fabric integration via Space and Time expands developer access Sui's price trajectory hinges on whether ecosystem growth outpaces unlock-driven selling and exploit fallout. The $3.40 support level and Cetus' recovery timeline (targeting full relaunch by June 6) are critical watchpoints. Will Sui's BTCFi momentum attract enough capital to offset June's $2.7B sector-wide unlock pressure? Sui price prediction is mixed, as bullish optimism driven by tech upgrades and institutional adoption contrasts with bearish concerns over centralization debates following the recent hack. Volatile price action reflects the market's uncertainty about SUI's short- to mid-term trajectory. - Ecosystem growth (BTCfi dominance, DeFi TVL ATH, institutional ETF filings) fuels bullish narratives. - Cetus Protocol hack ($223M exploit) sparks debates on Sui's decentralization and validator control. - Price volatility persists (-8% post-hack, +239% YoY) amid conflicting technical and fundamental signals. Bullish drivers dominate long-term sentiment:- Institutional adoption: Nasdaq/21Shares ETF filings, Athens Stock Exchange pilots, and Fireblocks custody support.- Tech momentum: Mysticeti v2 (faster consensus), Move VM 2.0 (30–65% speed boost), and Walrus storage protocol (725 TB filled).- DeFi growth: TVL hit $2.06B (+70% MoM), led by Suilend ($675M) and Cetus ($235M). Bearish pressures stem from short-term risks:- Cetus hack fallout: $SUI dropped 8% on May 22 after $223M exploit, though 90% of frozen funds are set for recovery.- Centralization critiques: Validators' ability to freeze assets triggered debates, with critics calling Sui 'a database with extra steps'. BTCfi expansion:- 10% of Sui's TVL now tied to Bitcoin DeFi via protocols like Babylon and Lombard, positioning it as a BTCfi hub. Gaming/social traction:- RECRDapp (1M daily users) and SuiPlay0X1 device (70+ games) drive adoption, with Parasol's Pokémon HOME integration sparking speculation. Regulatory tailwinds:- SEC progress on altcoin ETFs (75% approval odds per Bloomberg) and the GENIUS Act's stablecoin rules could benefit Sui's institutional pipeline. Sui's narrative hinges on balancing rapid ecosystem growth against post-hack trust rebuilding. While technical upgrades and BTCfi adoption suggest long-term upside, June's $206M token unlock and lingering centralization concerns could pressure prices near-term. Watch this: Will Sui's validator-led asset freeze set a precedent for centralized crisis management in 'decentralized' ecosystems? To get the latest update on SUI, visit our SUI currency page. Content created: 30th May 2025 Disclaimer: Content generated by CMC AI. CMC AI can make mistakes, please DYOR. Not financial advice.
Arabian Post
2 days ago
- Business
- Arabian Post
Cetus Protocol Breach Exposes $260 Million in Sui-Based Assets
A major security breach has compromised the Cetus Protocol, a decentralised exchange operating on the Sui blockchain, resulting in the loss of approximately $260 million in digital assets. The exploit has raised serious concerns about the security of decentralised finance platforms and the robustness of blockchain-based trading systems. The breach was identified when users reported irregularities in transaction processing and unexpected asset movements within the Cetus ecosystem. Preliminary investigations suggest that the attackers exploited vulnerabilities in the protocol's smart contracts, enabling them to siphon off funds without immediate detection. Cetus Protocol, known for its concentrated liquidity model, allows liquidity providers to allocate assets within specific price ranges to optimise trading efficiency. This model, while innovative, may have inadvertently introduced complexities that were exploited during the breach. ADVERTISEMENT The Sui blockchain, which underpins Cetus, is recognised for its high throughput and low-latency capabilities. However, the incident has highlighted potential weaknesses in the integration of complex DeFi protocols with emerging blockchain infrastructures. In response to the breach, Cetus has suspended all trading activities and initiated a comprehensive security audit. The team is collaborating with cybersecurity experts to identify the breach's root cause and implement measures to prevent future occurrences.
