Markets

SUI drops out shortly after Mainnet is launched

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 buildup. Last year, in September 2022, the development team behind the series raised $300 million in a Series B round.

Soi branches out

Reportedly, the blockchain can achieve high throughput ranging from 10,871 transactions per second (TPS) to 297,000 TPS on different workloads based on testnet performance. In comparison, Solana has a TPS of around 4,000.

Cosmos (ATOM) can boast up to 10,000 TPS, although network congestion may mean less. Compare that to the relatively primitive Bitcoin network, which only deals 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 essential for widespread adoption of blockchain technology and will enable more applications to be created 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 the most popular smart contract platform. Although one of its limitations was scalability. Hence, the excitement around the new class 1 as Sui.

Sui code sinks

Immediately after the launch, Sui’s first-tier blockchain currency landed in the top 100 cryptocurrencies by market capitalization. At the time of writing, the coin is currently sitting at 63, outperforming tier 1 coins like NEO and ZIL that have been circulating around for years.

Sui code did not work as well as hoped after Mainnet was launched. source: Queen Gekko

However, game owners will be disappointed in its performance. Shortly after its debut, SUI dropped 47% from $2.16 to $1.15.

Binance’s launch platform saw a massive response from users who bet over $4 billion worth of tokens for the SUI token launch, which took place from Monday to Tuesday. The exchange has added support for the SUI token through its Launchpad, which was available to BNB and TUSD holders.

However, due to high traffic, users only received 0.016 SUI for every dollar invested in the launchpad.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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