SUI mainnet launches, trades for less than $2 SUI mainnet launches, trades for less than $2
SUI has declined by more than 70% in less than 30 minutes after its mainnet launch, according to CoinMarketCap data.
1 min read
Updated: May. 3, 2023 at 1:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Sui’s (SUI) mainnet is now live, and its native token is now trading across various exchanges like Binance, Bybit, and others.
The mainnet went live at 12:00 UTC and began trading across major exchanges for less than $2.
SUI is down more than 70%; trading volume surpasses $300M in 30 minutes
The SUI token has declined by 72% in less than 30 minutes to $1.29 after it opened for trading, according to CoinMarketCap data. The token’s trading volume is currently at $336 million as of press time.
The token has a market cap of $284.46 million, according to CoinMarketCap.
On Binance, the token started trading for $2 but rapidly declined to $1.27 as of press time. The exchange’s data showed it already has a trading volume above $200 million USDT.
Binance users had deposited over $4 billion on the exchange within two days to farm the token.
On other exchanges like KuCoin, it is trading for $1.28 with a trading volume of $34 million.
What is Sui?
Sui is a layer1 blockchain network built on Move developed by Mysten Labs. The project had gathered broad interest from the crypto community โ raising $300 million in a September 2022 funding round that included bankrupt exchange FTX.
“Suiโs object-centric model, based on its novel architecture, enables parallel transaction processing, sub-second finality (on average, just 480 milliseconds), and rich on-chain assets.”
According to information on its official Twitter handle, the network has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second (TPS).
The managing director 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 inhibited by complex infrastructure, and unlocks endless possibilities for users across the world.”
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Featured Story
Advertise Here
In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
KuCoin
KuCoinโฏis a global cryptocurrency exchange for numerous digital assetsโฏand cryptocurrencies that launched in September 2017.