Aptos VS. Sui: Which One is Better?
Published May 29th, 2023
For cryptocurrency enthusiasts and investors seeking valuable insights into the evolving landscape of digital assets, it may be important to understand the differences and similarities between Aptos and Sui.
As we begin up our analysis, let us consolidate the key insights gained from examining the technological aspects, decentralization factors, and tokenomic perspectives of Aptos and SUI, giving you a comprehensive snapshot of their unique differences and similarities.
Aptos and Sui are two cryptocurrencies that differ in several key aspects. Technologically, they have similar processing power, with both capable of processing over 120k transactions per second (TPS). However, Sui claims to process up to 297k TPS based on tests conducted on more powerful computers, while Aptos' claim of 160k TPS remains untested. In terms of adoption metrics, Aptos currently has more Total Value Locked (TVL) than Sui, but when comparing TVL to Market Cap (MC) ratios, Aptos appears overvalued in the short term, while Sui is overvalued in the long term relative to Aptos. Decentralization-wise, Aptos showcases a higher degree of decentralization with a greater number of validators, lower capital requirements, on-chain governance, and accessible entry for participants. Tokenomics also differ, with Aptos having a lower Circulating Supply of Total Supply Percentage (CSTSP), better inflation rate, on-chain governance utility, and a burning mechanism compared to Sui. Overall, Aptos demonstrates better adoption metrics, decentralization, and tokenomics features than Sui.
We did an article that goes fully in depth on Aptos, incase you want to learn more about Aptos specifically.
Launched in October 2022, Aptos is a blockchain platform designed to address common scalability and energy consumption challenges faced by other platforms. It stands out by leveraging the Move programming language, developed by Facebook's Diem blockchain team, to create secure smart contracts with automated resource management and a linear type of system.
Aptos further optimizes its efficiency through its proprietary block-STM data structure, facilitating efficient block propagation and storage, and enabling impressive processing speeds of up to 160k TPS.
The platform features a transaction execution engine known as Block-STM, which enhances blockchain performance and scalability, making it well-suited for decentralized finance (DeFi) and non-fungible token (NFT) use cases.
While Aptos is still relatively new and awaits widespread adoption, its distinctive attributes and innovative approach position it as a platform worthy of attention in the evolving landscape of blockchain technology.
Sui is a smart contract platform that offers scalability and low latency for simple use cases, allowing most transactions to be processed in parallel. It forgoes consensus in favor of simpler and faster primitives, making it ideal for latency-sensitive distributed applications.
Sui supports smart contracts written in Sui Move, which is an adaptation of Move specifically designed for the Sui blockchain. Sui Move provides strong inherent security and a more understandable programming model, enabling developers to create powerful asset-centric smart contracts.
The Sui blockchain consists of programmable objects categorized as mutable data values and immutable packages. Transactions are used to update the ledger and can create, destroy, write, or transfer objects.
Validators, which are independent entities running the Sui software, process transactions in parallel without the need for consensus in transactions involving exclusively owned objects. For transactions involving shared objects, Sui employs the Bullshark consensus protocol.
Technological features are important when it comes to Blockchain networks. Take for example, Ethereum and Bitcoin. Ethereum, being the first to launch smart contracts made it the 2nd best popular cryptocurrency in the world. The point is, is that technology matters to a great extent.
|Technology: Aptos Vs. Sui|
|Max TPS Throughput||160,000||120k -150k TPS
Note: Sui Claims 297k max TPS resulting from their test that uses 2x as powerful hardware as the current minimum node hardware requirements.
|Virtual Machine||Move Virtual Machine (MVM)||Move Virtual Machine (MVM)|
|Main Smart Contract Language||Move - Core||Sui Move (Slight variation of Move - Core)|
|Avg. basic Transaction Fee||0.000585 APT
|Consensus Algorithm||Proof of Stake + BFTv4 + Bullshark||Poof of Stake + Byzantine Fault Tolerance(BFT) + Bullshark|
|Total Validators Online||~108||104|
|Minimum Required to Run a Validator||1,000,000 APT or (About)$8,320,000||30,000,000 SUI or (About)$32,100,000|
|Block Production Time||0.33 Seconds||0.33 Seconds|
|Transaction Confirmation Time||500 milliseconds||480 milliseconds|
|On-Chain Governance?||Yes||Not yet- “Plans for it in the future”|
|Modular Blockchain Architecture?||Yes||Yes|
What are the differences and similarities between Aptos and Sui when it comes to technological features? We analyze the table above in this passage.
