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 Network is a Layer 1 and smart contract platform built from the bottom up
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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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.
Big listings began on May 3, but even before that, IOU
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.
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).
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).
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.
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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