Mysten Labs’ Sui launches on Mainnet to become the newest Layer-1 Blockchain platform

The highly competitive tier-1 blockchain space has a new entry as Sui finally launched its mainnet at 7:30am EST on Wednesday. According to an update from the project’s Discord server, the successful launch is a result of the persistence and hard work that developers put into creating the blockchain.

Mysten Labs, the team of developers behind the Sui network is not new to top projects like this. As a matter of fact, it is largely made up of former Meta engineers who also worked on the now defunct Novi project. So, by launching on the mainnet, Sui’s native asset – the SUI token, will now be available on top exchanges. That is, investors can now start trading with it on exchanges such as Binance, Bybit, KuCoin and OKX.

Sui promises a high-performance blockchain

Meanwhile, aware of the intense competition that exists within the tier-1 blockchain space, Sui appears to have come fully prepared.

According to the team, the network plans to host over 200 decentralized applications in the coming weeks. And the applications will vary between DeFi, social media, NFTs and even gaming.

Also remember that during the testnet, the Sui blockchain reportedly achieved throughputs between 10,871 and 297,000 transactions per second (TPS). With that kind of amazing performance, it is set to surpass Solana, one of the fastest tier-1 blockchains. Solana only has a TPS of about 4000.

More so, high-performance blockchains are said to show several improvements in the aspect of scalability. It is unlike what is seen on high-priority networks such as Ethereum.

The SUI token

SUI is the initial token of the project, and according to Binance’s Launchpad announcement, it has a total supply of 10 billion. However, only 5.28% of the supply will be circulated in the initial phase. That is, only about 528,273,717 tokens will be in circulation for now.

As of publication, SUI is currently trading at $1.40 per CoinMarketCap data, having fallen from $2.16 shortly after launch. This puts the project’s market value at over 739 million dollars. The highest price over 24 hours was $4.52. That means the drop was around 70% in 24 hours.

In a Series B funding round in September 2022, Mysten Labs raised $300 million. The funding was just enough to put the project’s value at over $2 billion. At the time, it saw investments from various participants, including the investment arm of the now-collapsed crypto exchange FTX.

However, it now has a fully diluted valuation (FDV) of over $13 billion and expectations are high for its performance in the market.

next