Sui Network – Meta's "Alumni" Blockchain – Launches Testnet

Sui Network, a layer-1 blockchain created by former Meta (formerly Facebook) employees, has officially launched its testnet.

Testnet Wave 1 is designed for validators and all nodes, serving as a "rehearsal" environment to enhance decentralization, address issues, and identify a core group of experienced node operators for deployment, monitoring, and troubleshooting, according to the announcement.

Sui has gained significant momentum in recent months and is viewed as a strong competitor to Aptos, another layer-1 blockchain founded by former Meta staff. Both Aptos and Sui utilize the Move programming language.

While Aptos made waves with airdrops following an unexpected mainnet launch, Sui has announced that there are no plans for early user rewards.

In September, Mysten Labs – the company behind the Sui blockchain – raised $300 million led by FTX Ventures, valuing the company at $2 billion. Recently, the Sui team introduced Mist units, effectively smaller denominations of the SUI token, to enhance the network's payment system. Additionally, the Sui Foundation is funding projects through its Developer Grant Program, offering up to $100,000 and planning further rewards in SUI.

Meanwhile, the devnet will continue to operate, allowing developers to test and build their decentralized applications (dApps) on the network.