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Layer-1 Blockchain Sui Network Rolls Out Its Mainnet

Layer-1 Blockchain Sui Network Rolls Out Its Mainnet

At the time of writing, it is unclear how many crypto investors have purchased Sui token.

The much-anticipated Sui mainnet has gone live, with its token trading at $1.28 and a market capitalization of $687 million.

Upon the launch, Layer-1 blockchain has been competing against Aptos and other DeFi heavyweights.

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It is worth noting that the pre-sale price of the token was only $0.03, while the public sale price was $0.10.

Based on the blockchain data, Sui was founded by former Meta employees and holds a $2 billion valuation. With over 200 projects in its directory and 100 more looking to build on its network, Sui is becoming a major player in the DeFi space.

Despite promising rapid transaction speeds, Sui's blockchain explorer data revealed an average of only four transactions per second (4tps) on launch day, compared to Aptos 9tps.

Decentralization has also presented a few challenges for the network. Over 2,100 nodes are operating in 43 countries, primarily concentrated in Germany and the US, with a few nodes in Asia and Eastern Europe. As the network matures, the distribution of validators is expected to become more widespread.

At the time of writing, the distribution of token holders remains unclear.

In April, the Sui network decided to not run an airdrop, disappointing some community members.

Instead, the platform's native token, SUI, used for governance and gas, was offered to community members for $0.03 per token in an early sale on three exchanges: OKX, KuCoin, and ByBit. A subsequent token sale was limited to 10,000 tokens per person, priced at $0.10 per token.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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