When it comes to processing power, Aptos and Sui are very similar, They both can process more than 120k TPS. Sui Claims that it can process up to 297k TPS. They came up with these results through tests.
These tests are done on computers twice as powerful as the current nodes in the network. Thus, it is prominent to say that SUI can process half of the TPS that they claim.
Aptos, on the other hand, claims to do about 160k TPS. Though, they haven’t conducted any tests. Thus, we can assume that Sui is more credible than Aptos when it comes to these claims.
If we took their claims at face value, and kept the same hardware constant with both networks, we can assume that Aptos has better transaction processing power than Sui. Though Sui can scale to higher throughputs if the validator minimum hardware requirements are increased.
Both Aptos and Sui also use virtually the same virtual machine, Sui does use a slightly different variation of the core Move version.
Both Aptos and Sui generally use similar consensus algorithms. The network achieves consensus through 3 main technological processes: PoS, BFT or some variation of it, and Bullshark. The Bullshark protocol is how both Aptos and Sui organize transactions for processing.
Another similarity between Aptos and Sui is that both have the same block production speeds. Aptos and Sui also have quick transaction finality with a difference of about 20 milliseconds. They also both make use of a DAG based mempool called Narwhal which increases the speeds at which validators acquire data.
Aptos and Sui have many differences, let’s go over them.
The first major difference between Aptos and Sui is that Aptos currently has chain governance implemented. Sui, on the other hand, does not. Though they have said that they will implement it later in the future.
A second major difference between Aptos and Sui is their secondary technologies. Aptos also makes use of the Jellyfish Merkle tree technology which allows it to increase transaction fees and Sui has implemented Zero Knowledge Proofs.
Zk-SNARKs, also known as Zero-Knowledge Succinct Non-Interactive Argument of Knowledge, refer to a group of zero-knowledge proofs that possess certain characteristics.
We now turn our attention to the adoption metrics that gauge the level of acceptance and utilization of these cryptocurrencies within the broader crypto ecosystem.
By analyzing adoption metrics, such as the total value locked to market cap ratio, total value locked, total decentralized exchange (DEX) volume, and other relevant ratios, we gain a deeper understanding of how valued each network is relative to each other.
Perhaps Aptos or Sui may be overvalued at their current valuation. Adoption and usability metrics help us understand Aptos and Sui valuations.
In the following sections, we will compare the adoption metrics of Aptos and Sui, allowing us to assess their relative performance and market reception.
|Adoption Metrics: Aptos vs Sui, A Value Comparison|
|Current Marketcap(As of June 2023)||$1.704 Billion||$560 Million|
|Current Fully Diluted MC(As of June 2023)||$8.886 Billion||$10.583B|
|Total Value Locked (As of June 2023)(TVL)||50.6 Million||19.08 Million|
|TVL to MC ratio [Higher is better]||0.02969||0.034|
|TVL to Fully Diluted MC ratio [Higher is better]||0.00569||0.0018|
|DEX volume (24h)(As of June 2023)||$3.34 Million||$2.54 Million|
When we compare the metrics above, we can see that Aptos has more TVL than Sui. Moreover, at the current marketcap of Aptos, Aptos is more overvalued than Sui when comparing its TVL to MC ratio.
When we compare Aptos and Sui to their TVL to fully diluted marketcap ratio, we can see that Sui is over valued compared to Aptos.
Thus, from these two metrics, we can see that Aptos is overvalued in the short term relative to Sui. Sui is overvalued in the long term relative to Aptos. Give Sui some time for their marketcap to go up as a result of token unlocks. At the current Sui price, it would be overvalued compared to Aptos.
