Sui is an open BlockchainBlockchainA public ledger where transactions are grouped into blocks, each linked to the one before, so past records can't be altered without it showing. designed for fast transactions and apps. SUI is the network's cryptocurrency: it pays for transactions and data storage, and it is staked to secure the network. Mysten Labs, a company founded in 2021 by former Meta employees, built Sui, and the network went live on 3 May 2023.
How does Sui work?
Smart contractsSmart contractA program that runs on a blockchain and automatically carries out what it was written to do once certain conditions are met. on Sui are written in the Move programming language, originally designed for Diem, Meta's cryptocurrency project. Sui stores everything as objects with a unique ID. Every transaction states in advance which objects it touches, so transactions that touch different objects can run in parallel. Objects owned by a single address take a fast path, while shared objects have to go through the network's consensus.
Sui uses proof of stakeProof of stakeA consensus method where crypto is locked up as a stake for the right to create blocks, and anyone who cheats can lose part of that stake., and its consensus mechanism is called Mysticeti. Network fees are paid in SUI, in two parts: one for computation and one for data storage.
SUI
There will never be more than 10 billion SUI. That is SUI's maximum supplyMaximum supplyThe largest number of units of a cryptocurrency that can ever exist under its rules, such as 21 million for bitcoin., and the coins are released into circulation gradually on a set schedule. SUI holders can delegate SUI to validatorsValidatorA participant on a proof-of-stake network who locks up their own crypto as a stake to create and check blocks in return for rewards. for staking and receive a share of the rewards.
What to keep in mind
The Sui network has halted several times, most recently in May 2026. A large share of SUI is still locked and will be released over the coming years, and the price of SUI swings a lot.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.