🌊After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!💥
Let’s dive into what that means for all of you and why you should #BuildOnSui!
— Sui (@SuiNetwork) May 3, 2023
Trading Volume Surges, Price Takes a Hit
Despite its sharp price decline, SUI’s trading volume skyrocketed to over $300 million within half an hour, according to CoinMarketCap data. At the time of writing, the token is trading at $1.26 with a market cap of around $274.46 million.
On Binance, the SUI token started trading at $2 but quickly fell to $1.27. In just two days, Binance users deposited over $4 billion to farm the token. Meanwhile, on KuCoin, SUI is trading at $1.28 with a trading volume of $34 million.
What Sets the Sui Network Apart?
Sui is a layer1 blockchain network built on Move, developed by Mysten Labs. The project raised $300 million in a September 2022 funding round, with the bankrupt exchange FTX among its backers. The network boasts an object-centric model, enabling parallel transaction processing, sub-second finality (averaging 480 milliseconds), and rich on-chain assets.
A Glimpse at Sui’s Capabilities
The Sui network features 100 globally distributed validators and has achieved a peak throughput of nearly 300,000 transactions per second (TPS). Greg Siourounis, managing director of the Sui Foundation, commented on the mainnet launch:
Today is a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole. For the first time, builders and users have access to a Layer 1 blockchain that allows developers to build freely, without being inhibited by complex infrastructure, and unlocks endless possibilities for users across the world.
Key Points
What is the Sui Network?
Sui is a layer-1 blockchain and smart contract platform designed to boost Web3 adoption with fast speeds and high scalability. Unlike Bitcoin or Ethereum, the Sui platform relies on delegated proof-of-stake, allowing users to elect and vote for delegates to confirm the next block.
What is the SUI token?
The SUI token is the native token of the Sui Network, used for various purposes within the ecosystem. It started trading on major cryptocurrency exchanges following the Sui mainnet launch on May 3.
How has the SUI token performed since its launch?
The SUI token experienced a rapid decline of over 70% in value within the first 30 minutes of trading. Despite this, the trading volume exceeded $300 million in just half an hour.
Which exchanges support SUI token trading?
Major exchanges like Binance, Bybit, KuCoin, Huobi, OKX, and Poloniex support SUI token trading. Some South Korean exchanges, such as Upbit, have also joined in trading the token.
