Sui Unveils Its Mainnet; Token Experiences Significant Sell-off on Binance Following Listing
In Brief
In a significant announcement today, the Sui Foundation confirmed that the Sui Mainnet is now officially operational.
Built on the Move programming paradigm, Sui represents a layer-1 blockchain crafted by engineers who previously worked at Meta.
Today marked the listing of the Sui token on Binance, which triggered a massive sell-off from users who had successfully farmed Sui tokens.
The Sui Foundation has proudly shared that the Sui mainnet is now operational. The project was crafted by skilled engineers and architects from Meta, many of whom contributed to the now-defunct Novi crypto payments initiative.
Launching at 8 am ET today, this layer-1 blockchain implements an object-centric model, which allows it to utilize objects as primary data storage units instead of traditional accounts. This makes it possible for developers to define, create, and control these programmable objects, which signify user assets. Each object has unique attributes, including ownership, and its values can be modified according to the logic defined in its accompanying smart contract.
As per a recent press release, Sui’s blockchain supports parallel transaction processing, achieves sub-second transaction finality—averaging just 480 milliseconds—and facilitates rich on-chain asset management.
Sui is engineered with a native programming language known as Sui Move, which builds upon the Move language specifically developed to rectify shortcomings present in other smart contract programming languages. Move tackles two significant challenges in smart contract design: how digital assets are represented and ensuring their operations are safe. On top of this, Sui Move introduces language elements tailored for blockchain-specific concepts like accounts, transactions, timestamps, and cryptographic measures.
Alongside the Sui mainnet launch, the SUI token began trading on Binance today at 8 am ET, with additional listings on OKX and KuCoin shortly thereafter. During a public sale on these platforms at the end of April, SUI was priced at $0.10. It soared to a peak of $2 but quickly faced a sell-off right after trading commenced, with SUI's value diving from $2 to $1.27 at the time of this report.
According to Decrypt Users on Binance staked over $4 billion in assets to farm SUI tokens. Out of the 40 million SUI tokens that Binance plans to distribute, 80% is allocated to those who staked BNB, while the remaining 20% is earmarked for TUSD stakers. Currently, around $770 million has been deposited in the TUSD pool and approximately $3.2 billion in the BNB pool on the Binance Launchpad. Currently, Binance represents about 52% of SUI's USDT spot trading volume, with Bybit at 15%, OKX at 11%, and KuCoin at 8%, according to recent data. CoinGecko .
Even though Sui is still a fresh project, it has quickly fostered a vibrant community of founders, developers, and innovators. The Sui Discord server has amassed over 750,000 members, and as a versatile smart contract platform, Sui is drawing in game developers eager to create within its ecosystem.
“Today marks a watershed moment not just for the Sui community but for the digital asset ecosystem at large. For the first time, developers and users gain access to a Layer 1 blockchain that permits unhindered innovation, free from the shackles of complex infrastructure, opening up limitless opportunities for individuals around the globe,”
commented Greg Siourounis, Managing Director of the Sui Foundation.
In April, Mysten Labs—a Web3 infrastructure provider and a key contributor to the Sui blockchain—teamed up with Arrivant, a game developer and publisher, to create its flagship project, Project Eluüne: StarGarden, on the Sui blockchain. Anticipate even more exciting ventures launching on Sui in the months ahead.
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