New Delhi: Sui, a high-performance blockchain developed by former Meta (formerly Facebook) engineers, has officially launched on its mainnet at 7:30 am EST today, according to an update in the project’s Discord. The blockchain platform is based on the Move language and is designed to tackle scalability issues by achieving high throughputs of up to 297,000 transactions per second on various workloads. The blockchain has reportedly been tested and can perform better than Solana, one of the fastest layer-1 blockchains, which boasts a TPS of roughly 4,000.
Mysten Labs, the development team behind the blockchain, funded $300 million in a Series B round in September 2022. The blockchain platform’s native token, SUI, is used for paying transaction fees and also governance purposes. The total number of SUI tokens for supply is 10 billion, with an initial circulating supply of 528,273,717, which represents 5.28% of the total token supply. SUI is currently trading at $1.33, according to CoinGecko, with a market capitalization of $704 million. Its fully diluted valuation (FDV), or total supply of tokens including those not currently in circulation, is more than $13 billion.
The Sui Foundation partnered with centralized exchanges likeBybit, Kucoin, OKX, and Binance to sell the tokens to the project’s Discord community and other exchange users. The $49 million exchanges raised from over 100,000 users, and Binance users staked over $4 billion worth of crypto tokens to farm SUI tokens. Spot trading of the token on exchanges like Binance is set to begin at 8 pm EST.
High-performance blockchains have gained attention for their potential to alleviate scalability issues facing major players like Ethereum. Other competitors in this space include Near and Aptos. Sui’s development team’s experience in Meta’s Novi project suggests that they are well-equipped to tackle the challenges associated with blockchain technology.
In conclusion, Sui’s launch on its mainnet is a significant development in the blockchain space, given its high throughput capability and the significant investment it has received. Its native token, SUI, has already generated a lot of interest from investors and is set to be traded on major exchanges. As blockchain technology continues to grow, projects like Sui offer potential solutions to the scalability issues that have plagued existing blockchain platforms, promising faster, more efficient transaction processing.
