Phantom Ends Sui Support on Sept. 24 and Waives Fees
The move adds friction to Sui's ecosystem access, while waived fees soften but do not remove the need for holders to migrate before the cutoff.
SUI is the native token of the Sui Network, a Layer 1 blockchain built by Mysten Labs, a team of former lead engineers from Meta's blockchain research division. Sui is designed to support high-throughput decentralized applications, digital asset ownership, and Web3 services through a secure, scalable architecture. Unlike traditional account-based ledgers, Sui organizes data into independent objects. This object-centric model enables parallel transaction execution, allowing the network to process many transactions simultaneously and achieve fast finality. Sui uses the Move programming language, which provides a robust framework for smart contract development, and supports horizontal scaling to keep transaction fees low as activity increases. A storage fund collects fees and rewards validators for maintaining on-chain data over time. The SUI token is the primary asset used to pay transaction fees and power on-chain activity across decentralized exchanges, lending platforms, and other applications. Holders can stake SUI in a proof-of-stake mechanism to secure the network and earn rewards, while also participating in governance decisions. Sui additionally offers user-friendly features such as zkLogin for simplified access and sponsored transactions. The project has attracted institutional backing from Andreessen Horowitz, Coinbase Ventures, Circle Ventures, and YZi Labs.
The move adds friction to Sui's ecosystem access, while waived fees soften but do not remove the need for holders to migrate before the cutoff.
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Sui s a Layer 1 blockchain developed by Mysten Labs, a team founded by former lead engineers from Meta’s blockchain research division.
Sui (SUI) is categorised as: Smart Contract Platform, Binance Launchpool, Layer 1 (L1).
The official Sui site is https://sui.io/.
Most recent Sui coverage: "Phantom Ends Sui Support on Sept. 24 and Waives Fees" — read at /en-US/a/phantom-ends-sui-support-on-sept-24-and-waives-fees.