Mysten Labs’ Sui Launches on Mainnet, SUI Down 70% in 24 Hours

UTC by Mayowa Adebajo · 2 min read
Mysten Labs’ Sui Launches on Mainnet, SUI Down 70% in 24 Hours
Photo: Sui

SUI is the native token of the project, it has a total supply of 10 billion.

The highly competitive layer-1 blockchain space has a new entry as Sui finally launched its mainnet at 7:30 am EST on Wednesday. According to an update from the project’s Discord server, the successful launch is the result of the tenacity and hard work that developers put into creating the blockchain.

Mysten Labs, the team of developers behind the Sui network is not new to top projects such as this. As a fact, it largely consists of former Meta engineers who also worked on the now-defunct Novi project. So, by launching on the mainnet, Sui’s native asset – the SUI token, will now be accessible on top exchanges. That is, investors may now begin trading with it on exchanges such as Binance, Bybit, KuCoin, and OKX.

Sui Promises a High-performance Blockchain

Meanwhile, aware of the intense competition that exists within the layer-1 blockchain space, Sui looks to have come fully prepared.

According to the team, the network plans to accommodate over 200 decentralized applications in the coming weeks. And the applications will range between DeFi, social media, NFTs, and even gaming.

Also, recall that during the testnet, the Sui blockchain reportedly achieved throughputs between 10,871 to 297,000 transactions per second (TPS). With that kind of stellar performance, it is set to outshine Solana, one of the fastest layer-1 blockchains. Solana only boasts a TPS of approximately 4,000.

More so, high-performing blockchains are said to show more improvements in the aspect of scalability. That is unlike what is seen on high-priority networks such as Ethereum.

SUI Token

SUI is the native token of the project, and according to Binance’s Launchpad announcement, it has a total supply of 10 billion. However, only 5.28% of the supply will be circulated at the initial stage. That is, only about 528,273,717 tokens will be in circulation for now.

As of publication, SUI currently trades at $1.40, per CoinMarketCap data, after falling from $2.16 shortly after launch. This puts the project’s market capitalization at over $739 million. The highest price over 24 hours was $4.52. It means that the fall was around 70% in 24 hours.

In a September 2022 Series B funding round, Mysten Labs raised $300 million. The funding was just enough to put the project’s valuation at over $2 billion. At the time, it saw investments from various participants including the investment arm of the now-collapsed crypto exchange FTX.

Now, however,  it has a fully diluted valuation (FDV) of over $13 billion and expectations are high for its performance in the market.

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