Lightning Fast Sui Blockchain Mainnet Goes Live
The Sui mainnet went online this morning at 7:30 a.m. EDT, thirty minutes earlier than expected, according to a Discord update for the project. The Sui blockchain was developed by former Meta (formerly Facebook) employees that worked on the abandoned Novi project. It is a layer-1 Move-based blockchain technology.
The blockchain’s creator, Mysten Labs, secured $300 million in Series B financing in September 2022. According to the testnet’s efficacy, the blockchain purportedly achieves high throughputs of between 10,871 and 297,00 TPS on a variety of workloads. Solana, one of the fastest layer-1 blockchains, has around 4,000 TPS in comparison.
High-performance blockchains’ attempts to resolve the scalability problems that Ethereum and other giants confront have garnered media attention. Near and Aptos are some other rivals. The project’s native coin, SUI, is used for governance and transaction costs. The entire quantity of SUI tokens, according to a statement on Binance’s Launchpad, is ten billion. 528,273,717 tokens, or 5.28 percent of the total supply, will make up the first supply.
🌊After Devnet, multiple Testnet waves, Frenemies, #CapyHolidays, Builder Houses, and much more – what a monumental moment for the Sui community: Sui Mainnet has launched!💥
Let’s dive into what that means for all of you and why you should #BuildOnSui!
— Sui (@SuiNetwork) May 3, 2023
The coin is now selling at $1.33, down from $2.16 in the immediate minutes after its launch, according to CoinGecko. The market valuation of the company now stands at $704 million. The fully diluted value (FDV) of the company reaches $13 billion.
The Sui Foundation worked with centralized exchanges including Kucoin, OKX, Bybit, and Binance to sell tokens to the project’s Discord community and other exchange users. Over 100,000 users contributed $49 million to the exchanges, and over $4 billion worth of crypto tokens were staked by Binance users to produce SUI tokens.