Cardano founder Charles Hoskinson has commended the team behind Sui, a fast-rising blockchain network that has recently gained significant traction.

Sui is a Layer-1 blockchain and smart contract platform that launched in 2023. Its goal is to simplify and enhance application development in the Web3 ecosystem. The platform operates on the Move programming language, allowing for parallel transaction processing.

Hoskinson Commends Sui Network’s Progress

On October 4, Charles Hoskinson, the founder of Cardano, praised the SUI network team for their recent performance. He specifically acknowledged the work of George Danezis, Mysten Labs Co-Founder and Chief Scientist, and noted that the network deserves recognition within the crypto space.

“Reading about Sui. It’s good to see George’s work come to life. They deserve great success in the space,” Hoskinson stated.

Hoskinson’s recognition comes as Sui’s growth has captured significant attention in recent weeks. Its native token surged by 118% over the past month, pushing its market cap to $5 billion. The platform also reported a 140% increase in active addresses and a 48% revenue jump compared to August.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

Sui’s DeFi ecosystem is also expanding, with increasing transaction volumes and a growing number of decentralized applications (dApps). Data from DefiLlama reveals a 40% rise in Sui’s decentralized exchange transaction volume, reaching $872 million in weekly transactions.

Additionally, the total value locked (TVL) on the platform now stands at approximately $1.25 billion, ranking it among the top 10 blockchain networks by TVL.

Market analysts point to memecoin speculation and the introduction of native stablecoins like Circle’s USD Coin as major drivers of this activity. Additionally, the network has attracted institutional interest, with Grayscale recently launching a dedicated crypto investment trust for the project.

Read more: Which Are the Best Altcoins To Invest in October 2024?

These developments have led some observers to suggest that SUI could become a serious competitor to other smart contract-enabled blockchains, such as Solana and Cardano. Asset management firm VanEck highlighted the blockchain network’s unique object-based architecture, which supports higher transaction throughput and lower latency compared to rivals like Solana and Ethereum.

“If we are to segment our investment theses on Layer-1 blockchains, we put Sui in the camp with Solana and Aptos as chains that are leveraging their high-performance characteristics to appeal to Web2 developers,” VanEck stated.

As the first week of October 2024 wraps up, several Artificial Intelligence (AI) coins are making waves with standout price performances and increasing investor interest.

In this analysis, BeInCrypto highlights the top three AI coins dominating the market, examining the key drivers behind their rise and what could be on the horizon in the coming weeks.

DIA

DIA is a company specializing in cross-chain oracles for Web3. It delivers services like digital asset price feeds, adjustable NFT floor price feeds, multi-chain randomness for DeFi and GameFi applications, and the creation of bespoke oracles for decentralized apps.

DIA surged 47.79% over the past seven days, ranking it among the top-performing artificial intelligence coins during this period. Its price skyrocketed from $0.41 on September 29 to $0.92 by October 1, marking an impressive 124% gain. Following this surge, the price corrected back to $0.59.

Despite this retracement, DIA’s Exponential Moving Average (EMA) lines remain bullish. The short-term EMAs continue to stay above the long-term ones, signaling that the bullish trend is still intact, although it has weakened compared to the earlier peak.

Read more: How Will Artificial Intelligence (AI) Transform Crypto?

The DIA’s Relative Strength Index (RSI) currently stands at 44.68, which suggests it is neither overbought nor oversold. RSI is a momentum indicator that ranges from 0 to 100 and is used to gauge whether an asset is overbought (above 70) or oversold (below 30) territory.

With DIA’s RSI at 44.68, it indicates that the asset is in a neutral zone, showing steady movement without extreme pressure in either direction. This level suggests there is still potential room for upward growth before hitting an overbought condition. That implies that DIA could have more upside momentum ahead.

Zero1 Labs (DEAI)

DEAI is the token from Zero1 Labs, a platform dedicated to developing decentralized artificial intelligence applications. Zero1 Labs offers Keymaker, an open platform that includes a DeAI (Decentralized Artificial Intelligence) toolset, API, and dApp Store, along with Cypher, a blockchain optimized for AI and large language models, with a focus on data governance and ownership. The platform is designed to simplify the creation and monetization of DeAI apps.

DEAI price surged 14.05% in the last week, currently sitting at $0.41. DEAI EMA lines are strongly bullish, with the short-term lines all above the long-term lines. They also show a good distance between them, which shows the uptrend is sustainable.

