Charles Hoskinson, the founder of Cardano, recently commended the Sui Network for its impressive advancements and innovative contributions to the blockchain industry.
He particularly recognized George Danezis, co-founder of Mysten Labs, for his pivotal role in developing Sui, which has the potential to achieve notable success in the sector.
Launched in 2023, Sui is a Layer-1 blockchain designed to streamline and improve the development of Web3 applications. It employs the Move programming language, enabling parallel transaction processing that enhances both efficiency and speed. This distinctive architecture has positioned Sui as a formidable competitor to established platforms like Cardano and Solana.
In recent weeks, Sui’s native token experienced a remarkable 118% increase, elevating its market capitalization to $5 billion. The network has seen a 140% rise in active addresses and a 48% increase in revenue since August.
The decentralized finance (DeFi) ecosystem surrounding Sui is expanding, with a notable rise in decentralized applications (dApps) and transaction volumes. Data from DeFiLlama indicates that Sui’s decentralized exchange volume surged by 40%, reaching $872 million in weekly transactions.
Currently, Sui’s Total Value Locked (TVL) is at $1.25 billion, placing it among the top 10 blockchains by TVL. Analysts attribute this growth to factors such as memecoin speculation and the introduction of new stablecoins like Circle’s USD Coin.
