The integration of advanced cryptographic technologies into Sui, a swift layer-1 blockchain, has taken a leap forward with the introduction of a comprehensive suite of tools based on zero-knowledge proofs (ZKPs). This advancement has been made feasible through a collaboration with Space and Time (SxT), a data platform with backing from tech giant Microsoft.
These newly integrated tools are poised to propel forward the nascent sector of Web3 gaming within the Sui ecosystem. In other news, SUI total value locked has surpassed a whopping $82 million and the token has received a low risk classification by a renowned investment publication.
Does all this mean that SUI price that currently trades at $0.46 is all set to wow the community with new gains? We take a deeper look to uncover recent ecosystem advancements and token behaviour.
SUI Ecosystem
ZKPs enable the direct linkage of verified query results to Sui’s smart contracts, which is crucial for the creation of authentic decentralized applications (dApps) and analytics. The emphasis here hails significance for Web3 games, which require a seamless integration of in-game actions with blockchain transactions and the creation of tangible rewards based on those game events. Proof of SQL, a unique ZK-proof, empowers developers to establish this connection in a trustworthy manner.
Sui developers now have the capability to index the blockchain immediately after block confirmation, merge this information with external data from applications, games, or databases, and maintain the integrity of the complete chain’s state by validating the results using Proof of SQL.
A representative from the Sui Foundation stressed the importance of verifiability across the entire application for a truly decentralized, blockchain-enabled, and Web3-native application, a standard made achievable through the capabilities provided by Space and Time.
Not long after Sui’s debut in May, a senior executive responsible for gaming partnerships at Mysten Labs, the creative force behind Sui, revealed that the blockchain was already supporting the development of over 40 games.
A notable feature of the Sui network is its dynamic in-game asset transformation capability, which allows for instantaneous enhancements to items, such as upgrading a sword’s level from gold to legendary status, endowing it with new features.
Sui stands at the forefront of blockchain gaming technology, and with verifiable computation layer integration, it furnishes game developers with the necessary resources to construct and regulate sophisticated, data-oriented reward mechanisms in their games in a provably honest manner. Analysts bealive that this raises the bar for transparency and trust within the Web3 gaming sphere.
SUI’s Market Metrics Show Strength Despite Token Price Volatility
SUI experienced a price dip subsequent to a token release event on November 3. However, the Total Value Locked (TVL) in the Sui ecosystem has surged past $82.62 million, signalling a positive market sentiment that could bode well for the token’s value restoration.
Early on the mentioned Friday, $15.33 million worth of SUI tokens were released, adding 34.62 million SUI tokens to the circulating supply and momentarily amplifying selling pressure. Despite a 4.12% price drop on the day, SUI is currently traded at $0.46.
Although the token release event initially put bearish pressure on the token, the surge in SUI’s TVL, which was captured by DeFi tracking service DeFiLlama, suggests growing confidence and a bolstered position of the Sui blockchain in the market. This also finds home with SUI price prediction engines, that forecast a steady but confident value increase.
October saw the SUI blockchain surpass 528 million transactions, indicating strong demand and utility of SUI among traders and suggesting a bullish market trajectory for the token’s recovery. As a result, expectations are that SUI’s value might bounce back from the recent slump and recoup previous losses.
Risk Analysis of SUI’s Investment Potential
An analysis by InvestorsObserver ranks Sui as a low-risk investment. The platform’s scoring methodology assesses the capital required to influence the token’s price over the last day, considering volume and market cap fluctuations to gauge the potential for manipulation by limited trade activity. Higher scores on their scale imply lower risk.
SUI’s risk gauge score positions it as a low-risk investment at present. For portfolio managers who prioritize risk management, this metric is especially pertinent when seeking to minimize exposure to volatile assets.
In the last 24-hour trading window, Sui’s value has depreciated by 4.59%. This price shift is aligned with volume that is below its average, while the market cap has experienced an uptick in the same period. Sui’s market capitalization is now valued at $496,992,714.48, with $161,408,067.68 transacted over the past day. Considering the interplay of price, volume, and market cap variations, Sui is accorded a low-risk profile.
In summary, the recent market movements of SUI, coupled with trading volume dynamics, endow the token with a low-risk designation, offering investors a level of assurance regarding the token’s resistance to manipulation at this time. Going in hand, ecosystem developments and an ever increasing TVL hint that SUI price has not yet found it’s ATH levels.
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