Cardano’s Hoskinson Praises Sui’s Rapid Growth

Cardano’s founder, Charles Hoskinson, recently praised Sui Network for its rapid progress and innovative development in the blockchain space. He specifically highlighted George Danezis, Mysten Labs Co-Founder, for his work in building Sui, acknowledging their potential to achieve significant success in the sector.

Sui is a Layer-1 blockchain that launched in 2023 with a mission to simplify and enhance Web3 app development. Utilizing the Move programming language, it allows for parallel transaction processing, boosting efficiency and speed. This unique architecture has helped Sui gain traction, attracting attention as a rising competitor to platforms like Cardano and Solana.

In recent weeks, Sui’s native token surged by 118%, pushing its market cap to $5 billion. Its active addresses increased by 140%, and revenue jumped 48% compared to August. The DeFi ecosystem is growing, with more dApps and transaction volumes increasing. DefiLlama data shows Sui’s decentralized exchange volume rose 40%, reaching $872 million in weekly transactions.

The network’s Total Value Locked (TVL) now stands at $1.25 billion, placing Sui among the top 10 blockchains by TVL. Analysts attribute the rise to memecoin speculation and new stablecoins like Circle’s USD Coin, along with institutional backing from firms like Grayscale, which recently launched a Sui-focused investment trust. These factors suggest Sui might become a serious contender to Solana and Cardano in the smart contract space.

VanEck, an asset management firm, pointed out Sui’s unique object-based architecture, which enables higher transaction throughput and lower latency. They categorize Sui alongside Solana and Aptos as high-performance chains targeting Web2 developers due to their speed and efficiency.

With its expanding DeFi ecosystem and innovative architecture, Sui is positioning itself as a major player in the blockchain space, offering unique solutions to developers and investors alike.