Charles Hoskinson Praises Sui Network’s Rapid Growth

Charles Hoskinson, the founder of Cardano, has praised the team behind Sui, an emerging blockchain network that has recently seen remarkable success.

Sui is a Layer-1 blockchain and smart contract platform that made its debut in 2023. Its mission is to streamline and improve application development within the Web3 ecosystem. The platform is built on the Move programming language, enabling parallel transaction processing.

Hoskinson Lauds Sui Network’s Achievements

On October 4, Charles Hoskinson expressed his admiration for the SUI network team due to their recent accomplishments. He specifically highlighted the efforts of George Danezis, Co-Founder and Chief Scientist of Mysten Labs, and remarked that the network merits acclaim in the crypto industry.

“I’ve been following Sui. It’s fantastic to witness George’s contributions come to fruition. They truly deserve to achieve great things in the industry,” Hoskinson commented.

Hoskinson’s commendation coincides with Sui’s impressive growth, which has garnered substantial attention in recent weeks. Its native token has skyrocketed by 118% in the last month, elevating its market capitalization to $5 billion. Additionally, the platform reported a 140% rise in active addresses and a 48% increase in revenue compared to August.

Read more: A Comprehensive Guide to the Top 10 Sui (SUI) Wallets in 2024

Sui’s decentralized finance (DeFi) ecosystem is also on the rise, highlighted by increasing transaction volumes and a growing array of decentralized applications (dApps). Data from DefiLlama indicates a 40% uptick in Sui’s decentralized exchange transaction volume, reaching $872 million weekly.

Furthermore, the total value locked (TVL) on the platform is now approximately $1.25 billion, placing it among the top 10 blockchain networks by TVL.

Market analysts attribute this activity to speculation surrounding memecoins and the launch of native stablecoins, notably Circle’s USD Coin. Moreover, the network has drawn institutional interest, with Grayscale recently initiating a dedicated crypto investment trust for the project.

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These trends have led many to propose that SUI could emerge as a formidable competitor to other smart contract-enabled blockchains, such as Solana and Cardano. The asset management firm VanEck emphasized the blockchain’s unique object-based architecture, which facilitates greater transaction throughput and reduced latency compared to competitors like Solana and Ethereum.

“If we categorize our investment strategies regarding Layer-1 blockchains, we view Sui alongside Solana and Aptos as chains leveraging their high-performance attributes to attract Web2 developers,” stated VanEck commented.