SUI, the native cryptocurrency of the eponymous network, has seen a significant rise in price and is one of the best-performing digital assets in recent weeks. The bullish momentum is driven by an increase in the activity of its ecosystem and the implementation of a technological update.
As reported by CriptoNoticias, Grayscale, a digital asset management firm, announced the launch of the Grayscale Sui Trust, an SUI-based investment product.
For OKX Venturesthe research arm of the cryptocurrency exchange, the financial instrument not only reinforced the credibility of the digital asset in the market, but also “sparked the interest of institutional investors.”
It is important to clarify that Sui is a decentralized layer 1 network, whose mission is to promote the adoption of Web3 and solve some of its problems. such as delays in transactions and limitations in data processing.
The growing interest in the Sui network is expressed in that more than 3 million daily transactions are currently being carried out and the number of active addresses is more than 1 million, according to the blockchain explorer. data on-chain Artemis.
His Total value locked (TVL) exceeded $900 millionrepresenting an increase of 3,285% since its launch in March 2023.
In this context, the price of the SUI cryptocurrency rose in the last month from $0.95 to $1.73, which represents an increase of 77%.
SUI is ranked 21st by market capitalization, valued at $4.62 billion.
Updates on the network
Sui’s growth is also due, in part, to the introduction of “Mysticeti”, a network consensus protocol that improved latency and confirmation times for transactions.
With the upgrade, the time for consensus transactions was reduced to 500 milliseconds, and to 250 milliseconds for single-owner transactions.
In it Sui’s websiteit is highlighted that The network has the capacity to carry out 297,000 transactions per second (TPS) and a time to completion (TTF) of 400 milliseconds on average.
As seen in the image, compared to other ecosystems such as Ethereum or Solana, Sui is faster.
USDC arrives in Sui
Finally, it should be mentioned that USDC, the second largest stablecoin by market capitalization, will be integrated into the Sui network.
So it is confirmed Jeremy Allaire, CEO of USDC issuing company Circle, at an event in Singapore. Testing began on September 17.
The arrival of this popular stablecoin can give the network greater traction and, as a result, continue to boost the use of its cryptocurrency.