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.