Sui vs Solana: Outpacing the Big Boy in On-Chain Volume

In the context of the explosive growth of blockchain and decentralized applications (DApps), many blockchain platforms are continuously emerging, fiercely competing for the leading position. Solana and Sui are two prominent names among them, both regarded as promising Layer 1 blockchains in the fields of decentralized finance (DeFi), NFTs, and Web3. While Solana has established a solid position with high transaction speeds and a diverse ecosystem, Sui surprised many by surpassing Solana in daily transaction volume in October 2024. This has led many to question the rapid development of Sui.

Proof of History by Solana vs Sui Move by Sui

Solana and Sui are built on different architectures and consensus mechanisms, offering distinct advantages in processing speed and security.

• Solana: Built on the Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS), Solana is renowned for its quick processing capabilities and cost-efficiency. PoH is a cryptographic timestamping mechanism that records the order and time of events before consensus, enabling the network to achieve transaction speeds of up to 65,000 TPS (transactions per second) without needing off-chain scaling solutions.
• Sui: In contrast to Solana, Sui utilizes the Move programming language, developed by Mysten Labs. Move provides a more robust security mechanism for digital assets and smart contracts. The standout feature of Sui is its object-based architecture, where transactions are managed per specific object, optimizing parallel processing capabilities. This platform can reach up to 297,000 TPS, an extremely impressive figure, making Sui one of the leading scalable blockchains.

In terms of technology, Solana uses PoH to ensure speed and efficiency, while Sui excels with its object model and Move language, providing strong security and scalability.

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Performance of Sui and Solana: Speed and Cost

Transaction speed and cost are crucial factors in choosing a blockchain, especially for applications with high transaction volumes such as DeFi and NFTs.

• Solana: Currently, Solana can process over 65,000 TPS with an extremely low average transaction cost of only about $0.00025 per transaction. This has made Solana the top choice for applications that require high speed and low cost, attracting a wide range of DeFi and NFT projects.
• Sui: According to data from Sui, their network can not only handle 297,000 TPS but also achieves a time to finality of about 400ms. The average transaction cost on Sui remains extremely low and stable over time, despite rapidly increasing transaction volumes. The surge in transaction numbers per epoch reaches nearly 70 million transactions, while the average transaction cost fluctuates around 0.0010 SUI.

In terms of performance, Sui currently holds a significant advantage in TPS and time to finality, but both platforms are committed to maintaining low costs, enhancing accessibility for users and developers.

Ecosystem of Sui and Solana: Applications and Development

The ecosystem of a blockchain is a key factor in determining long-term development, as it attracts a multitude of DApp, DeFi, and NFT applications.

• Solana: Launched earlier, Solana has built a robust ecosystem with a wide array of prominent applications. Projects such as Serum, Raydium (AMM), and Magic Eden (NFT marketplace) have helped Solana secure a significant position within the community. With low transaction fees and high speeds, Solana has become one of the most popular platforms for DeFi and NFTs, attracting numerous developers and large projects.
• Sui: Although relatively new, Sui has begun to attract attention from developers thanks to the flexibility of the Move language and its advanced object model. Sui also focuses on developing projects related to blockchain gaming, the metaverse, and digital assets. It is expected that in the near future, Sui will continue to expand its ecosystem with the participation of many new DeFi, NFT, and DApp applications.

Regarding ecosystems, Solana currently holds an advantage with a large number of significant projects, but Sui has strong potential for development ahead thanks to its advanced technology and superior scalability.

Security and Decentralization on Sui and Solana

Both blockchains have their mechanisms to ensure security and decentralization.

• Solana: With PoH and PoS mechanisms, Solana requires validators to participate in the consensus process and protect the network. However, Solana has experienced some major outages due to overload or DDoS attacks, raising concerns about the stability of the network as transaction volumes increase.
• Sui: Sui stands out with its Move language, specifically designed to protect digital assets from attacks and programming errors. With its object model, Sui not only ensures speed but also optimizes security. Its ability to control assets and transactions in more detail compared to many other blockchains enables Sui to create a safe environment for developers and users.

In terms of security, Sui has an advantage due to its architecture and the Move language, while Solana faces challenges related to the stability of its network.

Transaction Volume on Sui and Solana: Sui Surpasses Solana

Recently, Sui has made headlines by surpassing Solana in daily transaction volume. On 5 October 2024, Sui achieved 58.37 million transactions, while Solana recorded only 35.41 million. This came as a significant surprise to the blockchain community, especially since Sui is a relatively new platform compared to Solana, which has been known for its massive transaction volumes and scalability. Prior to this event, Sui had never exceeded 5 million daily transactions, while Solana typically maintained around 40 million daily transactions. This sudden increase has led to a surge in the value of SUI, creating a wave of speculation in the cryptocurrency space.

Sui's rapid surge in a short period has prompted many to question the reasons behind it. Some experts suggest this may be due to a sudden influx of projects or services migrating to the Sui platform. Such changes could indicate unusual adoption or a breakthrough development in Sui's ecosystem, reflecting this platform's potential to challenge larger blockchains like Solana in the future.

Sui and Solana - Which Platform Is Right for You?

The race between Sui and Solana is not only about processing speed or transaction volume but also a struggle for position in the Web3 ecosystem. Solana, with its vast ecosystem and strong development history, holds an advantage in applications and community. However, the emergence of Sui with its advanced technology and superior scalability has created a formidable competitor for the future. This opens up many opportunities for developers and users who want to leverage the potential of blockchain technology.

To optimize the experience and tap into the potential of both platforms, utilizing asset storage and management solutions like Bitget Wallet will provide convenience and security for users in managing their tokens and digital assets. Bitget Wallet not only offers high-security features but also supports multi-chain, enabling you to easily seize opportunities from both Sui and Solana.

 

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