Shortly after the mainnet launch, SUI fell from $3.5 to $1.5 per unit.
SUUI’s mainnet went live on May 3rd. According to the Sui Foundation, the organization behind the development of the network, developers can access the Layer 1 blockchain, which allows them to build freely without being constrained by complex infrastructure.
Launch of SUI
Basically, the Sui blockchain is a smart contract platform designed to enhance the speed and scalability of Web3. In order to confirm the next block, users elect and vote delegates using delegated Proof-of-Stake (dPoS).
The Sui Foundation’s managing director, Greg Siourounis, offered the following comment:
“Today is a watershed moment for the Sui community and the digital asset ecosystem as a whole.” For the first time, developers and consumers have access to a Layer 1 blockchain, which enables developers to build freely without being constrained by complex infrastructure and opens up unlimited possibilities for users worldwide.”
The SUI craze has even managed to catch the South Korean crypto sector, which is notorious for being wary of new ventures. UpBit, one of the country’s main exchanges, has revealed plans to begin trading SUI on May 3rd.
So far, several important crypto trading platforms, including Binance, OKX, Kucoin, Huobi, Poloniex, and Bybit, have extended support for the Sui mainnet launch, letting investors to purchase and sell SUI. It experienced increased volatility, as is normal in the early hours following the debut of a new token. SUI rose to around $3.5 before plummeting to less than $1.5 in minutes.
Previously, Tron Founder Justin Sun’s transfer of around 56 million TUSD (worth more than $56.4 million) to crypto exchange Binance in the early hours of May 1st fueled speculation regarding his intention to farm the recently-released Sui tokens on the Binance LaunchPool.
Following that, Binance CEO CZ warned Sun, asking him not to use any TUSD deposits to reap SUI rewards on the platform.