After months of development, the Sui blockchain officially launches its mainnet this afternoon, and its SUI token is set to be open for trading on Binance soon after. Here’s what you need to know.
The Sui blockchain mainnet is coming
Today at 2 p.m. Paris time, the Sui blockchain mainnet network is to be officially launched :
🌊 Mainnet officially launches this Wednesday at 12:00 PM UTC. Get ready. pic.twitter.com/EBVF9kmCX2
— Sui (@SuiNetwork) April 30, 2023
Just like Aptos (APT), Sui is the heir to Facebook’s defunct Libra project, then renamed Diem before being discontinued. The assets were then sold by Meta to Silvergate Bank, which has since gone into liquidation.
In addition, Sui a blockchain of smart contracts programmed in Move language, and developed by Mysten Labs. Lately, data from his testnet showed a capacity ranging from 10,871 to 297,000 transactions per secondwhich could thus make it a super-fast network if it keeps its promises in the future.
Its testnet and devnet already host several decentralized finance (DeFi) or non-fungible token (NFT) applications, such as Suiswap, Clutchy or MovEx for example. Thus, the various applications in development should join the main network as all the adjustments are made.
In addition, the Sui Foundation teams have announced a bug bounty program in partnership with Immunefi last April, for anyone who finds flaws that could harm the network.
👉 To go further — Learn more about how the Sui blockchain works
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What about the SUI token?
As for the SUI token, the gas token of the blockchain, it is not yet officially open for trading at the time of writing these lines. Nevertheless, the asset is estimated at $2.82 on CoinGecko, and $2.42 on CoinMarketCap for the moment.
However, it will be necessary to remain very careful, because on the one hand, these are only forecasts, and on the other hand, the high volatility during new quotations can present serious risks for the capital.
At any rate, the SUI will open for trading at 2:15 p.m. BST on Binance this afternoon. The announced pairs are as follows, and Binance will not currently charge fees for trading with TUSD:
- SUI/EUR (euro);
- SUI/TRY (Turkish Lira).
Once the blockchain is launched, SUI holders should be able to stake their tokens on the various network validators in order to generate returns. SUI incentives must also be offered to attract users to applications in this ecosystem.
On the other hand, it will be up to each respect its own risk managementkeeping in mind the potential price volatility, as well as the youth of Sui who could be prone to breakdowns.
👉 Also in the news — TUSD at $1.2 on Binance: what happened to the TrueUSD stablecoin?
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Sources: Sui, Binance
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