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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