WHAT IS SUI | SUI Network – THE FASTEST GROWING BLOCKCHAIN IN 2024 | SUI vs Ethereum & Solana

WHAT IS SUI | SUI Network – THE FASTEST GROWING BLOCKCHAIN IN 2024 | SUI vs Ethereum & Solana

Various alternative layer-1 blockchains challenge the performance of Ethereum.. Some have developed unique scalability solutions that deliver sub-second scalability without breaking the network into multiple layers.

They had cultivated dynamic ecosystems, like the Solana protocol, that attained near-instant transaction times with its Proof of History consensus mechanism.

In 2023 another emerging layer-1 protocol that set out to challenge Solana’s legacy, The Sui Network, has attracted significant attention for its network performance in the crypto community.

The Sui blockchain has seen increased traction within the decentralized finance world lately.

Do you remember how Facebook/Meta tried to launch their own cryptocurrency (called Libra) but failed due to legal problems? Behind their dev team were 5 employees who are the ones behind $SUI, which just launched this May 2023.

Sui TVL has increased by more than 1500% over the last four months, propelling the network’s explosive DeFi climb above Base, Cardano, and Bitcoin.

Leading Layer 1 blockchain Sui, which was founded by the same group that oversaw Meta’s Diem cryptocurrency project, has continued to expand at an explosive rate, topping around $500 million in Total Value Locked (TVL) and ranking among the top 10 blockchains according to that measure.

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