Why Sui's Recovery Shows It Could Be This Cycle's Outperformer

After Ethereum sold off by 25% in a crypto flash crash that kicked off August with a bang, some alt coins are already fully recovered while ETH remains beaten down — giving some early signal over potential leaders to carry the rally from here.

Over the last month, Solana has performed relatively better by losing about 15% of its ground to Bitcoin's 10% slide. But among the other most talked about alts, Sui has managed to already fully recover by riding a boost after Grayscale announced a new Sui Trust for investors looking to allocate to the high-performance layer-1.

As Coinage has previously covered, Sui has attracted attention for pioneering the blockchain advancements abandoned by Meta's Libra project and is now hitting an inflection point as it build out its community and partners, according to co-founder Evan Cheng.

“We’re really, really excited about where we are right now,” Cheng told Coinage in a new interview. “We’re getting these signals from institutions, and that, combined with the passion we’re seeing from the community, just gives us comfort."

One of the key indicators of Sui’s growing influence is the recent launch of the Sui Trust by Grayscale, a major player in the crypto investment space. The move was somewhat surprising, given the fact that last cycle's darling, Avalanche, also only secured a Grayscale Trust this week. Cheng said that even he was surprised by how quickly Grayscale moved. “We didn’t even know that was coming,” he said. “We had one conversation, and apparently, they got very excited and did a fund.”

Considering Sui launched its mainnet just over a year ago, it's further sign of how quickly Sui is moving. The network has already proven formidable DeFi chops by attracting more than half a billion in total value locked (TVL.) But next up is helping developers move quicker to launch the products they're building on Sui's stack.

“Sui is not just a blockchain. It’s a platform for developers,” Cheng explained. One of the most exciting initiatives on the horizon is the SuiPlay0X1, a device that Cheng believes will revolutionize how people interact with Web3 technology. “It’s a great distribution channel for developers,” he said, noting that the device will offer new experiences to both consumers and developers alike.

As Sui continues to evolve, Cheng emphasized the importance of staying focused on the long term, rather than chasing short-term trends. “Chasing narratives is a surefire way to lose,” he said. Instead, Cheng and his team are committed to executing their vision and building a platform that will stand the test of time.

Looking ahead, Cheng hinted at even bigger things on the horizon for Sui. “We’re going to have something that will knock everybody’s socks off,” he teased. While he couldn’t reveal specific details, Cheng assured that this new development would be unlike anything the crypto world has seen before. “It’s going to come sooner than what everybody else expects,” he added.

For now, Cheng and his team are focused on building and iterating, confident that their hard work will pay off in the long run. “We’re going to be up there to compete with all the established players, and we’re going to eat into their leads,” he said.

At least over the last month, Sui has. The blockchain now sits as the 37th largest, according to CoinMarketCap.

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