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What is SUI?

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About SUI

SUI is the native coin of the SUI Network, a fast and secure Layer 1 blockchain designed for decentralized apps (dApps). Created by Mysten Labs, SUI uses parallel transaction processing and a unique object-based architecture to deliver a smooth and responsive user experience.

It runs on a modified version of the Move programming language, where digital assets work like programmable objects. This setup allows for quicker transactions, lower gas fees, and more flexible features for both developers and users.

SUI is used to pay transaction fees, stake on the network, and eventually vote on important protocol decisions.

 

Key Points of SUI

  • Parallel Execution: SUI boosts performance by processing independent transactions at the same time.

  • Assets as Objects: Assets in SUI are recorded on the blockchain as programmable objects with custom logic and traceability. This feature is known in the industry as on-chain objects.

  • Staking & Security: Validators and delegators stake SUI to secure the network and earn rewards.

  • Ecosystem Growth: SUI holds over $1.2B in Decentralized Finance Total Value Locked* (DeFi TVL), with leading protocols like Suilend Protocol, NAVI Protocol, Scallop Lend, and Cetus AMM.

 

FAQ

1. What is SUI used for?

SUI has three main uses:

  • Gas Fees: Required for transactions and smart contract execution.

  • Staking: Used for staking by delegating to validators and earning staking rewards.

  • Governance: SUI holders can vote on protocol proposals and upgrades through a decentralized governance model.


2. How does SUI work?

SUI is designed for speed and scalability, processing multiple transactions simultaneously to boost performance. By managing assets as on-chain objects with the Move programming language, it ensures fast, final transactions and seamless user interactions within dApps.


Example: Mateo is using a Web3 social app on SUI, where posts, comments, and profiles are on-chain objects. When he updates his profile, likes a post, and sends an NFT sticker, everything happens at the same time and is confirmed quickly. Unlike traditional blockchains, SUI processes these actions simultaneously, avoiding delays or high fees. As a result, Mateo gets the fast, smooth experience of a Web2 app, powered by Web3.


3. How can I buy SUI on Bitso?

To buy SUI on Bitso:

  1. Log in to your Bitso account.

  2. Go to “Buy/Sell” and select USDC as your base currency.

  3. Choose SUI as the crypto to purchase.

  4. Enter the amount, confirm the transaction, and you’re done.

     

Important: SUI is currently available only for conversions within the Bitso app. External deposits and withdrawals are disabled, but you can send and receive SUI with other Bitso users via Bitso Transfer.

 

Disclaimer

This Help Center article is for informational purposes only and does not constitute investment advice. SUI is a decentralized crypto designed to power the SUI Network and its on-chain ecosystem. While the network introduces innovative architecture and growing adoption, SUI’s price remains speculative and may be subject to significant volatility. Please conduct your own research (DYOR) and assess your risk tolerance before trading. Bitso makes no guarantees on asset performance and always recommends investing responsibly.


* Decentralized Finance Total Value Locked is an indicator of the overall health and size of the DeFi ecosystem. DeFi applications include lending platforms, decentralized exchanges, liquidity pools, and staking protocols.

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