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What is Sui coin (SUI) and how does it work?

by Financial Economy

Sui Blockchain is a new layer 1 blockchain network and is known as the first product of Web3 infrastructure firm Mysten Labs. In this article, you can find answers to questions such as what is Sui coin (SUI), how does it work, how to get it, which exchange is available on, who is the founder, etc. You can browse here for information about Arbitrum (ARB) coin.

What is Sui coin (SUI) and how does it work?

Sui, the first product of Web3 infrastructure firm Mysten Labs, is one of the most compelling blockchain offerings. A rapidly expanding platform that could pose a threat to Solana. Sui Blockchain aims to support Web3 and NFTs while Solana focuses on DeFi. Diem’s ​​successor believes its unique features and programming language have solved the problems of scalability, security and gas fees.

Sui’s recent announcement of a successful $300 million Series B funding round shows that the blockchain platform is not just a trend.

Sui is a permissionless, PoS-supported Layer 1 blockchain that aims to provide instant settlement and high throughput while also enabling a wide range of next-generation latency sensitive decentralized applications. It allows developers to create Web3 projects that will serve the expected large waves of Web3 users.

How to use SUI token?

SUI (also known as Mysten Labs coin) is the native token of the SUI blockchain, with a total supply of ten billion tokens. Here are the four main functions of the SUI token:

  • Using the SUI token to join and participate in the PoS consensus.
  • Using the SUI token to pay gas fees for transactions and other transactions.
  • SUI operates as an entity serving as a medium of exchange.
  • Sui blockchain gives its investors the right to participate in on-chain voting.

SUI token founders!

Sui is backed by Mysten Labs, the Web3 infrastructure organization founded by former senior executives of Meta Novi Research. It consists of cryptography, programming languages ​​and distributed systems experts.

Which exchange is SUI coin on?

Sui coin is listed on some cryptocurrency exchanges such as DigiFinex, SuperEx, BitForex, Hotbit, etc.

How to buy SUI coins?

SUI Token can be purchased from listed some cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

SUI token supply!

According to specified, total supply of Sui token is units.

SUI token price!

As of May 2, 2023, at the time of the writing, 1 SUI Token price is around $ 2,17 (because of the volatility on crypto market the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

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