Blockchain technology review.
In the 2021 bull market, top-performing cryptocurrencies were often dubbed “Ethereum killers,” with projects like Solana leading the pack. For example, Solana’s price rallied nearly 100x within just a few months. Today, a similar narrative is unfolding as a new breed of so-called Solana killers emerges. Among these contenders are Sui and Aptos—two projects born from a shared history, employing similar underlying technologies, and viewed by even Solana’s own founders as potential threats. In this article, we will compare Sui and Aptos across a series of metrics to determine which platform may hold the most potential in 2025. Prepare for an in-depth, round-by-round analysis that examines teams, technology, market dynamics, adoption, and challenges.
Round 1: Team, Funding, and Origins
A Split from a Common Ancestor
The story of Sui and Aptos begins with a single project known as DM. Although DM was initially designed to harness innovative ideas in the crypto space, it ultimately failed to gain traction. After DM’s shutdown in early 2022, the founding team split into two separate factions—each setting out to build their own blockchain platform. One faction went on to establish Sui, while the other founded Aptos.
Sui’s Origin Story and Funding
Sui was developed by a Californian company called Mistin Labs. Its founding team boasts a roster of experienced professionals previously associated with Diem, Facebook’s ambitious (and ultimately short-lived) crypto project. The key figures include:
- Evan Cheng – Former head of research and development for Diem’s products.
- Sam Blackshear – The inventor of the Move programming language used by Diem.
- Arine Abiodun – Once responsible for Diem’s product portfolio.
- Acostas Tsiolkas – Worked on Diem’s cryptography.
- George Dinizas – Served as a research scientist on Diem’s technology.
Mistin Labs successfully raised $336 million from top-tier crypto venture capitalists (VCs) in two separate funding rounds in 2021 and 2022. Notably, FTX played a significant role as the lead investor in the second round, contributing $300 million. However, in an interesting twist, Mistin Labs later repurchased FTX’s stake and its allocation of SUI in the spring of 2023 for $96 million. This move led to a series of initial exchange offerings (IEOs) that raised around $60 million, bringing SUI’s total funds raised to nearly $300 million post-repayment.
The ongoing development of Sui is now managed by the SUI Foundation, which is headquartered in the Cayman Islands.
Aptos’ Founding and Funding
Aptos’ origins are similarly rooted in the legacy of Diem. The project was launched by Aptos Labs, another Californian company, founded by:
- Avery Ching – The former lead developer and maintainer of Diem.
- Mohamed “Moe” Shaker – Previously the head of strategic partnerships at Diem.
Aptos Labs raised approximately $350 million from top-tier crypto VCs over two rounds. Like Sui, Aptos also attracted investment from FTX, although Aptos did not buy back FTX’s stake as Sui did. A 2023 report indicated that FTX held around 28 million APT tokens—roughly 10% of Aptos’ circulating supply. There is speculation that sell-offs by the FTX Bankruptcy Estate may have contributed to APT’s relatively poor price performance in 2024.
In addition to the initial funding, Aptos saw further capital infusion when Binance increased its investment in September 2022. At that time, Binance published a blog post praising Aptos’ underlying technology. Around the same period, Dragonfly Capital made a strategic investment, and later, Foresight Ventures led another funding round in September 2024. This additional capital injection came just before Moe Shaker’s departure as CEO. Aptos’ ongoing development is overseen by the Aptos Foundation, also based in the Cayman Islands.
Round 2: Underlying Technology and Performance
Sui’s Technological Edge
Under the hood, Sui employs a delegated proof-of-stake (DPoS) consensus mechanism capable of processing up to 297,000 transactions per second (TPS) with sub-second finality. This high throughput is achieved through several innovative technologies:
- SuiMove: Sui utilizes a modified version of the original Move programming language—dubbed SuiMove. Unlike traditional account-based models, SuiMove operates on an object-based model, which tracks where digital assets reside rather than just updating account balances. This subtle but crucial difference means that a single transaction is recorded when an asset is transferred from one wallet to another.
- Directed Acyclic Graph (DAG): In addition to its object-based model, Sui employs a DAG for transaction propagation and consensus. Unlike conventional blockchains where transactions are processed sequentially, the DAG enables parallel processing. Once transactions are finalized, they are ordered into linear checkpoints (blocks), which have already been validated.
A significant aspect of Sui’s performance is its validator network. With only 109 validators and a minimum requirement of 30 million SUI (approximately $120 million at the time of analysis) to become a validator, the network is relatively centralized. While this centralization contributes to speed, it may also raise concerns about decentralization. For delegators, the minimum stake requirement is lower, but staking rewards are modest at around 2.6% annually. The relatively short unlock time for staking—approximately 24 hours—is a notable advantage compared to other proof-of-stake cryptocurrencies.
