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Sui Network Turns to Mist Units to Improve Payment Efficiency
Developers said that denoting Sui in Mist units will enable more flexibility in SUI transactions by supporting micropayments at very low gas fees.
Developers of the Sui Network introduced Mist units for the project’s native SUI tokens in a move geared towards more efficient micropayments.
Mist is not a separate token, but functions similar to how 100 cents become $1. Each SUI will be broken up into 1 billion MIST, developers said, allowing for low gas fees while conducting transfers worth a few dollars.
STORY CONTINUES BELOW
This new SUI unit will help enable more flexibility in SUI transactions.
— Sui (@SuiNetwork) October 20, 2022
MIST will better support micropayments, including very low gas fees. And utilizing MIST will help mitigate insufficient gas problems caused by coin dusts (i.e. coins with a low balance like 10^-8 SUI).
Gas fees refers to a fee paid by users to perform any function on a blockchain. These can range from a few pennies to several hundred dollars based on demand or the underlying network.
Utilizing MIST will also mitigate the insufficient gas problems caused by coin dust, a phenomena where coins with very low value that are stored in a users’ wallet add up to tens of dollars over time and become unusable due to high gas fees.
The SUI coin balance in Move or Sui protocol was previously interpreted as SUI directly. For example, a SUI coin with a balance of 100 used to be interpreted as 100 SUI. With the MIST update, the value will be interpreted as 100 MIST or 10^-7 SUI, as per developers.
The new SUI and MIST values will soon be displayed on the Sui Wallet and Sui blockchain explorer.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
