Sui (SUI) Network Surges 70% Following Grayscale Announcement

Major cryptos, like Bitcoin, Ethereum and Solana, have posted gains over the past 24 hours, while some have shown double-digit gains.

Major cryptocurrencies, including Bitcoin, Ethereum, and Solana, experienced gains over the last 24 hours, with some tokens showing double-digit gains. Among the top performers was Sui, which surged by 70% in the past week.

The gains came amid an announcement by Grayscale that Sui and Bittensor will be getting their own crypto funds. Both assets will be available to be traded in single-asset funds. Grayscale is a pioneer in the crypto fund space, offering several altcoin trust funds, such as Solana, Cardano, and others.

Veteran commentator Raoul Pal recently highlighted Sui’s strength in a post on X, stating that most investors will not own any Sui. However, Pal also acknowledged that Sui needs to perform better than Solana, which is not yet happening according to the former Goldman Sachs manager.

Clearly, everyone is caught owning zero $SUI while the price explodes. To prove itself worthy of the Next Big Thing it needs to properly prove itself vs $SOL by breaking the downtrend…. not there yet and I'd be suprised if it did it immediately. #grant pic.twitter.com/Dgg2mSvisI

Pal also addressed concerns raised by a fellow X user about an upcoming coin unlock event that could potentially impact Sui. Buyers should be aware of unlock events as they can lead to price movements due to an increase in supply.

However, both Pal and user Jorn agreed that a 2.5% increase in supply is not significant enough to cause major problems.

What Is Sui Anyway and Why The Hype?

Sui is a layer-1 blockchain platform that aims to provide a “secure, robust, and scalable development environment” for global adoption. According to the whitepaper, Sui wants to be the “most accessible smart contract platform,” with a network that is scalable and has low gas fees.

NFT analyst StarPlatinum commented on X about the Sui Network, stating that it “addresses key challenges in the blockchain space,” such as issues with congestion and adoption. Additionally, Sui is fast, potentially the fastest Layer-1 at the moment.

This allows SUI to process:

• 297,000 transactions per second (TPS)?

• Achieve transaction finality in just 390 milliseconds after m?

• Maintain low gas fees? pic.twitter.com/POcfnYAbiY

Meanwhile, Sui’s biggest competitor, Solana, is working on Firedancer, which would make it significantly faster — with speeds up to a theoretical 1 million transactions per second (TPS) — but Sui is also working on improvements.

? SUI vs SOL ?They’re calling #SUI the “#Solana Killer,” and it looks like SUI is following in SOL’s footsteps:

– Same fractal : 2500% Gains ? after the -80% Drop.

– SUI is Launching SOL's FireDancer Equivalent.

– Launched by Meta's Gang.

– Institutional interest as… pic.twitter.com/iKKe1Ijx2k

Moreover, another metric that is favorable for Sui is the total value locked (TVL). After a drop in TVL since May, data from DeFiLlama shows that it has recently surged on Sui.

TVL is a metric that traders and investors should be aware of as it helps them assess the size, security, and attractiveness of a DeFi platform. Increasing TVL suggests user trust, ecosystem growth, and a potential increase in sentiment.