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 writing.exchange 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.
