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).
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.”
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