Sui Mainnet Goes Live with Native Token Trading on Major Exchanges

Sui Mainnet Goes Live with Native Token Trading on Major Exchanges

Sui’s mainnet has officially launched, and its native token is now trading on major exchanges such as Binance and Bybit. The token started trading for less than $2 and has already experienced a 72% decline in less than 30 minutes of trading, according to CoinMarketCap data. As of press time, the SUI token’s trading volume is $336 million, with a market cap of $284.46 million.

Binance users alone deposited over $4 billion on the exchange within two days to farm the SUI token. On Binance, the token started trading for $2 but quickly dropped to $1.27 as of press time, with a trading volume above $200 million USDT. On KuCoin, the token is trading for $1.28, with a trading volume of $34 million.

Sui is a layer1 blockchain network built on Move developed by Mysten Labs. The project raised $300 million in a September 2022 funding round that included bankrupt exchange FTX. The network has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second (TPS).

According to information on its official Twitter handle, Sui’s object-centric model based on its novel architecture enables parallel transaction processing, sub-second finality, and rich on-chain assets. 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.”

Siourounis added, “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.”


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