DEAI currently shows support at $0.31, and its next resistance is at $0.43, which should be tested soon. Its relative Strength Index (RSI) currently stands at 61.41. That indicates that while it is nearing the overbought threshold of 70, it still has some room for potential growth.

With DEAI’s RSI approaching 70, the token shows signs of strength and upward momentum. However, it could be nearing a point where gains could slow or a correction may occur. While there is still room for growth, this momentum may not last much longer as it inches closer to the overbought zone.

Lambda (LAMB)

LAMB is the coin of Lambda, a storage network that defines itself as the “leading omnichain modular storage”, supporting DeFi and artificial intelligence applications. LAMB price followed the same trend from DIA and DEAI, surging from $0.0016 on September 27 to $0.0030 on September 30. That represents an 87,5% growth in just three days.

It then dropped to $0.0023, but its price chart still shows a growing potential for the next few days. LAMB EMA lines still look bullish, although the distance between its two short-term lines is not as big as before. This could indicate that the current uptrend is less strong.

Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?

LAMB’s RSI currently sits at 50.33, signaling that the asset is in a neutral position, neither overbought nor oversold. This leaves ample room for growth as it indicates that LAMB is not facing excessive buying pressure yet.

If the current uptrend continues, LAMB could soon retest the $0.0030 resistance level, presenting a potential 32% increase opportunity. With its RSI comfortably in the middle, there is space for further upward momentum before any significant resistance is encountered.

As the blockchain ecosystem expands, Solana aims to stay ahead of increasing demand through technical innovation and proactive problem-solving. Solana’s ability to handle more transactions than all other blockchains combined demonstrates its live operational capabilities. However, with growth comes the inevitable need to continually enhance infrastructure.

In a recent exclusive interview with BeInCrypto, Matt Sorg, the Vice President of Technology at Solana Foundation, discussed a range of topics — from Solana’s technical challenges and its efforts to tackle transaction congestion to maintaining decentralization and network security.

What makes Solana an attractive ecosystem for startups and developers?

Solana is representative of an ecosystem with which to collaborate with your application. Both of those things are pretty attractive for a startup.

You do not have to carve out a whole new ecosystem and make sure there are wallets and on- or off-ramps and USDC and USDT. You don’t have to worry about that. That is all there for you on Solana.

So, it’s really important for a startup to focus on its core competency. You’re not having to reinvent the wheel.

Developing on Solana really kickstarts people from that, and they don’t have to think about it. I think that’s part of the reason why the Solana applications have been relatively successful. The applications can concentrate on the unique thing they’re delivering to the world, not the infrastructure.

What do you see as the key technical challenges developers face when trying to enter the Solana ecosystem?

First off, it’s kind of like the same thing with focus. I think there are so many chains and infrastructure out there.

There’s this joke that there are more chains than apps, which I think is actually kind of true right now. There’s just an enormous amount of different chains and L2s and whatever pops up. So, I think that lack of clarity can make it hard for a founder to know where to shift to.

Solana is like a very low-friction, high-performance chain, but everybody promises that. The thing that we have is that we show it live. It’s not just like a promise of that.

Solana does more transactions per day than all the blockchains combined. That both means a supply and demand thing. Both chains are capable of doing it live and at very low fees.

Solana is known for its high throughput and low latency. What challenges arise when trying to maintain these performance levels as the network scales?

We have really pushed the needle on this. You can see we’re pushing it so hard that, as a lot of people saw in the early days, there were some outages.

The severity and duration of those are overblown, but any outage is not great. That has definitely improved over time. Part of it is just if you’re going to try to stretch the limits.

A lot of the other chains are single sequencers, very, very by design. They have low throughput and less room for error. There are fewer things that can trigger things. It’s just less complex.

But you’re only going to do 17 TPS if you lock yourself into that kind of thing. There’s no other EVM chain that really does more than 100, whereas Solana has, in live environments, done over 8,000. And that’s just from applications, not including votes.

Can you explain how Solana proactively addresses bottlenecks as demand continues to increase?

Every single time you 10x, you run into a new 10x demand and a new infrastructure challenge. It’s just the way things work generally.

One of our challenges is when that happens, it’s usually just some engineering concern. The most recent one that happened in April was some consistent congestion. It was hard to land transactions and stuff.