As we continue our exploration of the fascinating world of cryptocurrencies, it is essential to delve into the concept of decentralization and compare its implementation in different digital assets. Decentralization lies at the core of blockchain technology, ensuring transparency, security, and resilience.
In our ongoing analysis of two prominent cryptocurrencies, Aptos and Sui, we now turn our attention to the crucial aspect of decentralization and how it is manifested within these ecosystems.
|Decentralization Compared: Aptos vs. Sui|
|Number of Validators Online||108||104|
|Capital Required to run a Validator||1,000,000 APT||30,000,000 Sui|
|Capital Required to run a Validator(In USD)(As of June 2023)||$8,444,000||$31,080,000|
|No current governance system implemented|
|Consensus Mechanism||PoS + AptosBFTv4 + Bullshark||PoS + BFT + Bullshark|
Let's compare the decentralization of Aptos and Sui across various metrics. Firstly, the number of validators online reveals the level of participation and stakeholder engagement.
Aptos boasts 108 validators, slightly more than Sui's 104, suggesting a broader distribution of validation power and potential for decentralized decision-making.
The capital required to operate a validator node is another important factor. Aptos demands 1,000,000 APT, while Sui requires 30,000,000 Sui. This indicates that Aptos offers a more inclusive and accessible validator ecosystem, with a lower capital investment needed compared to Sui.
To put the capital requirements into perspective, as of June 2023, the cost in USD for running a validator node is $8,444,000 for Aptos and $31,080,000 for Sui.
These figures highlight the affordability gap, with Aptos providing a more accessible entry point for a broader range of participants, thereby contributing to a higher degree of decentralization.
Regarding governance, Aptos employs an on-chain governance model. This enables the community to vote on proposals, participate in Aptos improvement proposals (AIPs), and submit their own AIPs.
In contrast, Sui currently lacks a governance mechanism, potentially limiting the community's ability to shape the network's direction. In other words, Sui is still fairly centralized compared to Aptos.
Both Aptos and Sui utilize a combination of Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) consensus mechanisms, supplemented by Bullshark . These mechanisms contribute to the security and decentralization of both networks.
Lastly, the number of active developers reflects the ongoing support for each cryptocurrency. Aptos has 63 active developers, while Sui has 68. This demonstrates dedicated efforts to drive continuous improvement and maintain decentralization in both ecosystems.
In summary, when comparing the decentralization of Aptos and Sui, Aptos showcases a higher degree of decentralization in terms of the number of validators, lower capital requirements, on-chain governance, and accessible entry for participants.
As we delve deeper into the fascinating world of cryptocurrencies, it becomes essential to explore and compare their various aspects to gain a comprehensive understanding. Tokenomics refers to the economic traits and principles underlying a cryptocurrency.
It encompasses factors such as token distribution, inflation rate, governance mechanisms, and utility within the ecosystem. Understanding the tokenomics of a cryptocurrency is crucial for investors, enthusiasts, and those seeking to grasp the long-term viability and potential of a digital asset.
We have researched the tokenomic traits of Aptos and Sui and summarized them in the table below.
|Aptos vs. SUI: A Comprehensive Comparison of Tokenomics|
|Circulating Supply(As of June 2023)||197 Million||528.273 Million|
|Total Supply (As of June 2023)||1,035,264,901||10 Billion|
|Circulating Supply of Total Supply Percentage(CSTSP) [Higher is better]||19%||5.28%|
|Inflation rate as a result of Coin Minting(2023)||7%||6.4%|
|Circulating Supply Inflation Rate(2023)||41.53%||337%|
|Points of Demand||
|Does The Network Burn Coins?||Yes, All Transaction fees||No|
|Total Coins Burnt Yearly (If Any)||100-250 APT Yearly at the current rates||N/A|
|AVG Total Account Growth Monthly||240-250k||13-15k|
|Projected Circulating Supply Inflation Rate (2024)||117.93%||64.83%|
|Projected Circulating Supply Inflation Rate (2025)||36.65%||23.7%|
|Projected Circulating Supply Inflation Rate (2026)||22.6%||4.7%|
The table above shows us the key tokenomic differences between Aptos and Sui. These differences influence how well the tokens perform In the open market. Terrible tokenomic traits hinder token price performance, and even cause the price to go down.
