Users must pay a cost known as "gas fees" in order to carry out any task on a blockchain. Depending on demand or the underpinning network, they can cost anywhere from a few cents to many hundred dollars.
The adoption of MIST will help lessen the issues with running out of gas brought on by coin dust, a phenomenon where little change kept in a user's wallet accumulates over time to tens of dollars and is rendered useless because of high gas prices.
Previously, the Move or Sui protocol's SUI coin balance was immediately translated into SUI. An SUI coin with a balance of 100, for instance, used to be translated into 100 SUI. According to developers, the amount will be regarded as 100 MIST or 10-7 SUI with the MIST upgrade.
Shortly, the Sui Wallet and Sui blockchain explorer will show the updated SUI and MIST values.
Sui Network is a limitless platform for creating dynamic and rich on-chain assets for everything from gaming to business. SUI is a layer 1 blockchain created from the roots of Mysten Labs in the smart contract specialized language MOVE.
In early September, Mysten Labs raised $300 million in a total investment of over $2 billion. Sui, a Layer 1 Proof-of-Stake blockchain meant to compete with Ethereum and Solana, was founded by Mysten.