SUI, a layer1 blockchain network, has launched its mainnet and its native token is now available for trading on major exchanges such as Binance and Bybit. The launch took place at 12:00 UTC and the token began trading for less than $2. However, the token’s price rapidly declined by 72% to $1.29 within less than 30 minutes of trading, according to CoinMarketCap data. Currently, the token’s trading volume is $336 million.
Token’s Market Cap and Trading Volume
As of press time, the token has a market cap of $284.46 million and is trading on Binance for $1.27. Binance users have already deposited over $4 billion on the exchange to farm the token within two days. On other exchanges like KuCoin, the token is trading for $1.28 with a trading volume of $34 million.
SUI had raised $300 million in a funding round that included FTX, despite the exchange being bankrupt. The project had garnered significant interest from the crypto community due to its object-centric model, architecture, parallel transaction processing, and sub-second finality. According to its official Twitter handle, the network now has 100 globally distributed validators and achieved a peak throughput of nearly 300,000 transactions per second.
Greg Siourounis, the managing director of the SUI Foundation, called the mainnet launch a “monumental milestone” for the entire SUI community and the digital asset ecosystem. He stated that for the first time, developers have access to a Layer 1 blockchain that allows them to build without being inhibited by complex infrastructure, and unlocks endless possibilities for users worldwide.