The first metric to look at is the Circulating Supply of Total Supply Percentage (CSTSP). Aptos and Sui both have terrible numbers when it comes to this metric since it is a relatively low percentage. However, Sui has a smaller percentage of circulating supply of total supply.
The reason why a lower circulating supply percentage is worse is because this means that a large number of tokens are yet to be unlocked. Tokens are vested and unlocked through token release schedules.
The foundations behind the projects unlock tokens as well as early investors. These tokens that get unlocked can get dumped on the market and cause the price to go down, hurting retail investors In the process.
When it comes to circulating supply of total supply percentage metric, Aptos has better tokenomics than Sui.
We can also see this low circulating supply of total supply percentage metric being manifested when we see inflation as a result of coins being unlocked. The circulating supply for Aptos is set to expand by 41.53% in 2023 and 117.93% in 2024. For Sui, these numbers are more extreme. Sui’s circulating supply is set to expand 337% in 2023, and 64.83% in 2024.
Thus, once again, Aptos has better tokenomics when it comes to (CSTSP) metric.
Next, we have the general inflation rates. Inflation is important, too much inflation also prevents price appreciation. Sui mints coins at 6.4% yearly and has better inflation than Aptos which mints coins at a 7% rate.
Another reason why Aptos might have better tokenomics than Sui is that its coin is used for on-chain governance. This feature creates more demand for the Aptos token. Sui currently doesn’t have any on-chain governance.
Aptos also has a burning mechanism. It currently burns 100% of all transaction fees. Though this rate is small since not many transactions are being executed thus, it isn’t significant currently. Sui, on the other hand, doesn’t burn any coins.
Both Aptos and Sui have similar coin use-cases. Aptos and Sui both can be staked by network supporters to secure the network and earn a yield on their stake. To earn this yield, Aptos and Sui have to be obtained, thus creating demand for the coin.
Now, it is time to bring our attention to a broader perspective by examining the similarities and differences between Aptos and Sui. By delving into their core functionalities, utility, and underlying distribution, we can gain a comprehensive understanding of what sets these cryptocurrencies apart.
In conclusion, after a thorough analysis of Aptos and Sui, we can draw several key insights and comparisons.
Technologically, both Aptos and Sui showcase similar transaction processing capabilities, with Aptos claiming a higher TPS without conducting tests. However, Sui's claim should be taken with caution as it was based on tests conducted on more powerful hardware.
Both cryptocurrencies utilize comparable consensus algorithms and boast quick transaction finality. Aptos incorporates the Jellyfish Merkle tree technology, while Sui implements Zero-Knowledge Proofs (Zk-SNARKs), offering distinct secondary technologies.
When it comes to adoption metrics, Aptos demonstrates higher Total Value Locked (TVL) than Sui. However, considering the TVL to Market Cap ratio, Aptos appears overvalued in the short term, while Sui's valuation seems higher in the long term. These metrics highlight the importance of evaluating market reception and usability to understand the true value of cryptocurrencies.
In terms of decentralization, Aptos exhibits a higher degree of decentralization compared to Sui. Aptos has a larger number of validators online, a more accessible validator ecosystem with lower capital requirements, and an on-chain governance model that empowers the community. Sui, on the other hand, currently lacks governance mechanisms and relies on centralized decision-making.
Tokenomics also play a significant role in evaluating cryptocurrencies. Aptos showcases better tokenomics in terms of Circulating Supply of Total Supply Percentage (CSTSP), inflation rates, and the integration of on-chain governance, which creates additional demand for the token.
Sui has a lower CSTSP percentage, indicating a larger number of tokens yet to be unlocked, which may impact the token's price in the market.