Sui Launches Mainnet, SUI Token Hits $2
After much anticipation, the Sui blockchain has officially launched and listed its SUI token on several major exchanges.
1-Minute Chart of SUI/USDT on Binance as of 08:20 PM on May 3, 2023
At 07:00 PM on May 3, the SUI token was simultaneously listed and began trading on major platforms including Binance, OKX, Huobi, KuCoin, and Bitfinex.
On Binance, SUI surged to $2 before adjusting back to $1.25 at the time of writing. With a total supply of 10 billion tokens, Sui has a fully diluted market cap of $12.8 billion. However, its current market cap is just $650 million, given that the circulating supply is around 500 million tokens.
SUI Data as of 08:20 PM on May 3, 2023
Source: CoinGecko
For comparison, Aptos (APT) is trading at $9.55 per token, giving it a market cap of $1.8 billion and a fully diluted market cap of approximately $10 billion.
SUI Data as of 08:20 PM on May 3, 2023
Source: CoinGecko
SUI is the native token of Sui, a layer-1 blockchain that also launched its mainnet on May 3 after an extended development period. In 2022, Sui's development team, Mysten Labs, raised $300 million in funding.
According to its tokenomics, SUI will be used for transaction fees on the blockchain, staking, governance voting, and liquidity provision.
Sui is a Proof-of-Stake blockchain utilizing the Move programming language developed by Facebook, similar to its competitor Aptos (APT). As of launch, Sui validators have staked 4.2 billion tokens to validate transactions through over 2,100 nodes, primarily located in the U.S., Germany, Eastern Europe, and East Asia.
Sui Blockchain Data as of 08:20 PM on May 3, 2023
Source: explorer.sui.io
Despite promising transaction speeds of up to 300,000 transactions per second, current blockchain data shows that Sui is handling only 5 transactions per second, compared to Aptos’s 8 transactions per second.
Aptos Blockchain Data as of 08:20 PM on May 3, 2023
Source: explorer.aptoslabs.com
The SUI token launch has also faced controversy for choosing an exchange listing over an airdrop for early testnet users.
