Altcoins & TokensBeginner

What is Sui? The blockchain and its SUI token

Sui is a layer-one blockchain, and SUI is its token for fees and staking. Mysten Labs, founded by ex-Meta engineers, launched the mainnet in 2023.

Vahe HakobyanEditor-in-chief Updated Oct 6, 20262 min readFact-checked

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How does Sui work?What is SUI used for?How is Sui different?Who created Sui and is it legal?FAQ

Short answer

Sui is a layer-one blockchain for apps, and SUI is its token for fees and staking. People use Sui for DeFi, NFTs, games, and payments through apps built on it.

Mysten Labs created Sui, founded by former engineers from Meta's Diem project. The network stores data as objects with owners.

How does Sui work?

Sui uses the Move programming language and an object model. Assets and data live as objects with owners. A transaction lists the objects it will change, so independent transactions can run in parallel.

Move is a language for safe digital assets.
Objects are owned by addresses or shared by apps.
Validators stake SUI to secure the network.

What is SUI used for?

People use Sui for DeFi, NFTs, games, and payments. DeFi apps let users trade, lend, and borrow. Games and NFT projects track items as Sui objects. The SUI token pays fees and rewards validators, and it can be staked.

How is Sui different?

Sui is its own layer-one blockchain, not an Ethereum layer-two or a Solana copy. The differences come from Move and objects.

Sui compared with Ethereum and Solana
Criterion	Sui	Ethereum	Solana
Language	Move	Solidity	Rust based
Data model	Objects with owners	Accounts and contracts	Accounts and programs
Execution	Parallel by object	Mostly sequential	Parallel for non-overlapping

Who created Sui and is it legal?

Mysten Labs created Sui. The company was founded by former engineers who worked on Meta's Diem project. Sui mainnet launched in May 2023.

Frequently asked questions

Use a wallet that supports Sui and keep your recovery phrase offline. Never share the phrase with anyone.

Move is a language designed for digital assets. It started at Meta for the Diem project and is used by Sui.

US residents can use Sui apps when the app allows US users. There is no general federal ban on using Sui.

SUI is the network's token. A Sui wallet stores keys and lets you sign transactions. The wallet holds your access, not the token.

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Written byVahe HakobyanVahe Hakobyan is the editor-in-chief of World-Crypt. He covers bitcoin, markets and regulation, and leads the newsroom that fact-checks every story before it goes live.