Speedy Sui Blockchain Officially Launches on Mainnet

The Sui mainnet went live today at 7:30 am EST, 30 minutes before its scheduled launch, according to an update in the project’s Discord.

The Sui blockchain is a Move-based, layer-1 blockchain platform developed by former Meta (formerly Facebook) engineers who worked on the now-defunct Novi project.

Mysten Labs, the development team behind the blockchain, raised a $300 million investment in a Series B round in September 2022.

According to the testnet’s performance, the blockchain can reportedly achieve high throughputs between 10,871 transactions per second (TPS) to 297,000 TPS on various workloads. For comparison, Solana, one of the fastest layer-1 blockchains, boasts a TPS of roughly 4,000.

High-performance blockchains have made headlines for their aims to alleviate scalability issues facing heavyweights like Ethereum. Other competitors, include Near and Aptos.

SUI is the native token of the project for paying transaction fees and governance purposes. The total supply of SUI tokens is 10 billion, per Binance's Launchpad announcement. The initial circulating supply of the token will be 528,273,717, representing 5.28% of the total token supply.

The token is trading at $1.33, per CoinGecko, after falling from $2.16 within minutes of its launch. This puts the project's market capitalization at $704 million. It's 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 like Kucoin, OKX, Bybit, and Binance to sell the tokens to the project’s Discord community and other exchange users.

The exchanges raised $49 million from over 100,000 users, and Binance users staked over $4 billion worth of crypto tokens to farm SUI tokens.

The spot trading of the token on exchanges like Binance will begin at 8 pm EST.