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Sui price recovery gains momentum as Mysticeti upgrade launches on testnet

By:
on May 21, 2024
Updated: May 23, 2024
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  • Sui Network's SUI token surges 27% post-Mysticeti upgrade launch.
  • Mysticeti reduces consensus latency by 80%, making Sui the fastest blockchain.
  • Sui Network users to benefit from lightning-fast transactions with high throughput and low fees.

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Sui price has witnessed a significant price recovery in the past week, following the launch of its Mysticeti upgrade on the testnet.

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The Mysticeti upgrade provides a breakthrough in consensus latency and transaction speeds and it has positioned Sui as one of the fastest blockchains, driving market confidence and user adoption.

Sui Network Mysticeti upgrade

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The official deployment of the Mysticeti upgrade on Sui Network testnet will be followed by an implementation of the upgrade on the mainnet in summer.

The upgrade significantly reduces consensus latency to an industry-leading 390 milliseconds, an 80% improvement from the previous Narwhal-Bullshark algorithms.

This breakthrough positions Sui as the fastest blockchain network, setting a new standard for transaction speeds.

Developed through extensive research into Byzantine Fault Tolerance (BFT) consensus mechanisms, Mysticeti enhances Sui’s transaction processing capabilities while reducing CPU requirements for validators.

The protocol’s object-oriented architecture allows for efficient handling of transactions, with “owned objects” transactions bypassing the consensus process for faster execution.

Shared object transactions, such as those involving marketplaces or collaborative game assets, are processed using an optimized BFT consensus, minimizing cross-validator communication and maximizing network bandwidth.

The Mysticeti is expected to revolutionize the user experience across various applications, particularly in gaming and decentralized finance (DeFi).

Users can now enjoy lightning-fast transactions with high throughput and low fees, making Sui an attractive platform for developers and end-users alike.

SUI price reaction

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At press time, SUI was trading at $1.14, reflecting a 1.43% increase in the past 24 hours adding to the overall 27% price surge over the past seven days.

Notably, Sui is on a recovery path after bottoming at around $0.8982.

SUI price chart

This positive momentum is expected to continue as the mainnet launch of Mysticeti attracts more users and developers to the platform.

The network’s enhanced capabilities are expected to drive further adoption, paving the way for sustained growth and long-term success in the competitive blockchain space.

George Danezis, the Co-founder and Chief Scientist of Mysten Labs, in a press release emphasized the significance of this upgrade, stating,

Mysticeti represents a major leap forward, not just for Sui but for blockchain technology as a whole. It reduces consensus latency to what we understand to be its lower limits while retaining the benefits of high capacity and low computation cost.

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