Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Cardano’s Charles Hoskinson Applauds Sui’s Growth and Innovative Approach

Source Beincrypto

Cardano founder Charles Hoskinson has commended the team behind Sui, a fast-rising blockchain network that has recently gained significant traction.

Sui is a Layer-1 blockchain and smart contract platform that launched in 2023. Its goal is to simplify and enhance application development in the Web3 ecosystem. The platform operates on the Move programming language, allowing for parallel transaction processing.

Hoskinson Commends Sui Network’s Progress

On October 4, Charles Hoskinson, the founder of Cardano, praised the SUI network team for their recent performance. He specifically acknowledged the work of George Danezis, Mysten Labs Co-Founder and Chief Scientist, and noted that the network deserves recognition within the crypto space.

“Reading about Sui. It’s good to see George’s work come to life. They deserve great success in the space,” Hoskinson stated.

Hoskinson’s recognition comes as Sui’s growth has captured significant attention in recent weeks. Its native token surged by 118% over the past month, pushing its market cap to $5 billion. The platform also reported a 140% increase in active addresses and a 48% revenue jump compared to August.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

Sui’s DeFi ecosystem is also expanding, with increasing transaction volumes and a growing number of decentralized applications (dApps). Data from DefiLlama reveals a 40% rise in Sui’s decentralized exchange transaction volume, reaching $872 million in weekly transactions.

Additionally, the total value locked (TVL) on the platform now stands at approximately $1.25 billion, ranking it among the top 10 blockchain networks by TVL.

Sui DEX Volume. Source: DeFillama

Market analysts point to memecoin speculation and the introduction of native stablecoins like Circle’s USD Coin as major drivers of this activity. Additionally, the network has attracted institutional interest, with Grayscale recently launching a dedicated crypto investment trust for the project.

Read more: Which Are the Best Altcoins To Invest in October 2024?

These developments have led some observers to suggest that SUI could become a serious competitor to other smart contract-enabled blockchains, such as Solana and Cardano. Asset management firm VanEck highlighted the blockchain network’s unique object-based architecture, which supports higher transaction throughput and lower latency compared to rivals like Solana and Ethereum.

“If we are to segment our investment theses on Layer-1 blockchains, we put Sui in the camp with Solana and Aptos as chains that are leveraging their high-performance characteristics to appeal to Web2 developers,” VanEck stated.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Yesterday 06: 22

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Yesterday 06: 51

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining traction Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

Author FXStreet

Yesterday 10: 02

Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

7 hours ago

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Popular Symbols