The Sui (SUI) token saw immediate action on major cryptocurrency exchanges such as Binance, OKX, Huobi, KuCoin, and Poloniex, among others, as the Sui Network’s mainnet went live on May 3.
The Sui Network, a layer-1 blockchain and smart contract platform, has officially launched its mainnet, leading to a flurry of activity on major cryptocurrency exchanges worldwide. The SUI token, with a total supply capped at 10 billion coins, uses delegated proof-of-stake consensus algorithm to ensure secure and fast transactions.
Many leading crypto trading platforms have supported the launch, including Binance, which plans to introduce SUI trading immediately after the mainnet launch. Users can trade SUI against popular cryptocurrencies like Bitcoin and BNB, as well as euros and Turkish liras.
Other major exchanges, such as Huobi, KuCoin, ByBit, OKX, and Poloniex, have also announced SUI listings. While some South Korean exchanges, facing investigations for listing native coins, have also jumped on the SUI bandwagon. Upbit is among those exchanges preparing to launch SUI trading.
Following its trading debut, SUI has seen relatively low volatility, although it did suffer a significant decrease in value, plummeting by nearly 40% within the first half hour. Presently, the token is being traded at $1.36, which represents a considerable increase from its price during the April spotlight token sale, when SUI tokens were purchasable for 0.1 USDT each.
Despite the drop in value, Binance users deposited billions of dollars’ worth of cryptocurrency to farm SUI tokens before the mainnet launch, staking almost $4 billion in BNB and TUSD to farm 40 million SUI tokens. The combined value of all these tokens now amounts to $51 million.
The Sui Network aims to increase Web3 adoption by providing fast speeds and high scalability. Unlike Bitcoin or Ethereum blockchains, SUI runs on delegated proof-of-stake, allowing network users to elect and vote for delegates to confirm the next block.
The Sui project is built on Move, a Rust-based programming language designed at Meta, formerly known as Facebook. Sui is backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research. In September 2022, the Sui Foundation announced a $300 million raise for the development of the Sui ecosystem.