SUI mainnet launches, trades for less than $2

Sui (SUI) mainnet is now live and its native token is currently trading on various exchanges such as Binance, Bybit, etc.

The mainnet went live at 12:00 UTC and started trading at less than $2 on major exchanges.

SUI is down more than 70%.Transaction volume exceeds $300 million in 30 minutes

According to data from CoinMarketCap, the SUI token dropped 72% to $1.29 within 30 minutes of trading. Token trading volume is currently at $336 million at the time of writing.

According to CoinMarketCap, the token has a market capitalization of $284.46 million.

On Binance, the token started trading at $2, but fell rapidly to $1.27 at the time of data Indicated It already has a trading volume of over 200 million USDT.

Binance users have deposited over $4 billion in tokens on the exchange within two days.

Other exchanges like KuCoin are trading at $1.28 with a trading volume of $34 million.

What is Sui?

Sui is a layer 1 blockchain network built on Move developed by Mysten Labs. The project has seen widespread interest from the cryptocurrency community and he has raised $300 million in a September 2022 funding round. This included the bankrupt exchange FTX.

“Sui’s object-centric model is based on its novel architecture, enabling parallel transaction processing, sub-second finality (only 480 ms on average), and rich on-chain assets.”

According to official Twitter information mediatethe network has 100 globally distributed validators and achieved a peak throughput of approximately 300,000 transactions per second (TPS).

Sui Foundation Managing Director Greg Sirounis said: Said:

“Today marks a monumental milestone for the entire Sui community and the digital asset ecosystem as a whole. It gives us the freedom to build without worry, unlocking limitless possibilities for our users around the world.”

Sub-$2 transactions first appeared on CryptoSlate after the launch of the SUI mainnet.

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