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Home»Analysis»SUI mainnet launches, trades for less than $2
Analysis

SUI mainnet launches, trades for less than $2

2023-05-04No Comments2 Mins Read
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Sui’s (SUI) mainnet is now live and its native token is now traded on various exchanges such as Binance, Bybit and others.

The mainnet went live at 12:00 UTC and began trading on major exchanges for less than $2.

SUI is down more than 70%; trading volume exceeds $300 million in 30 minutes

The SUI token is down 72% in less than 30 minutes to $1.29 after it opened for trading, according to CoinMarketCap data. The token’s trading volume currently stands at $336 million at the time of writing.

The token has a market cap of $284.46 million, according to CoinMarketCap.

On Binance, the token started trading at $2 but quickly dropped to $1.27 as of writing. Stock market data showed it already has a trading volume of over $200 million USDT.

Binance users had deposited more than $4 billion on the exchange within two days to farm the token.

On other exchanges like KuCoin, it is trading at $1.28 with a trading volume of $34 million.

What is Su?

Sui is a layer1 blockchain network built on Move, developed by Mysten Labs. The project had sparked widespread interest from the crypto community – raising $300 million in a September 2022 funding round that included bankrupted exchange FTX.

“Sui’s object-centric model, based on its new architecture, enables parallel transaction processing, sub-second finality (only 480 milliseconds on average), and rich on-chain assets.”

According to information on his official Twitter leverthe network has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second (TPS).

See also  UBS launches its first tokenized fund on the Ethereum blockchain

The general manager of the Sui Foundation, Greg Siourounis, said:

“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 held back by complex infrastructure, unlocking endless possibilities for users around the world.”

The post SUI mainnet launches, transactions for less than $2 appeared first on CryptoSlate.



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Launches Mainnet SUI trades
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