Mysten Labs’ Layer 1 Blockchain Sui Launches on Mainnet
- Sui Network was developed by Mysten Labs, which was founded by ex-Meta employees, using the Rust-based Move programming language.
- Unlike other blockchains that use proof-of-work and proof-of-stake consensus mechanisms, Sui relies on delegated proof-of-stake that allows users to elect and vote for delegates.
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After months of testing, the much anticipated high-performance Layer 1 blockchain developed by Mysten Labs, called Sui, was finally launched on mainnet, the Sui Foundation said in a press release on 3 May.
The blockchain’s native SUI token was listed on several major crypto trading platforms after its mainnet launch — including Binance, ByBit, OKX, and KuCoin — and quickly experienced a drop of 40% from its $2.16 opening price. Although the token is currently trading hands at $1.37 per CoinGecko data, this represents a significant rise from its pre-sale price of $0.03 and from its public sale price of $0.10.
Sui Network was developed by Mysten Labs — founded by ex-Meta employees — which back in September 2022 raised $300 million in a Series B funding round which valued the project at more than $2 billion. The blockchain was designed to be highly scalable, and unlike other network which run on proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanisms, Sui relies on delegated proof-of-stake (dPoS) that allows network users to elect and vote for delegates to confirm the next block.
The Sui blockchain was built on Move, a Rust-based programming language that was originaly designed at Meta before it closed down its Diem project in 2022. The team behind Sui have stated that more than 200 decentralized applications (dApps) — from NFTs and DeFi, to social media and gaming — were ready to go live on the network in the coming weeks, and another 100 projects that were ready to build on the network.
- Blockchain has not only affected the financial industry but also the gaming world, and game developers are increasingly incorporating the technology into their products.
- Although the technology is extremely secure, it is important to remember that safety starts with the user, and it is up to them to ensure their protection online.
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- Meta will soon offer NFT creators an “end-to-end toolkit” that will enable them to mint and sell their digital collectibles directly on Instagram.
- The company will add support for the Solana blockchain and Phantom wallet, and further expand its supported blockchains with the addition of Solana.
- The 2.9 billion active monthly users of Facebook are now able to post their digital collectibles and NFTs on their Facebook accounts.
- The feature was first available to a limited number of Instagram users, but was later expanded across 100 countries, with support for Ethereum, Polygon, and Flow blockchains.