Monday, July 22, 2024

SUI mainnet goes live as token sees immediate action on Binance, OKX, others

Major cryptocurrency exchanges around the world are launching trading of the Sui (SUI) token amid the Sui Network’s mainnet launch on May 3.

According to an official announcement by the Sui Foundation, the Sui mainnet went live at 12:00 pm UTC. A wide number of global crypto trading platforms opted to support the Sui mainnet launch, enabling investors to buy and sell the new SUI token.

As such, Binance crypto exchange plans to debut SUI trading right away after mainnet launch. The platform will allow users to trade between SUI and cryptocurrencies like Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB) at 12:15 pm UTC. The firm will also enable investors to exchange SUI against euros and Turkish liras.

Other big exchanges including Huobi, KuCoin, ByBit, OKX and Poloniex also announced SUI listings. KuCoin noted that it also plans to list SUI USDT-margined futures and isolated margin trading pair SUI/USDT when its “liquidity meets the requirement.”

Poloniex also emphasized that the total supply of SUI is capped at 10 billion tokens.

Some South Korean exchanges, which are known to face investigations by local authorities for listing certain native coins, have also joined the global SUI hype. Upbit is one of those exchanges, preparing to start SUI trading on May 3 as well.

What is SUI token?

Sui, or the Sui Network, is the Layer 1 blockchain and smart contract platform designed to increase Web3 adoption with fast speed and high scalability.

Unlike Bitcoin or Ethereum blockchains — which run on proof-of-work (PoW) and proof-of-stake (PoS) consensus algorithms, respectively, — the Sui platform relies on delegated Proof-of-Stake, or dPoS. That means that SUI network users can elect and vote delegates to confirm the next block.

Related: Justin Sun issues apology after Sui LaunchPool clashes with Binance CEO

The Sui project is famous for being built on Move, a new Rust-based programming language designed at Meta, formerly known as Facebook. Sui is backed by Mysten Labs, a Web3 infrastructure organization founded by former senior executives at Meta’s Novi Research.

After Meta shut down its crypto project Diem in 2022, Mysten Labs started actively working on the Sui network. In September 2022, the Sui Foundation announced a $300 million raise for the development of the Sui ecosystem.

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