Is Sui actually any good?

I think all of us have seen the 'Sui shills' this week, some even going as far as to say it's a Solana killer. Well that's a stretch for now. The question though, however, is there any actual value here, or is this another VC coin pump?

In this issue we'll cover my thoughts on the Sui itself, the tech, ecosystem, experience and token.

1. Tech features

I'll keep things short, or as short as I can. Sui tech is pretty impressive.

With a move code base, the main features are:

- Potentially 100k+ TPS (single type tx's not shared object tx's)

- 0.33s block production time + 500ms finality time

- Parallelisation

- An optimised storage model

- An object based transaction model The cool stuff to me is really the object based model. I'll try highlight it's efficiency here in this graphic below.

2. The Move language

Secondly Move itself has features that enable security that Solidity doesn't have. Particularly improvements around reentrancy attacks which we've seen time and time again within DeFi. Move is supposedly meant to be easier for non crypto devs to pick up and implement. (I don't actually know as I'm not a dev). Is this key to bringing more devs into Crypto? Maybe. I'm not totally convinced on this one.

3. The Sui Ecosystem Sui's recent price action has led to it moving up in the rankings. Now in the top 12, but still sub $1b. Clearly work needs to be done but maybe we should check the ecosystem a little more.

DeFillama currently shows off around 30 dApps within Sui. Of these, 12 have a TVL above $10m. The one thing I do like is that these are native dApps, thats better than many of the L2s we have today which often copy paste AAVE and GMX forks left right and centre. Whilst the Sui ecosystem is small. The basics are covered and there's a few derivatives but not too much.

Navi, Cetus and Typus are the ones that I've played around on and they're good apps.

There isn't however anything on Sui that I can't do on any other chain. That to me is a big deal. Ultimately, if Sui wants to really be a big dog, this isn't enough. I'd like to see $5-10b in TVL, 100+ ecosystem apps and some more unique dApps that offer something completely new and not on any other chain.

4. The Sui UX

It's good.

Worst thing is bridging funds in / using cross chain swaps but once in, everything feels smooth, fast, easy and clean. Sui's native wallet is good for staking directly within the wallet but also letting me know which airdrops I'm eligible for, something that Phantom on Solana also do really well. Account abstraction is something Sui focus on alot giving rise to a bunch of other features like: - Social logins using ZK - Sponsored transactions - Gas that doesn't change based on heightened network demand The Sui explorer is also really good which you can't say about every other chain.

5. The Sui Token

This one is a little tricky. Firstly, the L1 trade is not what it was back in 2021. There's double, triple if not quadruple the number of 'L1' tokens. There's also an infinite number of L2 tokens (although these have different value capture). This is only going to increase too as we see new chains like Berachain, Monad, Hyperliquid and many many more come to the scene. Sui at $2.6b and $10b FDV seems okay at first, especially if you compare this to:

TON $16b

ADA $12b

AVAX $8b

ICP $3b

For me the concerning element is the VC unlocks. There is a 40% increase in circulating supply from now to October 2025.

This is around 900m tokens = around $1b at todays price.

As the price of Sui rises, this inflation could go into the multiple of billions. Is it something to think about, yes.

That doesn't mean it can't pump though. One thing to note is that 50% of the supply belongs to Sui/Mysten Labs and it remains to be seen what they'll do with it.

Overall thoughts

To be honest with you, I think theres worse L1s than Sui. There are tons of improvements to be made including a better ecosystem. I need to see unique apps that I can't find anywhere else before you can even begin to think about a comparison with ETH or SOL. Having said that, theres plenty of good things to be bullish about regarding Sui as mentioned above.

Will it be the Sol killer? No idea. I think the inflation is interesting, I'm pretty sure we'll see VCs sell tokens as even the Series B was at a $2b FDV. That's a 5x at current prices.

What do you guys think? Sui, good or bad?