Sui has rapidly emerged as one of the most promising Layer1 blockchain projects for 2024, thanks to its innovative parallel processing technology and key collaborations.

Author: CryptoWhale

Translation: Blockchain in Plain Language

In the fast-changing world of cryptocurrency, Sui stands out as one of the most promising projects for 2024. With its cutting-edge technology and rapid growth, Sui is becoming a strong competitor to established blockchains like Solana and Ethereum. Its native token SUI has seen significant growth, and with a series of important developments, Sui has entered the spotlight of discussions in the Layer1 space. As of October 2024, Sui has garnered widespread attention for its scalability, innovation, and expanding ecosystem, making it one of the most exciting projects in the crypto space.

1. What Makes Sui Unique?

The core innovation of Sui lies in its unique approach to* parallel* transaction processing, which sets it apart from other Layer1 blockchains. Solana employs optimistic parallel processing—processing transactions simultaneously with the assumption that no conflicts will occur; whereas Sui opts for deterministic parallel processing, pre-arranging transactions to avoid conflicts. This method enhances the system's predictability and scalability, allowing Sui to handle over 10,000 transactions per second (TPS).

This scalability is particularly important, especially in the context of the growing popularity of decentralized applications (dApps), particularly in DeFi and crypto gaming, which demand high performance and reliability.

2. Key Milestones and Recent Developments

In 2024, several significant advancements have propelled Sui's rapid rise:

Grayscale's SUI Trust: The world's largest crypto asset management firm, Grayscale, launched a trust fund specifically for Sui in August 2024, allowing qualified investors to invest in the token. This move attracted a large number of institutional investors, with over $2.5 million already invested in the trust. Support from heavyweight institutions like Grayscale has further legitimized and recognized Sui among investors and the crypto community.

Sui's Entry into Web3 and Gaming: To seize the opportunity of the intersection between blockchain and gaming, Sui launched the Web3 native handheld gaming device SuiPlay0X1, developed in collaboration with Playtron. This initiative is similar to Solana's exploration in the Web3 hardware space, further solidifying Sui's leading position in the crypto gaming sector, which is expected to experience explosive growth in the coming years.

Integration of Native USDC: In September 2024, Circle introduced native USDC on the Sui blockchain, greatly enhancing its DeFi capabilities. The addition of USDC, one of the most stable cryptocurrencies, propelled Sui's total value locked (TVL) to over $1.12 billion, placing it among the top ten blockchains by TVL.

Cross-Chain Expansion to Ethereum: At the end of September, Sui launched a cross-chain bridge with Ethereum, supporting seamless transfers of ETH and WETH between the two blockchains. This initiative significantly improved Sui's interoperability and met the market's demand for efficient cross-chain bridges, surpassing the previous Wormhole solution.

3. What is the Future Development Direction of Sui?

With these advancements, Sui is well-positioned for sustained growth as it moves towards 2025. Its exceptional scalability and innovative infrastructure make it a strong competitive force in the Layer1 space. However, the cryptocurrency sector is notoriously volatile, and Sui needs to continue innovating to maintain its current momentum.

**Currently, Sui has firmly established itself as one of the most noteworthy projects. With support from institutions, gaming, *DeFi* and cross-chain interoperability, Sui's ecosystem is rapidly expanding and attracting the attention of developers and investors.**

Sui's rise in 2024 marks a significant shift in the blockchain landscape. Its technological advancements, coupled with important partnerships and integrations, have positioned it as a leader among the next generation of Layer1 blockchains. As the market continues to evolve, Sui's scalability and potential to attract new users will determine whether it can continue to challenge the dominance of established networks like Solana and Ethereum. But for now, Sui is undoubtedly a project worth keeping a close eye on.

Article link: https://www.hellobtc.com/kp/du/10/5462.html

Source: https://medium.com/@whalecrypto/sui-on-the-rise-how-this-emerging-blockchain-is-shaping-the-future-of-crypto-ac9d22462f52

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