Sui Network surpasses Ethereum with 2.58 billion transactions, marking rapid growth and DeFi momentum with CETUS Protocol on Binance.
I came across this article and thought I'd share my thoughts. Apparently, the Sui Network has hit a milestone by surpassing Ethereum in total transactions. We're talking about 2.58 billion transactions on November 6, 2024. That's a huge number! But is it as impressive as it sounds? Let's break it down.
According to the article, Sui's transaction volume is significantly higher than Ethereum's—2.58 billion vs. 2.57 billion. But here's where it gets interesting: they claim that Sui's architecture allows for up to 297,000 transactions per second (TPS). That’s a big claim!
Ethereum has been known for its congestion issues and high fees during peak times, which makes it less appealing for everyday users and developers looking to build decentralized applications (dApps). If you can get a billion transactions on a network with low fees and high speed, isn't that just basic marketing?
But then again, maybe that's what we need right now.
The article goes into detail about how Sui uses a delegated Proof of Stake (DPoS) mechanism to secure its network. Validators are chosen based on the amount of SUI tokens they stake, which supposedly makes everything more efficient and secure.
It also mentions some fancy protocols called Narwhal and Bullshark that ensure consensus without needing validators to chat with each other. Sounds cool but also kind of like overkill? And let’s not forget about the Move programming language that prevents digital asset duplication or destruction—very specific use case there.
One thing I found interesting was how the article pivoted towards crypto payment solutions for businesses and SMEs (Small Medium Enterprises). It argues that because Sui has low fees and high transaction capacity, it's perfect for integrating fiat-to-crypto payments.
That’s actually a solid point if you think about it. Most businesses would shy away from using something like Ethereum when their transaction costs could exceed their profit margins in just one sale!
Then there's the part about CETUS Protocol being listed on Binance—the first protocol token from Sui to be listed there. This seems like an orchestrated event to pump up visibility for both CETUS and Sui itself.
But let's be real here; isn't every listing on Binance designed to do exactly that?
So here’s my takeaway after reading through all this: yes, Sui might have surpassed Ethereum in terms of raw transaction numbers—but so what?
Ethereum isn't going anywhere anytime soon; it's too established at this point. And while it's true that networks can rise and fall (remember when everyone was talking about Luna?), I don't think we're at that juncture yet.
Sui does present an interesting alternative—especially if you're looking at things from a business perspective focused on crypto payments—but calling it “better” feels premature.
What do you guys think? Are we witnessing the birth of a new giant or just another layer-1 hype cycle?
