- SUI Foundation reveals the zkLogin feature for easy login to dApps on the network.
- With a market cap of $343 million, $SUI has lost half its market share since its launch.
- Pro crypto market analyst forecasts $SUI’s performance in the next bull cycle.
One of the most watched newcomer altcoins, Sui (SUI), hasn’t been a stranger to the crypto bears in one of the longest bear cycles in the history of crypto. Despite already being down 79.89% from its all-time high set at $2.16 on May 3rd, 2023, SUI developers keep building through the volatile crypto market conditions.
On Thursday, Sui Network introduced zkLogin, which gives native support for popular Web2 authentication services, making the blockchain more accessible for crypto enthusiasts. This new feature allows users to log in to the decentralized applications of their choice on SUI’s blockchain without remembering their private keys.
How SUI’s New Feature Makes Onboarding Easier
The zkLogin uses zero-knowledge cryptography that’s native to SUI’s blockchain. On launch day, SUI described the zkLogin as the inaugural native method to integrate the simple Web2 authentication providers into Web3. Without a simplistic way of joining a Web3 project, “Builders miss a significant opportunity to onboard potential users,” explains the official blog.
In most cases, a new user would be asked to select a cryptocurrency wallet provider, install it, and then create a crypto wallet with private keys and seed phrases. This process will likely scare away more than half of potential users, even with an integrated third-party solution or a built-in custodial wallet.
Because of this, professional crypto traders see $SUI as a solid candidate for making it to the top performer list in the next bull run. According to crypto trader Crypto Bullet, the altcoin $SUI can reach the target of $8.5 if the $SUI token withstands a crucial northward resistance barrier between $0.8 – $1.2. The last time the Layer-1 token retested this key resistance was on July 23rd, 2023, and it was rejected.
The #97 ranked altcoin $SUI trades at $0.434, according to CoinGecko. Slipping down further by 21.3% in the last 30 days, $SUI’s foundation underlies the rising transaction numbers, which surpassed popular Ethereum Layer-2s like Arbitrum (ARB) and Optimism (OP).
On the Flipside
- SUI token recorded its all-time low at $0.419073 on August 13th, 2023, and has only bounced back 3.76% since hitting the bottom.
Why This Matters
Simplifying the onboarding of new users to Web3 is crucial for smooth crypto adoption.
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