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SUI token debuted on the market at $2; where to buy it and what to expect from the listings?

Andrew Zhoao

News editor

May 3, 2023 at 06:25

On May 3, 2021, SUI, a Layer 1 blockchain designed to make cryptocurrency ownership fast, private, secure, and accessible, goes mainnet. An event of this magnitude has pushed the project into the Twitter trend with more than two million posts. However, users are especially focused on the upcoming token listings, of which there should be at least eight at the start. Read more about everything below.

SUI's listing countdown Source: Bybit
SUI’s listing countdown Source: Bybit

Build beyond: What is SUI?

Sui Network is a Layer 1 and smart contract platform built from the bottom up an investment approach that focuses on analyzing individual stocks and de-emphasizes the significance of macroeconomic and market cycles. The goal is to make cryptocurrency ownership faster, more confidential, more secure, and more affordable.

The platform is built on the Move programming language, which achieves parallel execution, sub-second finality, and access to on-chain assets. Horizontal processing and data storage in Sui provide the ability to create fast applications with low investments.

The uniqueness of the platform is that it can solve almost any 1-layer blockchain problem. This is possible thanks to the following features:

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  • Horizontal Scaling. Each group of transactions processes in parallel, as opposed to the bottlenecking that happens in some earlier blockchains due to a lack of distinction between the different objects, resources, accounts, and other components.
  • Composability. Allows users to directly pass any digital asset into a function argument. The project’s object-centric approach also allows for more esoteric data structures and the ability to save crypto such data structures, or in an asset itself.
  • Sparse Replay. The approach provides a ledger of every single transaction. For a Sui-specific example, game builders don’t need to monitor transactions interacting with unrelated dApps. Because querying on-chain data can be expensive, products on Sui will be able to follow the evolution of the objects in this game without digging out the data from the Merkle tree a mathematical data structure composed of hashes of different blocks of data.
  • On-Chain Storage. Because assets are directly stored as objects on the Sui blockchain, they are never subject to Merkle tree indexing. Storing crypto directly on-chain is used in tandem with conventional means, such as IPFS The Interplanetary File System is a distributed file storage protocol that allows computers all over the globe to store and serve files as part of a giant peer-to-peer network, to scale the problem of on-chain storage, as it is much cheaper to directly update assets on-chain.

The project was created by the former heads/lead architects of Meta’s Novi Resears, who developed the Deim blockchain. Among them are the following specialists:

The SUI platform’s native token is expected to be used to pay gas fees, pay for the storage fund, and participate in DeFi activities. The idea is that the fund will return to future validators the costs of previously stored data on the network.

SUI’s maximum supply will be 10B tokens, but the circulating supply at the time of writing is only 2% of the total number of coins.

Where to get SUI?

Big listings began on May 3, but even before that, IOU it exists to denote a debt relationship between two parties versions of the token could be purchased on four exchanges: BitForex, DigiFinex, HotBit, and SuperEx. According to CoinMarketCap, the developers placed a total of 10B tokens up for purchase.

As for the price, during this period, the minimum value of the asset was $1.4071, while the maximum value of the token soared to $3.1475.

Sui (IOU) to USD chart
Sui (IOU) to USD chart

The most interesting began after the start of listings. Thus, according to CoinGecko, the value of the asset at the start was $2.16 but then fell almost immediately, and at the time of writing, the asset is trading at $1.26. Moreover, such a sharp entrance allowed the token to immediately take 216th place in the top cryptocurrency by market capitalization ($272,466,366).

SUI to USD chart
SUI to USD chart

The token is now available to buy on ten exchanges, and two (Coinlist and WhiteBIT) are scheduled to list in the near future. Here is where you can already trade this asset and how much SUI is worth on the platform (at the time of writing).

  • Binance — $1.32.
  • KuCoin — $1.29.
  • Bybit — $1.29.
  • Mexc — $1.32.
  • — $1.3.
  • OKX — $1.31.
  • Huobi — $1.31.
  • Phemex — $1.3.
  • Bitfinex — $1.36.
  • AscendEX (BitMax) — $1.33.

In terms of trading volume, the most SUI is traded on the Binance exchange in tandem with USDT. At the time of writing, the figure is $247,435,602.

What will happen to SUI after the series of listings and the launch of the mainnet?

At the time of writing, the token is already being sold on more than ten exchanges, so it is curious what will happen next.

The main thing is to understand that, given the scope of tokens, namely that they will be used to manage the ecosystem, at the moment they are useless. So there is a possibility that in the near future, the network will be flooded with projects (for example, NFT by SUI) that pretend to be partners of SUI, as it was with Aptos. So be careful.

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