SUI mainnet launches, trades for less than $2

Sui’s (SUI) mainnet is present live, and its autochthonal token is present trading crossed assorted exchanges similar Binance, Bybit, and others.

The mainnet went unrecorded astatine 12:00 UTC and began trading crossed large exchanges for little than $2.

SUI is down much than 70%; trading measurement surpasses $300M successful 30 minutes

The SUI token has declined by 72% successful little than 30 minutes to $1.29 aft it opened for trading, according to CoinMarketCap data. The token’s trading measurement is presently astatine $336 cardinal arsenic of property time.

The token has a marketplace headdress of $284.46 million, according to CoinMarketCap.

On Binance, the token started trading for $2 but rapidly declined to $1.27 arsenic of property time. The exchange’s information showed it already has a trading measurement supra $200 cardinal USDT.

Binance users had deposited implicit $4 cardinal connected the speech wrong 2 days to farm the token.

On different exchanges similar KuCoin, it is trading for $1.28 with a trading measurement of $34 million.

What is Sui?

Sui is simply a layer1 blockchain web built connected Move developed by Mysten Labs. The task had gathered wide involvement from the crypto assemblage — raising $300 cardinal successful a September 2022 backing circular that included bankrupt speech FTX.

“Sui’s object-centric model, based connected its caller architecture, enables parallel transaction processing, sub-second finality (on average, conscionable 480 milliseconds), and affluent on-chain assets.”

According to accusation connected its authoritative Twitter handle, the web has 100 globally distributed validators and achieved a highest throughput of astir 300,000 transactions per 2nd (TPS).

The managing manager of the Sui Foundation, Greg Siourounis, said:

“Today is simply a monumental milestone for the full Sui assemblage and the integer plus ecosystem arsenic a whole. For the archetypal time, builders and users person entree to a Layer 1 blockchain that allows developers to physique freely, without being inhibited by analyzable infrastructure, and unlocks endless possibilities for users crossed the world.”

The station SUI mainnet launches, trades for little than $2 appeared archetypal connected CryptoSlate.