Remember the first mobile phone that your mum or dad bought? Big, slow, and only suitable for calls and text messages? The earliest blockchains like Bitcoin and Ethereum were kind of like that. At their time, blockchain was just coming up. But with more adoption, issues like slow transactions, high gas fees, and limited connectivity became more evident.
But just like phones evolved, blockchains also did. We now have newer, more efficient networks like Sui operating at a super fast speed and allowing communication across multiple blockchains. We recently listed the $SUI token on Quidax, and here’s all you need to know about the token.
What is Sui ($SUI)?
Sui is a layer-1 blockchain popular for its fast transaction processing speed for blockchain transfers and its support for games, financial applications, and other real-life applications. The blockchain was developed by Mysten Labs in 2023.
You’re probably wondering what a layer-1 blockchain is. It’s a type of blockchain that processes transactions by itself without needing support from other networks. Popular examples include Bitcoin, Ethereum, and Solana.
Like these blockchains, Sui can process its own transactions, but at a much faster speed than others. For context, Solana is the fastest network among the three examples above, with a processing speed of about 65,000 transactions per second. Sui, on the other hand, can process up to 297,000 transactions per second (TPS).
The $SUI token powers the Sui blockchain ecosystem. It is used to pay transaction fees, process transactions on the blockchain, reward network validators, and vote on the platform’s development.
How Does Sui Work?
Sui uses a combination of various systems to make its network fast and scalable. In most blockchains, transactions are processed sequentially, meaning that one transaction must be completed before another can begin. This structure limits their overall efficiency.
That’s why Sui created a system where many transactions are not linked together.
- Instead of focusing on transactions, Sui uses an object-centric model that singles out the coin being transacted. Transactions with similar objects are added to a block, while individual transactions are processed instantly. That way, it can validate transactions independently instead of muddling all into a block.
- Sui improves its processing speed with a delegated proof-of-stake consensus (dPOS) mechanism, which allows validators to check transactions based on the amount of SUI tokens they staked.
- Sui’s Move programming language is also used by developers to build and run smart contracts on the blockchain.
Why is Sui Important in Web3?
Sui was primarily created for Web3 users and developers. The blockchain helps Web3 developers to build decentralised applications (dApps) for gaming, finance, smart contracts, and other services.
These applications leverage the network’s scalability to handle their transactions, enhance their development processes, and boost their security using Sui’s validator model. Some examples of Web3 applications built on the Sui blockchain include:
- The Suilend protocol for borrowing and lending crypto
- Wave, a Telegram-based Web3 gaming platform
- Aftermath Finance for decentralised crypto trading and investing
- BlueMove, a multi-chain marketplace for buying and selling non-fungible tokens (NFTs)
How to Trade $SUI on Quidax
$SUI has been listed on Quidax for trading only. As of the time of writing, you can trade $SUI using Naira, Tether (USDT), and other cryptos, but deposits and withdrawals are in the works.
Ready to trade $SUI on Quidax? Follow the steps below:
- Sign to your account. If you don’t have one yet, sign up here
- Go to the “Wallets” section and search for “$SUI.”
- Tap “Buy SUI.”
- Select the “Instant Swap” or “Order Book” trading option.
- Choose your preferred market and enjoy your Sui-per trades.
Why Trade $SUI on Quidax?
Wondering why Quidax is the best place to trade $SUI? Here are some reasons:
Seamless Trading via Instant Swap & Order Book
You can buy and sell $SUI instantly on Quidax using the instant swap or order book feature. Instant swap is perfect for those who want to open and close trades with the speed of light, while the order book is for advanced traders looking to place real-time trades on their own terms.
Competitive Trading Fees
The trading fees on Quidax rank among the most competitive on the market. We charge 1% for instant buy and sell, and a flat 0.1% fee for trades via the order book. Not even some global exchanges offer fees this low.
Secure Transactions
Besides transactions being fast, Quidax uses industry leading security tools to safeguard its website, data, and funds. These include secure encryption protocols to protect the website from hacks and two-factor authentication (2FA) to provide customers with an additional layer of security.
Plus, Quidax is one of the few exchanges licensed by the Securities and Exchange Commission (SEC), Nigeria. So, you can sleep with both eyes closed, knowing you have a reliable exchange.
Exclusive NGN Pairing
You can trade $SUI using Naira on Quidax. This gives you the opportunity to trade seamlessly without having to convert your funds to crypto before trading. Plus, you get access to an exclusive $SUI/NGN pair you may not find anywhere else.
Final Thoughts
$SUI is the utility coin of the SUI blockchain, a high-speed layer-1 platform for processing Web3 transactions and building dApps. You can trade the $SUI token on Quidax now using Naira, USDT, or other cryptocurrencies.
All you have to do is sign up on Quidax or sign in to an existing Quidax account and enjoy Sui-per trades.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