Aptos’ Technological Innovations
Aptos also operates on a DPoS system, though its technology differs in several key aspects. Aptos’ blockchain is capable of handling up to 160,000 TPS with sub-second finality. While Aptos also leverages the Move language, it uses a version more akin to the original design used by Facebook’s Diem. Unlike Sui’s object-based approach, Aptos adheres more closely to the conventional account-based model.
Aptos’ speed is largely attributed to a novel technology known as BlockSTM. Developed by Aptos Labs, BlockSTM enables parallel transaction processing without relying on a DAG structure. Detailed reports, such as those from Amber Group, suggest that BlockSTM offers performance on par with Sui’s DAG-based approach. However, the inherent difference in transaction models means that Aptos—using an account-based system—typically requires two updates to the transaction history (one for the sender and one for the recipient), resulting in roughly half the speed of Sui’s object-based model.
Regarding network decentralization, Aptos has a more distributed validator network, boasting nearly 145 validator nodes and close to 500 full nodes. The minimum stake required to become an Aptos validator is $1 million APT (approximately $8 million at the time of analysis), while the minimum for delegators is 11 APT—making it less accessible for smaller investors. On the upside, staking rewards on Aptos are currently higher, at around 7% annually, and there is no slashing risk. However, the trade-off comes in the form of a lengthy unlock period, with staked APT being locked for up to 30 days.
For further insights into blockchain technology and performance metrics, readers might find resources such as CoinDesk helpful.
Round 3: Tokenomics and Market Dynamics
Sui’s Aggressive Vesting and Price Action
Sui’s tokenomics are characterized by an aggressive vesting schedule. During a significant vesting cliff in April of the previous year, Sui’s circulating supply nearly doubled. Despite this large increase in supply, SUI’s price has remained relatively stable—a phenomenon reminiscent of Solana’s experience during the previous bull market. Recall that in January 2021, 90% of Solana’s supply was unlocked with little adverse effect on its price, and Solana went on to rally by 50x.
The market narrative suggests that Sui could potentially follow in Solana’s footsteps—perhaps trailing by one cycle in terms of market capitalization. In a hypothetical scenario, an $80 billion market cap for SUI would translate to a price of approximately $20 per token, factoring in the effects of aggressive vesting.
Aptos’ Token Dynamics and Investor Implications
Aptos, on the other hand, has a native token known as APT, which serves multiple functions such as staking, payment for transaction fees, and governance. A portion of these transaction fees is locked to cover storage costs on the chain, while the remainder is burned—creating a dynamic similar to a full fee burn mechanism, albeit with a technical twist.
APT’s initial supply was set at $1 billion and was allocated as follows:
- 51% to the community
- 19% to contributors
- 16.5% to the foundation
- 13.5% to investors
These tokenomics sparked controversy at launch due to the aggressive vesting schedule, which resulted in an almost 50% supply increase last spring. Furthermore, APT features an inflation rate starting at 7% that is scheduled to gradually decline to 3.25% over time. One unique aspect of Aptos’ tokenomics is that locked APT can still be staked, potentially allowing early investors and insiders to earn rewards on tokens that are not immediately liquid. However, there is some evidence to suggest that ongoing token sell-offs—especially by insiders—have exerted downward pressure on APT’s price.
Market dynamics further complicate the picture. Although APT’s price has been declining, its market capitalization has been on the rise, suggesting that insider activity might be influencing short-term price trends. For additional market insights and technical analysis on tokenomics, platforms like CoinGecko offer valuable data.
Round 4: Adoption and User Metrics
Sui’s Adoption Indicators
Adoption remains a critical factor in assessing the long-term viability of any crypto platform. Sui’s flagship wallet extension has amassed over 1 million downloads, though this figure may be understated due to other wallets supporting SUI. On-chain data from Sui’s Explorer indicates a daily active wallet count in the range of 1.5 to 2 million. However, despite these seemingly robust numbers, the daily active wallet count has been relatively stagnant for several months. This stagnation suggests that, while institutional or whale activity may be strong, retail adoption is lagging.
Another indicator comes from Sui’s SuiPlay handheld gaming device, which has sold only around 7,000 units. Priced at approximately $600, the low sales volume hints at minimal retail traction, despite growing interest in the underlying blockchain technology. Moreover, the supply of stablecoins on the Sui network has remained flat for nearly a year, indicating limited on-chain liquidity flows and low activity in areas such as payments and savings.
A curious development is the reported involvement of prominent figures, such as Eric Trump—one of Donald Trump’s sons—in holding SUI. Additionally, SUI has been linked to sponsorship activities, including Trump’s inauguration. The convergence of American-based technological development and high-profile endorsements may signal increased future retail exposure and broader adoption.
Aptos’ Growing User Base
In contrast, Aptos appears to be experiencing a rapid surge in user adoption. Its flagship wallet extension has reached approximately 500,000 downloads, with the actual number likely higher when accounting for all Move-compatible wallets. On-chain data from IntoTheBlock suggests that Aptos boasts around 1 million daily active wallets. More notably, the number of active wallets on Aptos has been rising swiftly since September of last year—coinciding with an additional funding round by Foresight Ventures aimed at boosting adoption in Asia.
