SUI▲$0.8274 price soared more than 20% after Mysten Labs co-founder Adeniyi Abiodun said private transactions will launch on Sui later this year.
SUI, the native token of the Layer-1 blockchain Sui Network, briefly rose more than 25% after a Mysten Labs co-founder said confidential transactions will launch on the network.
Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, the company behind Sui Network, said during Sui Live in Miami that confidential transactions are coming to the network later this year. He said:
“So, we’ve been very thoughtful about privacy for Sui, and we’ll be launching privacy very, very shortly on Sui as well. So, this will be live on exchanges, on wallets, across service providers.
You’ll be able to on and off-ramp privately as well.
Abiodun added that Sui will start with stablecoins and may later expand the feature to stocks, bonds, real-world assets and other tokens. He also reassured that these transactions “all happen fully privately on the public ledger, fully encrypted without exposing users’ information.”
Currently, most blockchain payments are public by default. A user can send tokens quickly, but transaction amounts and activity history are usually visible on-chain. While that works for transparency, it’s still awkward for normal payments.
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Sui’s Privacy Push Still Needs More Details
It’s still unclear what the new design will look like in practice. It’s also ucnlear how “fully private” transactions would work with crypto exchanges that still have to follow regulatory rules.
- For comparison, Polygon’s private stablecoin payments aren’t mixer-style privacy because transfers are screened before execution and meant to hide details from the public market, not compliance checks.
Either way, SUI briefly jumped about 25% to $1.41, pushing its market value above $5.6 billion, before pulling back to $1.27, according to CoinGecko data.
