Sui’s (SUI) mainnet is now live, and its native token is now trading across various exchanges like Binance, Bybit, and others.
The mainnet went live at 12:00 UTC and began trading across major exchanges for less than $2.
SUI is down more than 70%; trading volume surpasses $300M in 30 minutes
The SUI token has declined by 72% in less than 30 minutes to $1.29 after it opened for trading, according to CoinMarketCap data. The token’s trading volume is currently at $336 million as of press time.
The token has a market cap of $284.46 million, according to CoinMarketCap.
On Binance, the token started trading for $2 but rapidly declined to $1.27 as of press time. The exchange’s data showed it already has a trading volume above $200 million USDT.
Binance users had deposited over $4 billion on the exchange within two days to farm the token.
On other exchanges like KuCoin, it is trading for $1.28 with a trading volume of $34 million.
What is Sui?
Sui is a layer1 blockchain network built on Move developed by Mysten Labs. The project had gathered broad interest from the crypto community — raising $300 million in a September 2022 funding round that included bankrupt exchange FTX.
“Sui’s object-centric model, based on its novel architecture, enables parallel transaction processing, sub-second finality (on average, just 480 milliseconds), and rich on-chain assets.”
According to information on its official Twitter handle, the network has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second (TPS).
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. 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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