Layer-1 chain Sui (SUI) has been capturing significant attention lately. As of this writing, SUI has surged by 125% over the past 30 days and has skyrocketed 345% from its yearly low of $0.46 on August 5. These impressive figures position SUI among the top performers in the crypto market over the last two months and as one of the few altcoins which reached their all-time high.
SUI Vs. Solana
Yesterday, the buzz intensified when several accounts on X shared charts suggesting that SUI had overtaken Solana in daily transactions for the first time. Enthusiasts quickly touted SUI as the next “Layer-1 killer,” poised to surpass Solana, which has been a leading contender among Layer-1 blockchains behind Ethereum.
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However, this claim faced scrutiny from industry experts. Developer João Mendonça took to X to rebut the assertions, stating: “SUI did not surpass Solana in daily transactions — there’s no free lunch. On the left = a deceptive chart where each instruction of each transaction is counted as a transaction on SUI. On the right = Artemis’s genuine read of daily transactions.”
Mendonça referenced a detailed explanation by analytics firm Artemis from May. The firm highlighted that in traditional Ethereum Virtual Machine (EVM) architectures, users submit transactions that execute a set of instructions. In contrast, on the SUI blockchain, users submit a transaction block containing multiple transactions that update objects in the global state. Therefore, comparing transaction counts directly between SUI and other chains like Solana can be deceptive.
They explained: “Artemis decided to count Sui transaction blocks instead of transactions when comparing activity with Ethereum and other chains. This decision was based on the fact that Sui has a different architecture than the EVM, and counting transaction blocks gives a more accurate picture of user interactions.”
Prominent crypto analyst VirtualBacon also weighed in on the discourse, analyzing the SUI/SOL price chart. He remarked: “SUI vs SOL ratio almost at resistance. One must question the upside potential of this ‘new killer L1’. For this to keep running another month, it either completely takes over the market share of Solana, or we rotate back to the proven chain.”
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