And there was all this FUD about failing transactions and all this noise. Failing transactions aren’t a big deal. The issue was actually earlier in the stack.

It was the Web2 components of the stack, the way that we implemented QUIC. It was using a library called Quinn, which is an open-source library from Google. We just had to rewrite it.

Are there any tools or SDKs within Solana’s ecosystem that developers should be excited about?

There’s a lot. There’s actually a very robust ecosystem. First, the chain itself has some properties that are basically SDKs to mint NFTs or mint tokens. You can use SPL tokens, Metaplex NFTs, or a variety of both of those things to mint them. 

As a developer, you’re using already on-chain code that’s already audited. All I’m doing is submitting my configuration, which can be JavaScript, a game engine, Python, or Rust.

But it’s just normal front-end stuff. You don’t have to get re-audited in order to do that. If you want custom on-chain code, then yes, you need to do SVM, Rust, and on-chain stuff, but a lot of collaborative apps are out there that you don’t need to do that kind of thing.

Solana recently made headlines due to the rise of meme coins on the network. How does the Foundation view this surge in interest?

It’s a wild ecosystem. Legitimately, two of the founders of Solana will say anything on Twitter, and there’s just a meme coin of it, like five seconds later or usually multiple meme coins that are making fun of whatever they said. 

I would say you can map it pretty closely to a lottery or casino. These are zero-sum games. You have people competing with each other at the end of the day. You don’t need infrastructure or development underneath it—just the narrative because that’s what you’re trading on with L2s.

I think part of why many L2s and L1s have struggled is because if they don’t have users yet, why not just trade the meme coins? If all you’re trading on is narrative, just go straight to the most liquid memes.

Cross-chain interoperability is becoming increasingly important. Does Solana have plans to enhance its interoperability with other chains?

Solana itself is very composable. All the transactions are composed of multiple instructions. Those instructions can be across a variety of smart contracts or what we call programs. Part of the reason Solana is so great is like Jupiter; for example, whenever it does a swap, it interacts with any number of DEXs to find you the best prices across a variety of them.

Solana is very composable and atomic, meaning all transactions happen or none do. So, it’s a very good user experience. Like I want to do something, oh, it’s going to happen, or it’s not, which, by the way, gets back into what I was mentioning earlier.

That’s where failed transactions come from. Sometimes, one of the conditions of the trade isn’t met, so it fails, and that should fail. If that condition isn’t met, it’s like something that you have defined for it.

It’s not the chain itself that is processing that failed transaction perfectly fine. It’s just that the condition wasn’t met. And that’s the first thing: Solana is already, at its core, all about composability.

The extra things that we’re concentrating on are bridges. The idea that we’ve talked about a couple of times now is that Solana has this low friction, and that’s where finance will go. So, being as connected to as many places that issue assets as possible is really important.

This isn’t us trying to replace any other chain or whatever, but if valuable assets are on some other chain and they want to interface with the liquidity and functionality of Solana, we want to make that as easy as possible to lower the friction so it flows to Solana, where there’s other liquidity and other functionality. So yeah, tons of bridges are coming out.

This is called intents, which are basically cross-chain, implicitly defined things that you want. Usually, there’s a bunch of fancy technologies underneath, like ZK, to prove that the intent was fulfilled. We’re working with some of the intent providers that are doing that.

As Solana validators continue to expand, what measures are in place to optimize decentralization and network security?

First, I want to make sure that it’s clear that the Solana validators are permissionless. They can enter and exit just as they please, and the protocol just adjusts. This is very different from many L2s and other L1s.

Ethereum is also permissionless, but even that requires 32 Ethereum to be minimal. Solana’s minimum is one. To be profitable, you need a lot more than that, but it is a permissionless protocol.

For security, there are a lot of developments. The most notable one that you’ll hear more about in the coming weeks is Firedancer, the second validator client on Solana, which gives validators more options on which client they want to run and also offers some redundancies. So if there’s ever a fault in one, the validators can hot-swap to the other. It’s a pretty powerful paradigm in terms of resiliency.

What is Solana’s long-term vision for decentralization and scalability?

The goal of Solana is to be this global synchronization of any data. Obviously, if you care about global synchronization, it probably had some value — financial data for sure, as well as DePIN data.

We’re less opinionated on exactly how it’s used. It’s a permissionless chain that we want to be able to facilitate finance and businesses. No animosity at all; we just want businesses to be set up for success.