$SUI is Now Biggest Competitor of Solana (SOL) & Ethereum, Record-Breaking Activity
The adoption and crypto-related activities within the Sui network ecosystem are increasing rapidly, giving neck-and-neck competition to top blockchain networks.
Sui is a layer-1 blockchain designed for high-speed, low-cost decentralized applications (dApps). Developed by Mysten Labs, the Sui blockchain network uses a unique consensus mechanism to process transactions efficiently. The project’s team aimed to offer scalable solutions for Web3 and DeFi projects, focusing on performance and user experience. It is known for its innovative use of parallel transaction execution, which enhances speed and reduces congestion on the network.
In the last couple of days, crypto transactions surged rapidly around this blockchain network. The current trade price of Sui Coin, the native token of the Sui network, is $2.07. At present, almost every cryptocurrency is facing a downturn due to the usual market sentiment, but this is one of the top cryptocurrencies that is strongly trading with a 7% increase over the last 24 hours.
Notably, the trade price of $SUI coin surged 133% in 30 days, which is a very strong indicator of a continued bull rally for this cryptocurrency, as the market is currently in a bull phase.
Sui vs Solana
It is worth noting that Sui is emerging as a strong competitor to Solana, showing impressive growth across key metrics. With a higher transaction volume of 58 million daily compared to Solana’s 35 million and a lower average transaction fee ($0.0018 vs. $0.0044), Sui is becoming a more attractive option for users. While Solana still leads in Daily Active Accounts (2.1M vs. 1.17M) and TVL ($5.5B vs. $1B), Sui’s scalability (756 TPS vs. 726 TPS) and significant Ethereum outflows are helping it rapidly gain ground. This positions Sui as a formidable competitor in the blockchain space.
Cardano Founder Supports Sui Network
Just a couple of days ago, we reported that popular crypto entrepreneur Charles Hoskinson, founder of Cardano and co-founder of Ethereum, shared his opinion on the Sui blockchain and called it a better decentralized option over Solana.
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