Hyped Layer 1 Network Trades At $13B Valuation
Sui, a Layer-1 blockchain developed by former Meta employees, has launched its mainnet. The project uses a proof-of-stake consensus model and was programmed in the Move language, which was originally planned to be used for Meta’s now-scrapped Diem project.
Sui’s eponymous governance token is trading at $1.30 as of 2am ET, giving the blockchain a fully diluted valuation of $13B. This puts it ahead of established networks like Avalanche, Solana and Polygon.
The SUI token is used for governance and to pay transaction fees and incentivize validators for staking their tokens. Half of the total supply of 10B tokens is allocated to a community reserve managed by the Sui Foundation.
Stay in the know on crypto by frequently visiting Crypto News Today
Early investors are sitting on tidy gains, as the tokens were sold at between $0.03 and $0.10 across multiple exchanges in an Initial Exchange Offering (IEO). Binance users also had the opportunity to stake BNB or TUSD to earn SUI tokens, and the popularity of the campaign briefly caused TUSD to surge above its dollar peg.
CryptoCaster Quick Check:
Mysten Labs, the core development team behind Sui, raised $300M from VC heavyweights in a series B round at a valuation of $2 billion in September 2022. In March, Alibaba Cloud signed a memorandum of understanding with Mysten Labs to help grow the Sui ecosystem.
Low Throughput
Despite being built for high speed, Sui’s current network throughput is quite low.
Sui is currently processing 3 transactions per second (tps) and reached a peak of 137 tps in the past 30 days. In comparison, SUI’s primary competitors, Aptos and Solana, are processing 7 tps and 3,893 tps, respectively.
Nearly 4.72 billion SUI tokens have been staked by 2,165 validators across the globe.
Community Criticism
Many community members were disappointed by Sui’s mainnet launch, with some venting their frustration for not being eligible to purchase pre-sale tokens or getting airdrops.
“Tested devnet, multiple testnet waves, wallet, transactions,nfts everything since more than 8mo. Still, I didn’t get a single recognition/public sale ticket,” a Twitter user wrote.
Arthur0x, DeFiance Capital founder, was critical of Sui’s lofty valuation.
“Almost all founders of hyped L1 in past cycles are billionaires now despite little real traction achieved in their blockchain,” he added.
Read More at THEDEFIANT
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
