Highlights:
- Charles Hoskinson praises Sui for its rapid development, citing its innovative architecture.
- Sui Network’s Total Value Locked (TVL) has surged above $1 billion.
- Hoskinson acknowledged Sui’s object-based architecture, which allows higher transaction throughput and efficiency.
Charles Hoskinson, the founder of Cardano, has commended the Sui network for its impressive development and innovative approach in the blockchain space. In his October 4 post on X, Hoskinson praised Sui’s team, specifically highlighting George Danezis, the co-founder of Mysten Labs and the chief scientist behind Sui.
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Hoskinson noted, “It’s good to see George’s work come to life. They deserve great success in the space.” The Cardano founder’s remarks have sparked renewed attention toward Sui as its influence continues to grow in the decentralized finance (DeFi) ecosystem.
Reading about Sui. It's good to see George's work come to life. They deserve great success in the space
— Charles Hoskinson (@IOHK_Charles) October 4, 2024
Sui, launched in 2023, has rapidly gained attention in the blockchain industry. The Layer-1 blockchain leverages the Move programming language, which enables parallel transaction processing and contributes to its high performance.
Over recent months, the platform has seen a notable surge in activity, both in terms of its user base and market performance. Over the past month, Sui’s native token, SUI, has surged by 120% in value, pushing its market capitalization to $5 billion, according to CoinMarket Cap data. Additionally, the platform has reported a 140% increase in active addresses and a significant 48% rise in revenue.
Sui’s Expanding Ecosystem and Growth
Sui’s DeFi ecosystem has also seen remarkable growth, with a rise in decentralized applications (dApps) and transaction volumes. Recent data from DefiLlama indicates that Sui’s decentralized exchange (DEX) transaction volume increased by 46%, reaching $868 million in weekly transactions. Furthermore, Sui’s Total Value Locked (TVL) has climbed to $1 billion, positioning it among the top 10 blockchain networks.
Key drivers behind Sui’s growth include the introduction of native stablecoins like Circle’s USD Coin and increasing institutional interest. Grayscale, an asset management firm, recently launched a crypto investment trust focused on Sui, further cementing the network’s status as a rising competitor to established platforms like Cardano and Solana.
Analysts have highlighted Sui’s unique object-based architecture, which allows for higher transaction throughput and lower latency compared to other blockchain networks. Additionally, asset management firm VanEck has highlighted Sui’s unique object-based architecture, which supports higher transaction throughput and lower latency.
This structure allows for parallel processing of transactions, making it more efficient than other blockchains like Solana and Ethereum. VanEck categorized Sui alongside Solana and Aptos as high-performance chains targeting Web2 developers.
Hoskinson’s Comparison Between Sui and Solana
Hoskinson’s praise for Sui also came with a subtle critique of Solana, another prominent Layer-1 blockchain. In his statement, Hoskinson remarked that “Sui is what Solana should have been,” suggesting that Sui has realized the potential that Solana has struggled to achieve.
While he acknowledged that Sui has made real innovations, he maintained that Cardano remains superior for a “long list of reasons,” including its commitment to decentralized governance
Hoskinson also pointed to Cardano’s ongoing advancements, including the Chang Hard Fork and the upcoming Hydra scaling solution, which are expected to enhance Cardano’s performance. He emphasized Cardano’s commitment to decentralization and its long-term roadmap, stating, “Cardano is still number 1. It’s not even close with decentralized governance and all the amazing roadmap items coming.”
For those wondering, Cardano is still number 1. It's not even close with Decentralized governance and all the amazing roadmap items coming
— Charles Hoskinson (@IOHK_Charles) October 4, 2024
This isn’t the first time Hoskinson has targeted Solana. Earlier in 2023, he commented on a network outage Solana faced, humorously suggesting that developers could fix the issue by restarting it, much like rebooting an old video game console. His recent remarks underscore the ongoing comparison between Cardano and Solana in the Layer-1 blockchain space.
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