Sui Launches Mainnet; Token Sees Mass Sell-off on Binance After Listing
In Brief
The Sui Foundation today announced that the Sui Mainnet is now live.
Sui is a Move-based layer-1 blockchain developed by former Meta engineers.
The Sui token was also listed on Binance today and saw a mass sell-off from users who managed to farm Sui tokens.
The Sui Foundation has announced that the Sui mainnet is now live. The blockchain project was developed by former Meta senior engineers and architects who worked on the company’s shuttered crypto payments project, Novi.
Launched today at 8 am ET, the layer-1 blockchain uses an object-centric model, meaning that Sui uses objects as its basic data storage unit rather than accounts. Developers define, create, and manage these programmable objects representing user-level assets. An object has distinct attributes, including ownership, and its values can be updated based on the governing logic of the smart contract that created it.
According to a press release, the blockchain enables parallel transaction processing, sub-second finality (on average, just 480 milliseconds), and rich on-chain assets.
Sui is built using its native programming language, Sui Move, based on the Move language specifically designed to improve upon flaws in other smart contract programming languages. Move claims to address two key issues in smart contract design: representation of digital assets and safe operations over them. Building on that, Sui Move adds language for blockchain-specific concepts such as accounts, transactions, time, and cryptography.
Along with the launch of Sui mainnet, the layer-1 blockchain’s native token SUI also opened for trading on Binance today at 8 am ET, followed by OKX and KuCoin. The token had a sale price of $0.10 during a public sale on these exchanges at the end of April. It peaked at $2 before a mass sell-off shortly after trading opened today. SUI’s value plummeted from $2 to $1.27 as of this writing.
According to Decrypt, Binance users staked over $4 billion worth of assets to farm SUI tokens. Of the 40 million SUI tokens that Binance will distribute, 80% will go to BNB stakers and the rest to TUSD stakers. So far, $770 million has been deposited in the TUSD pool and $3.2 billion in the BNB pool on the Binance Launchpad as of this writing, Binance accounts for about 52% of SUI’s USDT spot trading volume, Bybit 15%, OKX 11%, and KuCoin 8%, per data by CoinGecko.
Despite being a relatively new project, a large community of founders, developers, and builders has formed around Sui. The Sui Discord channel boasts 750,000 members and counting. As a general smart contract platform, Sui has attracted game developers to build on its blockchain.
“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,”
said Greg Siourounis, Managing Director of the Sui Foundation.
In April, Mysten Labs, a web3 infrastructure company and initial contributor to the Sui blockchain, partnered with Arrivant, a game developer and publisher, to develop its flagship game, Project Eluüne: StarGarden, on Sui. Other new projects will be launched on Sui in the coming months.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
