Sui Mechanism Achieves 20 Million Accounts and 5000 TPS

As a seasoned crypto investor with a few bear market scars on my forehead, I’ve learned to be skeptical and do my due diligence before jumping into any investment. So when I first heard about Sui Mechanism and its native token Suicoin, I approached it with caution. But the more I researched and followed their development, the more impressed I became.

On the one-year anniversary, which fell on May 4, 2024, Sui mechanism boasted nearly 20 million user accounts and peaked at an astounding 5,000 transactions per second.

At Mysten Labs, they unveiled Vera as a technology-advancing solution. In a short timeframe, it showcased significant growth in the DeFi sector, surpassing $500 million, and its Total Value Locked (TVL) expanded from $100 million.

possessing a substantial number of tokens in the Sui foundation ensures adherence to the publicly disclosed emission schedule for new tokens. These newly minted tokens hold significant importance for the Sui ecosystem, particularly in relation to the Move programming language and network security.

Lately, there have been some confusing statements circulating regarding Sui’s token supply. Let’s clarify the situation from the beginning: tokens that are “locked” are held by external custodians. These tokens remain immovable and are securely kept until they are unlocked in accordance with Sui’s protocol.

— Sui (@SuiNetwork) May 4, 2024

The Sui team has clarified once and for all that they have control over the tokens. According to recent reports, the Sui Foundation maintains its funds in a decentralized manner, meaning no single entity holds dominion over these reserves.

Additionally, the network has formed partnerships with prominent exchanges like Binance and Kucoin, thereby increasing the accessibility of the coin and enhancing market visibility.

The appreciable increase in Suicoin’s token value signifies expanding faith in the company among markets, which may shape investors’ perspectives regarding its prospective expansion.

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2024-05-05 04:52