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.

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Author: Oluwapelumi Adejumo