The Sui Foundation announced on Wednesday that the Sui Mainnet is now live. However, the token dropped shortly after launch.
The Sui Mainnet went live at midday UTC on Wednesday after a closely watched build-up. Last year, in September 2022, the development team behind the chain raised $300 million in a Series B round.
Sui Branches Out
Reportedly, the blockchain can achieve high throughputs ranging from 10,871 transactions per second (TPS) to 297,000 TPS on different workloads based on the testnet’s performance. By comparison, Solana has a TPS of about 4,000.
Cosmos (ATOM) can boast up to 10,000 TPS, although network congestion may mean it is lower. Compare that to a relatively primitive Bitcoin network, which transacts only five times per second.
Scalability and transaction speed are serious challenges for blockchain networks, limiting their capacity as more users join the network. Improving these aspects is crucial for the widespread adoption of blockchain technology and would enable more applications to be built on blockchain platforms, reduce transaction costs, and increase accessibility.
The Sui Foundation is looking to compete with other high-powered smart-contract platforms such as Aptos. Smart contract platforms allow developers to build decentralized applications.
Currently, Ethereum is by far the most popular smart contract platform. Although, one of its limits has been its scalability. Hence, the excitement around new layer-1s like Sui.
Sui Token Sinks
Immediately after launch, Sui’s layer-1 blockchain coin landed in the top 100 largest cryptocurrencies by market cap. At the time of writing, the coin currently sits at 63, beating out layer-1 coins like NEO and ZIL that have been kicking around for years.
However, holders will be disappointed at its performance. Soon after its debut, SUI dropped 47% from $2.16 to $1.15.
Binance’s Launchpad saw an immense response from users who staked tokens worth over $4 billion for the SUI token launch, which took place from Monday to Tuesday. The exchange added support for SUI token through Launchpad, which was available for BNB and TUSD holders.
However, due to the high traffic, users only received 0.016 SUI for every dollar invested in the launchpad.
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