Key takeaways
- Sui is an open blockchain designed for fast transactions and apps. SUI is the network's cryptocurrency, used to pay for transactions.
- Former Meta employees founded Mysten Labs, the company that built Sui, and the network went live on 3 May 2023.
- Sui stores everything as separate objects with their own IDs, so many transactions can run at the same time.
- There will never be more than 10 billion SUI. The network has halted several times, most recently in May 2026.
Contents
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, for example for trading, payments and games. The network's cryptocurrency is called SUI: it pays for transactions and data storage, and it is staked to secure the network.
Sui stands out by storing everything as separate objects, so many transactions can run at the same time. This article explains who created Sui, how the network works and what the risks are.
Who created Sui?
Sui was built by the US company Mysten Labs. Its founders had worked at Meta, formerly Facebook, on Diem, a cryptocurrency project that Meta abandoned in 2022. They founded Mysten Labs in 2021. Among them are the chief executive, Evan Cheng, and Sam Blackshear, who created the Move programming language at Meta.
Sui's main network went live on 3 May 2023. Sui isn't the only network to grow out of Diem: Aptos, which launched in October 2022, is also built on Move.
What is Sui used for?
- DeFi and trading. Sui runs DeFiDeFi (decentralised finance)Financial services, such as lending, saving and trading, that run on smart contracts on a blockchain instead of through a bank or other middleman. apps for trading and lending. It is also home to DeepBook, a decentralised order bookOrder bookA list of all open buy and sell orders for an asset, sorted by price. A trade happens when a buy order and a sell order meet. that other apps can use to offer trading.
- Stablecoins. Circle has issued USDCUSDCA stablecoin issued by the US company Circle that tracks the US dollar, so one USDC should always be worth about one dollar. natively on Sui since 8 October 2024, so it doesn't have to be bridged over from another network.
- Sign-in without a seed phrase. With a technology called zkLogin, apps on Sui can let people create a wallet with a Google, Apple, Facebook or Twitch account, without storing a seed phraseSeed phraseA list of 12 or 24 words that backs up every key in your wallet, so whoever has the words can restore the wallet and take the crypto.. The flip side is that losing access to that sign-in account can mean losing the wallet, unless a backup has been set up.
- Games and NFTs. The object model, described below, suits digital items such as in-game gear and NFTsNFT (non-fungible token)A unique token on a blockchain that records who owns a specific item, such as a piece of digital art, a ticket or an item in a game..
How does Sui work?
Move and objects
On most blockchains, the state is stored like one big shared ledger of every account. Sui takes a different approach. Everything is stored as objects: coins, NFTs and smart contractsSmart contractA program that runs on a blockchain and automatically carries out what it was written to do once certain conditions are met. are all objects with a unique ID, and most objects have an owner.
Think of a theatre cloakroom. Every coat gets its own number, so the staff can serve many guests at once without mixing anything up. In the same way, every transaction on Sui states in advance which objects it touches. Transactions that touch different objects can therefore run in parallel.
Objects owned by a single address take a fast path: only the owner can use them, so the transaction doesn't have to wait for the network to put it in order. Shared objects, such as an order book that many people use at once, do have to go through the network's consensus.
Smart contracts on Sui are written in Move. The language was originally designed for Diem, for writing safe programs that handle assets on a blockchain.
Consensus, speed and fees
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., with SUI holders delegating 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. to stake. The consensus mechanismConsensus mechanismThe rules that let thousands of computers agree on a single version of a blockchain without trusting any one party. is called Mysticeti. Several validators can propose blocksBlockA batch of transactions added to a blockchain in one go, together with a reference to the block before it. at the same time, instead of taking turns one by one. In Sui's tests, Mysticeti committed blocks in about half a second.
Every transaction costs a fee in SUI, in two parts: one for computation and one for data storage. The reference price for the fee is set at the start of each period (an epoch), which lasts a day, so network feesNetwork feeA fee paid to a crypto network, not to a bank or company, for including your transaction in a block. are predictable. The storage fee goes into a dedicated storage fund, and part of it is refunded if the data is later deleted.
Supply and staking
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.. The coins are released into circulation gradually on a set schedule, which runs until 2030 according to the data provider Tokenomist.
SUI is used for network fees, for StakingStakingLocking up crypto on a proof-of-stake network to help confirm transactions, in return for rewards paid in the same crypto. and in votes on network upgrades. Validators, and those who delegate SUI to them, earn rewards for securing the network, and changes to stake take effect at the start of a new epoch.
What are the risks?
- Outages. The Sui network has halted several times. In November 2024 it was down for about two hours, and on 14 January 2026 for about six hours. On 28 and 29 May 2026 the network stopped three times because of a bug that came with a new upgrade. According to Sui, user funds were never at risk.
- The Cetus hack. In May 2025 an attacker stole about USD 223 million from Cetus, a decentralised exchange on Sui. Validators froze about USD 162 million of the funds and then voted to use it to compensate users. Many welcomed the quick response, but critics pointed out that it showed a group of validators could freeze funds on the network.
- Locked coins. In October 2026, more than half of all SUI was still locked, according to Tokenomist, and the coins will be released gradually over the coming years. The added supply can affect the price.
- Competition and price swings. Sui is a young network competing with Solana, Ethereum and other layer 1s. The price of SUI swings a lot; see VolatilityVolatilityHow much and how quickly the price of an asset moves up and down..
SUI on Myntkaup
On Myntkaup you can buy, sell and hold SUI. You can also deposit and withdraw SUI on-chain, on the Sui network.
When SUI is sent, the recipient must also be using the Sui network. Crypto sent on the wrong networkBlockchain networkThe blockchain a cryptocurrency or token is recorded and sent on, such as the Bitcoin network or the Ethereum network. can be lost, as the article How to send crypto to another wallet explains. You can see the price of SUI on the SUI price page.
Frequently asked questions
Is Sui owned by Meta?
No. Mysten Labs is an independent company, though its founders previously worked at Meta on the Diem project.
What is the difference between Sui and SUI?
Sui is the network itself, while SUI is the cryptocurrency used on it. It is the same difference as between Ethereum and ether.
Is there a cap on the number of SUI?
Yes, 10 billion. Not all of them are in circulation yet, because they are released gradually on a set schedule.
Closing thoughts
Sui is a young layer 1 built on the Move language and an object model that lets many transactions run at the same time. SUI pays for transactions and storage, and it is staked to secure the network.
The network has halted several times in a short period, though, and the price of SUI swings a lot. Learn about the risks before you buy.