Data from DappRadar further reveals that decentralized applications (dApps) on Aptos are beginning to gain traction. Noteworthy developments include the recent support for USDT and strategic partnerships with wallet providers like Petra, which is soon to launch its own physical crypto card. These factors collectively point to a more dynamic and rapidly growing user base for Aptos compared to Sui.
Round 5: Challenges and Future Outlook
Sui’s Hurdles
Sui faces several significant challenges that could impact its future growth. Chief among these are:
- Adoption: Despite robust technology and promising financial backing, Sui has yet to achieve substantial retail adoption. The low sales of the SuiPlay handheld gaming device underscore this point.
- Competition: Recently, Solana’s Phantom wallet integrated Sui’s blockchain, potentially giving Sui access to over 15 million users. However, the integration does not offer a clear advantage for users who are already comfortable with Solana, leaving adoption incentives unclear.
- Development Risks: Sui’s ambitious technological approach—combining a new object-based model with DAG and modified Move language—introduces higher risks of technical glitches. An outage in November last year served as a stark reminder that pioneering technology can sometimes lead to stability issues.
Aptos’ Setbacks and Opportunities
Aptos, while showing promising user growth, is not without its challenges:
- Tokenomics: The aggressive vesting schedule and high inflation rate pose significant hurdles. Insider sell-offs and a nearly 50% increase in circulating supply have adversely affected APT’s price performance.
- Competition and Geopolitical Risks: As a crypto platform made in America, Aptos could be vulnerable to geopolitical shifts and regulatory challenges, especially given its connections to high-profile figures and institutions.
- Innovation Versus Stability: While Aptos’ decision to stick with an account-based model might reduce the likelihood of technical issues, it also means that the platform is less innovative compared to Sui. The reliance on BlockSTM—a novel but less proven technology—adds an element of uncertainty.
Ultimately, while both platforms show promise, the current landscape suggests that Sui might have the edge when it comes to financial backing and technological ambition, even though Aptos is rapidly catching up in terms of adoption.
Conclusion: Who Won the Battle?
In our multi-round analysis, both Sui and Aptos have emerged with distinct advantages and notable challenges. Sui’s strengths lie in its heavyweight founding team, significant funding (including the strategic buyback of FTX’s stake), and its cutting-edge object-based blockchain technology that allows for remarkable throughput. Its challenges, however, include a relatively centralized validator network, stagnant retail adoption, and potential technical risks.
Aptos, on the other hand, boasts a rapidly growing user base, a more decentralized validator structure, and higher staking rewards. Yet, its aggressive tokenomics, longer staking lock-up periods, and reliance on an account-based model may limit its speed and create challenges in achieving long-term price appreciation.
When comparing theoretical cycle tops, Sui appears to have a cycle top only around 5x its current price, while Aptos might theoretically reach 9x its current price. However, on-chain metrics and market behavior suggest that Sui’s recent performance—coupled with its strong backing and technological innovations—has garnered more investor confidence, even if retail adoption remains a work in progress.
In summary, while the debate is far from settled, and both platforms face significant hurdles moving forward, current evidence implies that Sui is winning the battle in terms of technological promise and market sentiment. Nevertheless, as the saying goes, past performance does not guarantee future results. Both projects are likely to experience shifts in momentum as market conditions evolve, and investors should remain cautious and well-informed.
Technical Analysis: Key Specifications
Below is a concise technical analysis summarizing the technical characteristics of the reviewed platforms:
Sui
- Consensus Mechanism: Delegated Proof-of-Stake (DPoS)
- Transaction Throughput: Up to 297,000 TPS with sub-second finality
- Programming Language: Modified Move (SuiMove) with an object-based model
- Data Structure: Uses a Directed Acyclic Graph (DAG) with linear checkpoints (blocks)
- Validator Network: 109 validators; minimum requirement of 30 million SUI (approx. $120 million)
- Staking Details:
- Rewards: ~2.6% per annum
- Unlock Time: Approximately 24 hours
Aptos
- Consensus Mechanism: Delegated Proof-of-Stake (DPoS)
- Transaction Throughput: Up to 160,000 TPS with sub-second finality
- Programming Language: Version of Move (account-based model)
- Innovative Technology: BlockSTM for parallel transaction processing
- Validator Network: Approximately 145 validator nodes and nearly 500 full nodes
- Staking Details:
- Minimum Stake for Validators: $1 million APT (approx. $8 million)
- Minimum Stake for Delegators: 11 APT
- Rewards: ~7% per annum
- Unlock Time: Up to 30 days
- Tokenomics:
- Initial Supply: $1 billion with allocations to community, contributors, foundation, and investors
- Inflation: Starting at 7%, declining to 3.25% over time