The native token of the Sui network, SUI, serves several functions, including powering decentralized applications (dApps), paying for transaction and storage fees, securing the network through staking, and enabling governance decisions. As of July 2024, SUI plays a vital role in maintaining network operations, facilitating interactions, and incentivizing participation within the ecosystem. The token provides ownership within the network, similar to other blockchain tokens, allowing for active participation in governance and future developments.

Everything You Need to Know:

What you Need:

1. A self custody Sui Wallet
   1. Here are a few options:
      1. Sui Wallet: https://chromewebstore.google.com/detail/sui-wallet/opcgpfmipidbgpenhmajoajpbobppdil
      2. Suiet: https://suiet.app/

Talisman Wallet - Chrome Web Store

If you are setting these up for the first time, make sure you write down your seed phrase(s) and keep it in a safe place. It is not recommended to keep this on your phone on computer. Write it down, store it away, and do not show anyone.

Once you set these up, transfer your $SUI to your SUI wallet.

Step 1:

• Go to the main page of your Sui wallet (Demo Wallet is Suiet) and hit receive to get your SUI address, you may also copy the address from the main page

  

• Send your SUI to your new wallet, ensuring you are using the SUI network

Step 2: Staking your Sui

• Next, Click on $SUI within the wallet interface

• Click on Stake and select your validator from the dropdown