News

Sui Blockchain Launches Its Mainnet

single-image

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.

Advertisement

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.

Advertisement

“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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at THEDEFIANT


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2022-2023 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
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like