Sui (SUI), developed in Rust, supports smart contracts in a modified version called Sui Move. The network uses a Delegated Proof of Stake (DPoS) consensus mechanism secured by staking the native SUI token. Founded in 2021, Sui originated from research and development at Meta and continues to enhance its Blockchain infrastructure with new features. This article answers two key questions: What is Sui (SUI), and how to buy Sui (SUI) with TRY.
What is Sui (SUI)?
Sui is a Layer-1 Blockchain network developed in Rust, supporting smart contracts written in a modified version of the Move programming language called Sui Move. The network uses a Delegated Proof of Stake (DPoS) consensus mechanism secured by staking the native SUI token. Both validator operators and token holders who delegate their tokens to validators participate in this staking process to ensure network security.
Founded in 2021 by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias, Sui was built on the foundations laid during their tenure at Meta. In June 2019, Meta (formerly Facebook) announced plans for a permissioned Blockchain and a digital wallet to support a global payment network. Despite these efforts, legal challenges led to the closure of the Diem Association and the sale of its assets in January 2022. Meta later ended the Novi project due to pressure from the US Senate.
Two new Blockchains, Aptos and Sui, emerged from the research and development of Diem and Novi. Mysten Labs, a centralized organization, was established to advance Sui based on Diem Association’s research. The SUI token was launched on April 12, 2023, followed by the mainnet launch on May 3, 2023. The SUI token facilitates transaction fee payments, validator operations, and token delegation. While there is no public roadmap for future developments, developers are actively working on Sui.
Several key features have been released since the mainnet launch. On July 12, 2023, DeepBook, a central limit order book (CLOB) for the Sui ecosystem, was introduced along with a developer SDK. DeepBook is a permissionless feature accessible to all Sui users. On July 27, 2023, SIP-6 was implemented, providing liquid staking through third-party protocols like Volo.
The project team continues to release new network versions. The latest, Protocol Version 35, was implemented with Sui v1.17.3 on February 1, 2024. The ongoing development process demonstrates Sui’s commitment to improving and enhancing its Blockchain infrastructure.
How to Buy Sui (SUI) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Sui (SUI). Over 100 cryptocurrencies, including SUI, can be traded on Binance TR, where accounts can be quickly created. Follow the steps below to buy Sui (SUI) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or the official Binance TR website. Note that you will also need your phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first tap on the “Identity” option to continue.
Then, a screen like the one below will appear. To continue the verification process, first select the document type that suits you.
After selecting the document type, tap on the “Upload front side” option to continue. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload back side” option and take a photo of the back side of the document. Make sure the images are clear and the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible after the camera opens.
After completing all these steps correctly and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from any bank. You can deposit TL 24/7 and make seamless transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy SUI Coin with TL on Binance TR?
After depositing money, you can proceed to the TL to SUI coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. You can go to the TL to SUI purchase page by typing “SUI” in the search box on the right side of this page and clicking on the SUI/TRY option from the results.
Now the SUI trading page below will open. On this page, you need to enter the price at which you want to buy SUI in the first box marked with a red box and the number of SUI you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SUI” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users can access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
